Women worried about retirement savings

Australians are continuing to worry about the adequacy of their retirement savings, according to the latest research to be released by MLC.

The research, contained within the MLC Australian Wealth Sentiment Survey, pointed to many Australians still being worried about the long-term effects of the global financial crisis and therefore remaining cautious and focused on paying down debt.

Despite this, the survey suggested that their appetite for risk was likely to increase marginally over coming months with a growing desire to direct more resources towards property and shares.

One of the more interesting findings within the survey was that women were particularly concerned about the adequacy of their retirement savings.

It said that when respondents were asked to rate their current concerns about risks in super and investments on a scale of one to 10 (low to high concern), women at an average 7.02 were the most concerned about inadequate savings in retirement (compared to males at 6.74).

As well, the survey found that women aged over 50 were most concerned, while men were typically more concerned about missing investment opportunities.

Commenting on the survey findings, MLC chief executive Andrew Hagger said that with people living longer, having extended retirements and being more active, the harsh reality was most people would not have enough savings to fund their retirement.

"For women this especially rings true, as women retire with 40 per cent less super than men because they take time out for children, are more likely to work part time and typically earn less than men," he said.