Financial Confidence Among Australian Women Adds to Money Gap in Retirement

We usually think about couples going into retirement, pooling their assets and funds together to make the best lifestyle they can for each other.

Some women may have to face preparing for retirement alone.

Even in retirement, there can be a big gap of funds between men and women. First, the average disparity of wages over a women’s working years means less money going into superannuation or investments.

Additionally, a woman may take time off from their careers to raise children, as well as elderly parents.

So women can become quite dependent on husbands or partners financially to secure a comfortable retirement. This may cause them to leave more of the financial planning and decision-making up to the husband.

That can make women less prepared or knowledgeable in finances, leading to less confidence in their abilities.

“It all sounds a bit bleak but there are things women can do to boost their superannuation, and the earlier they start, the easier it is,” according to independent commentator Nicole Pederson-McKinnon.

One way, she suggests, for women to start preparing better for retirement is by doing salary sacrificing.

The small amount women give up now can make a huge difference in their retirement pension.

For both women and men, the first step in improving your financial confidence is to increase your knowledge.

elk corp‘s Financial Health Check to find out how much you may know. See what areas you need to improve.

Are you prepared for the future and your retirement?

Start getting ready today.

Your answers will be automatically scored.

Read More:

http://www.couriermail.com.au/feature/special-features/why-women-lag-behind-in-financial-confidence/news-story/9263ddcf6cc4f5206c220703dceecf35