September 1, 2015
The superannuation savings of women are forecast to be an average 35% below their male counterparts of a similar age when they retire. These alarming figures are a reflection of the current 19% wage gap between women and men, and the time out from the workforce many women take when starting a family and caring for others. Yet women live an average of five years longer than men.
It is vital that women commence superannuation savings from a young age and continue to contribute throughout their lives. Some important factors to consider when saving for a secure financial future are:
The unique financial challenges women face in securing a comfortable retirement are many. Single, elderly women now experience a high incidence of poverty and are at the greatest risk of entrenched poverty. Younger women can overcome the inequalities they face by seeking sound strategic financial advice and active management of investment portfolios to enhance wealth creation.