Retirement
‘Deep concerns’: The reality of women’s finances
Another survey has found that the state of women’s finances are dire compared to men, a reality that will hit the Australian economy and social security budget within a generation.
‘Deep concerns’: The reality of women’s finances
Another survey has found that the state of women’s finances are dire compared to men, a reality that will hit the Australian economy and social security budget within a generation.
“These findings highlight deep concerns around the realities of retirement for women and the perception that they will not be able to adequately fund a dignified retirement,” Dr Martin Fahy, chief executive of Association of Superannuation Funds of Australia, said.
“The lack of confidence reflects how women are retiring today, with average balances at retirement a little over half those of men. Whilst the gap is gradually closing, more needs to be done to address the disparity,” he said.
“Today, around 50 percent of women retire with a very low superannuation balance under $50,000, compared with 33 per cent of men. Unless we take active steps to fix this problem, confidence will remain low,” said Dr Fahy.
The government is being pushed to create systemic change to cater for a growing population of female workers, including:
- Removing the $450-a-month threshold for superannuation guarantee
- Paying Superannuation Guarantee on paid parental leave and other income replacement payments (such as salary continuance and worker’s compensation)
- Maintaining the Low Income Superannuation Tax Offset that provides tax refunds and makes superannuation fairer for those on low incomes
- Enabling employers to contribute more for women without being considered to have breached anti-discrimination legislation
RELATED ARTICLES
Superannuation
Survey reveals Australians' reliance on superannuation for retirement
A new survey by AustralianSuper has found that only 32% of Australians believe they could save for retirement without compulsory superannuation. Read more
Superannuation
AMP launches national campaign to boost super engagement
AMP has unveiled a new national advertising campaign aimed at encouraging Australians to engage more actively with their superannuation. Read more
Superannuation
AustralianSuper urges action on gender pay gap for Equal Pay Day
AustralianSuper, Australia's largest superannuation fund, is calling for increased focus on the gender pay gap and its long-term impacts on women's retirement savings this Equal Pay Day, August 19. Read more
Superannuation
AMP advisers focus on super contributions and home ownership queries
Financial advisers are prioritizing assistance with superannuation contributions, transfer balance caps, death benefits, and home ownership issues, according to recent data from AMP Advice. Read more
Superannuation
Aware Super reports strong 11.02% return for flagship investment option
Aware Super, one of Australia's largest superannuation funds, has announced an 11.02% return for its High Growth accumulation option in the 2024 financial year. Read more
Superannuation
Retirement savings strategies: How to boost your superannuation
Superannuation is a pivotal part of retirement planning in Australia, offering a tax-effective way to save for your later years. As you navigate through your working life, enhancing your ...Read more
Superannuation
Aware Super takes on Australia's gender retirement gap, aiming for financial equality
Aware Super, one of Australia's largest superannuation funds with a 70 per cent female membership, is on a mission to close the gender gap that sees women retire with 30 per cent less super than men ...Read more
Superannuation
Age Pension increase prompts Australians to review their finances
The increase in the Age Pension, which takes effect today, should serve as a prompt for many older Australians to ensure they're maximizing their income as cost-of-living pressures persist, according ...Read more
