Retirement
Men more on the ball when it comes to super
When it comes to financial planning, men are more engaged with their superannuation and their long-term future, while women are more concerned with the week-to-week budget, a chief executive officer has observed.
Men more on the ball when it comes to super
When it comes to financial planning, men are more engaged with their superannuation and their long-term future, while women are more concerned with the week-to-week budget, a chief executive officer has observed.
Speaking to Nest Egg, the CEO of Rest, Vicki Doyle, has said that there’s a lot of research to show that “women [who may not work full-time] are more focused on the week-to-week budget rather than long-term savings, whereas men and people in full-time work do think a little bit more about their full-time work and superannuation as it’s more front of mind”.
Do women need to think longer term?
According to Ms Doyle, women traditionally have more gaps in their careers and are more likely to work part-time or casually due to the raising of children.
She considered it vital for women to keep on top of their superannuation as every dollar saved will have a greater impact on their retirement savings.
“It’s more important for women [to think about super] because they often have broken work patterns. It means that every single dollar that goes into superannuation can really make a difference,” Ms Doyle said.
Statistically, women outlive men, which is another reason why the CEO noted it as important for women to ensure they consider their long-term futures.
She outlined that “more women are finding themselves with less savings in retirement and without their partner to rely on”.
As a result, “it’s really important women actually establish themselves with some financial stability so they can look after themselves should circumstances change”, Ms Doyle said.
Warning for ‘inactive accounts’
With the government changing the laws around inactive accounts, Ms Doyle has flagged it as a potential risk more likely to impact women who have taken time out of the workforce.
“Often, people looking after families are not being paid by employers,” Ms Doyle commented. “If they wanted to retain the insurance in the account, they would need to make a contribution or they can call their fund directly and register as choosing this insurance,” she concluded.
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