Retirement
50% of Aussie women 'missing' opportunities to grow super
Less than 50 per cent of single Aussie women feel in control of their money, and low super and savings are the perceived reasons, new figures reveal.
50% of Aussie women 'missing' opportunities to grow super
Less than 50 per cent of single Aussie women feel in control of their money, and low super and savings are the perceived reasons, new figures reveal.

Research from NAB and MLC has reported that just 57 per cent of women feel confident about their financial situation and are confident they’ll be able to have a comfortable lifestyle in retirement.
Further, only 47 per cent of single women feel confident with their money.
The general manager at MLC Advice, Jasia Fabig commented: “What we often see is that women put the interests of others before their own, and at key moments in life – divorce, death, illness, or job loss – they are severely impacted.
“Only 34 per cent of the women MLC surveyed are putting extra money into their super, and we’d like to see this number grow.

“Women and their money matter, and we want them to be able to weather financial storms.”
Sixty-one per cent of women who felt they weren’t in control said low savings was the main factor, while 32 per cent said it was because they possessed less than a month’s savings to live off “if they needed to”.
Of the 43 per cent of women who aren’t feeling confident about their retirement savings, 74 per cent listed Australia’s high cost of living as the main factor and 48 per cent pointed to low super balances.
The research also found that two-thirds of women are “missing out on valuable opportunities to grow their super” by not making voluntary super contributions.
MLC referred to Sydney businesswoman, Gail Symons, as an example of how it can happen.
Ms Symons explained: “I am an educated, successful woman, and I thought I was doing everything right, but nobody told me about the consequences of not putting myself and my money first, and the impact my life decisions would have on my financial situation down the track.”
According to Ms Fabig, Ms Symons' experience is not uncommon. She said women’s financial wellbeing needs to be prioritised and supported.
However, the research also found that 81 per cent of women believe they will own their home by retirement and 77 per cent anticipate they’ll have less than $50,000 to pay on their mortgage at retirement.
Financial Planner at MLC, Deborah Di Trapani advised that women “get to know” their super, “prioritise” their financial goals in the same way they would prioritise life and career goals and consider negotiating their pay.
She added that it’s important to: “Be independent and become an expert on your money: Know your money inside out and – debt, savings, investments, insurance and super – and how all of it works for you.”
At the same time, “don’t delay uncomfortable conversations”. Ms Di Trapani said that divorce, job loss, illness and death can impact wealth so it’s a good idea to speak with partners, family members and a financial adviser to “ensure you can plan for adverse events and make sound decisions if they occur”.

Retirement Planning
Majority of Australians anxious about retirement as super knowledge gaps persist, report finds
A new study by Aware Super has revealed that a significant majority of Australians aged 45 and over are feeling anxious about retirement, with nearly nine in ten respondents concerned they will run ...Read more

Retirement Planning
AMP’s MyNorth Lifetime boosts financial security and retirement income
AMP has reported that its MyNorth Lifetime retirement income solution is delivering significant financial benefits to retirees, with an average uplift of 50% in total income. Read more

Retirement Planning
Retirement living sector calls for planning reforms amid declining construction confidence
The Retirement Living Council (RLC) is urging governments to streamline planning systems to boost housing supply, following a decline in confidence in age-friendly construction activity. Read more

Retirement Planning
New laws to boost women's retirement savings through paid parental leave
The Australian Parliament has passed new legislation that will see superannuation guarantee contributions paid on the Commonwealth Government's Paid Parental Leave (PPL) scheme. Read more

Retirement Planning
Planning systems under scrutiny as Australia's ageing population grows
The Retirement Living Council (RLC) has called for governments to address planning system shortfalls in preparation for Australia's ageing population, following the release of new data from the ...Read more

Retirement Planning
Retirement Living Council calls for focus on seniors' housing as population ages
The Retirement Living Council (RLC) has urged governments across Australia to prioritise age-friendly housing solutions in response to new data revealing an ageing population. Read more

Retirement Planning
Macquarie University study reveals benefits of guaranteed income in retirement
A new study by Macquarie University's School of Psychological Sciences has found that mental health, enjoyment, and financial security are key benefits of incorporating guaranteed income and annuities ...Read more

Retirement Planning
Retirement villages offer affordable housing amid market crisis, study finds
Retirement villages are providing a significantly more affordable housing option for older Australians compared to the traditional property market, according to new data released today. Read more

Retirement Planning
Majority of Australians anxious about retirement as super knowledge gaps persist, report finds
A new study by Aware Super has revealed that a significant majority of Australians aged 45 and over are feeling anxious about retirement, with nearly nine in ten respondents concerned they will run ...Read more

Retirement Planning
AMP’s MyNorth Lifetime boosts financial security and retirement income
AMP has reported that its MyNorth Lifetime retirement income solution is delivering significant financial benefits to retirees, with an average uplift of 50% in total income. Read more

Retirement Planning
Retirement living sector calls for planning reforms amid declining construction confidence
The Retirement Living Council (RLC) is urging governments to streamline planning systems to boost housing supply, following a decline in confidence in age-friendly construction activity. Read more

Retirement Planning
New laws to boost women's retirement savings through paid parental leave
The Australian Parliament has passed new legislation that will see superannuation guarantee contributions paid on the Commonwealth Government's Paid Parental Leave (PPL) scheme. Read more

Retirement Planning
Planning systems under scrutiny as Australia's ageing population grows
The Retirement Living Council (RLC) has called for governments to address planning system shortfalls in preparation for Australia's ageing population, following the release of new data from the ...Read more

Retirement Planning
Retirement Living Council calls for focus on seniors' housing as population ages
The Retirement Living Council (RLC) has urged governments across Australia to prioritise age-friendly housing solutions in response to new data revealing an ageing population. Read more

Retirement Planning
Macquarie University study reveals benefits of guaranteed income in retirement
A new study by Macquarie University's School of Psychological Sciences has found that mental health, enjoyment, and financial security are key benefits of incorporating guaranteed income and annuities ...Read more

Retirement Planning
Retirement villages offer affordable housing amid market crisis, study finds
Retirement villages are providing a significantly more affordable housing option for older Australians compared to the traditional property market, according to new data released today. Read more