POWERED BY MOMENTUM MEDIA
Women left at risk by lack of super contributions
With International Women’s Day approaching next week, Fidelity has found less than half of women feel confident in their ability to make superannuation contributions.
In a financial independence survey of over 2,000 people, the firm found 47% of women were confident in their ability to make super contributions compared to 63% of men.
Women were also less likely to be contributing to their super and one in three women said they lacked a plan for retirement.
Some 55% of women said they were contributing nothing to their superannuation in a personal capacity while 15% said they were personally contributing 1%-4% of their income.
The firm found men expected they would need more than $1 million in assets in retirement while women expected they would need around $600,000.
More than half of pre-retiree women said financial stress had impacted their health compared to two in five men.
Alva Devoy, managing director of Fidelity International, said: “We are already seeing the potential impact of a lack of financial independence and confidence with women over 55 now the fastest-growing group to experience homelessness in Australia.
“Another Fidelity survey of older Australians shows women continue to less engaged with their finances with only 10% of pre-retiree women saying they feel in control of their finances compared to 25% of men.
“Not only does this leave them at risk in the future, it also has significant impact on their overall wellbeing including both mental and physical health.”
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
Recommended for you
The Federal Court has ordered AustralianSuper to pay $27 million for failures to address multiple member accounts.
The country’s fourth-largest fund is targeting the “missing middle” of members with a new digital advice service in partnership with Ignition Advice.
The prudential regulator confirmed it is considering BUSSQ’s Federal Court appeal.
The Albanese government has put forward a bold proposal to tackle the challenges of Australia’s swelling retirement pool, in an effort to allow superannuation funds to play a more active role in shaping members’ retirement outcomes.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
2
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.78 3 y p.a(%)
3
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
30.80 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
28.31 3 y p.a(%)
