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Financial fitness next epidemic for millennial women
Australian millennial women are turning a blind eye to their financial health, putting themselves at risk to achieve financial independence, according to research from NGS Super.
The research found 77% of millennial women said financial independence was important to them, but less than half are confident about their financial future and only 20% are actively seeking to improve their financial knowledge.
Laura Wright, chief executive at NGS Super, said despite three-in-five millennial women believing they are financially health, the truth was without proper investment they won’t be financially independent when they retire.
“On average, women currently retire with $90,000 less than men. With an average gender pay gap of 14%, the odds are stacked against them, which is why it is absolutely vital that millennial women start saving early and seriously consider how they can invest in their financial fitness,” Wright said.
“Without a commitment to improving financial fitness now, this generation of Australian women is at risk of never achieving true financial independence and could run out of money in retirement.
“The good news is that millennials want to invest more in their financial fitness. As leaders in Australia’s superannuation industry, we believe there is a desperate need for more tools and advice for millennials to help them on the path to financial fitness and long-term independence.”
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New research from Aware Super on the occasion of Equal Pay Day reveals Australia’s 13 per cent gender pay gap will equate to a $93,000 deficit in women’s super balances compared to men at retirement.
With only 25% of women currently using a financial adviser and many lacking financial confidence, they are losing thousands in superannuation.
The significant difference in women’s average superannuation account balances, compared to their male counterparts, continues to concern industry professionals.
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