take back the
Its an old saying, but a true one -
Money is Power.
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The good news is - it is never too late (or ​too early) to take control of your finances and GET that power back.
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Women statistically end up with less super than men because of
- time out of the workforce to raise children
- Marriage and marriage breakdown
- Being primary carers for sick and elderly family members
But thats not the end of the story, you can change things.. It might just take a few easy tweaks to your money mix.
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For more resources on the inequality of women and retirement savings in Australia:
- The Facts about Women and Super
- Australian Human Rights Commission and the retirement savings gender gap
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CONTROL
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women and
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Women live five years longer than men on average
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Women only receive 1/3 of the government tax concessions on super (men receive the other 2/3)
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Women currently retire with 47% less superannuation than men.
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Quick stats
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40% of older single retired women live in poverty and experience economic insecurity in retirement
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46.9% of the workforce are women
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44% of women rely on their partners income as the main source of funds for retirement
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8.5% of women between 65 and 74 still have a mortgage
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The average female salary is $44,000 (including part-time workers)
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Female graduates earn $5,000 less than male graduates in the same role
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Women spend on average five hours more per day caring for children than men.
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Key factors behind the retirement gender gap
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43% of women work part-time
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Women working full-time earn 18% less than men
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Women take on average five years out of the workforce to care for children or family member which can cause their super savings stagnate and begin to fall behind those of men
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The current 9.5% Superannuation Guarantee does not enable most women to accrue sufficient savings for a comfortable retirement
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An estimated 220,000 women miss out on $125 million of superannuation contributions as they do not meet the requirement to earn $450 per month (before tax) from one employer (as many women work more than one part-time job)
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*Facts and figures courtesy of WIS, Women in Super.
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strategies
Our Advantage consultants genuinely care about helping you take control of your financial future.
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We'll work with you to develop strategies to build your personal wealth and financial health.
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We'll help you find out what your retirement savings "top-up" strategy options are. You might have investment potential that can maximise your cashflow and build your financial security.
why the figures dont add up