More than half of Australian women feel in control of their finances, but many are concerned about their savings and are missing out on valuable opportunities to boost their superannuation, according to new research released by MLC.
The all-female study revealed just 57 per cent of women across the country feel in control of their financial situation and have confidence they will be able to retire comfortably.
Of the 43 per cent who do not feel in control, 61 per cent said low savings is the main factor. This is in addition to the 32 per cent of respondents who said they have less than a month’s worth of savings to live off if they needed to.
The research also revealed that nearly two-thirds of Australian women are missing out on valuable opportunities to grow their super, a figure that MLC is hoping to increase, and one that resonates with Sydney businesswoman and mother of two, Gail Symons.
Time to make women’s financial wellbeing a priority
General Manager of MLC Advice Jasia Fabig says Ms Symons’ experience is not rare, and that the research findings highlight that, while many women feel comfortable financially, more needs to be done to support them to make their future financial interests a priority.
“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,” Ms Fabig said.
Other key findings:
Despite 57% of women feeling in control of their financial situation overall, only 47% of single women report feeling in control of their money
81% of women believe they will own their own home in retirement and 77% think they’ll have less than 50k left on their mortgage when they retire
66% of women are not participating in voluntary super contributions
Among women who do not feel confident about saving for retirement, 74% believe that high cost of living in Australia is the reason; 48% nominated low super balance s as a factor.
Top tips for women
from Deborah Di Trapani, MLC Advice
Don’t delay uncomfortable conversations: Divorce, illness, job loss and death all impact women’s wealth, so speak with your partner, family or a financial adviser to ensure you can plan for adverse events and make sound decisions if they occur.
Get to know your super: How much do you have? How much will you need? How can you benefit from voluntary contributions? All this will have a huge impact when you retire.
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.
Prioritise your financial goals as well as your life and career goals: The decisions you make in work and your personal life will all impact your finances.
Your salary matters: Your paycheque and super are vital to your financial security. Don’t undersell yourself, negotiate your pay, and be aware of your worth at work.
Regardless of your life stage, contact us on |PHONE| about laying foundations to enjoy a rewarding future. Retirement really does come around far sooner than any of us expect.
This provides general information and hasn’t taken your circumstances into account. It’s important to consider your particular circumstances before deciding what’s right for you. Although the information is from sources considered reliable, we do not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, we do not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person.
Any information provided by the author detailed above is separate and external to our business and our Licensee. Neither our business, nor our Licensee take any responsibility for any action or any service provided by the author.
Any links have been provided with permission for information purposes only and will take you to external websites, which are not connected to our company in any way. Note: Our company does not endorse and is not responsible for the accuracy of the contents/information contained within the linked site(s) accessible from this page