Women not financially prepared for their future

Less than one fifth of women feel satisfied they are on track in preparing for their financial future, according to new BT research, with workplaces lagging in creating diverse roles for women.

The research said that 69 per cent of women acknowledge that superannuation was critical to secure their financial future, yet 51 per cent believed they wouldn’t have enough for retirement. It also found that 21 per cent of women were active investors as opposed to 36 per cent of men.

In an address to the 2018 Global Summit of Women, BT general manager of superannuation, Melinda Howes, said while women play a vital role in managing day to day finances at home or at work, many don’t pay the same level of attention to their own finances.

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Howes also noted that despite the life expectancy of women exceeding that of men by four years, women faced a 40 per cent shortfall when it came to retirement savings.

“Australian women are still retiring with substantially less than men which is a critical issue that must be addressed in terms of helping them prepare for their financial future,” she said.

Businesses should be thinking about how they could empower their members, including women, to make better decisions about super, with quick, simple tools found to be the key.  

“We know women are engaged with their finances and can benefit from tools to boost their confidence in managing their super and investments, helping them take am ore active role in achieving their financial goals.”

Howes referenced the Westpac Diversity Dividend Report in her address, which said that having an equal representation of women in leadership could lift labour force participation and add up to $10.8 billion to the Australian economy every year.

She said while it was clear progress had been made to improve diversity in leadership, more opportunities in the workplace still needed to be created for women to support them in reaching their financial goals.

 




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