Women seeking SMSF advice on the rise

Women are increasingly disposed to seek out specialist self-managed superannuation fund (SMSF) advice to assist them on their super journey, the SMSF Association believes.

Research by the association and the Commonwealth Bank found while men were more likely to initiate the establishment of an SMSF, the disparity was narrowing as more women from Gen X and Y took the initiative.

The association's managing director and chief executive, Andrea Slattery, said: "But perhaps the most significant piece of data was the statistic showing 91 per cent of all SMSFs surveyed were either ‘very confident' (49 per cent) or ‘somewhat confident' (42 per cent) of having sufficient knowledge to take over the sole responsibility for managing their SMSF investments".

"I take great heart from this figure. It suggests to me that the decision-making in SMSFs is far more collective than is reflected in the raw numbers, and that women have the confidence to take control of the fund in the event of divorce, separation or death," Slattery said.

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"They are also increasingly disposed to seek out specialist SMSF advice to assist them on their superannuation journey, mindful of the complexities in all areas of overseeing an SMSF, especially when the rules are undergoing constant change. Our SMSF specialists have the skills to deliver these services to them."

Slattery said it was imperative the Government took advantage of this growing interest by creating the right framework to help narrow the gap between the retirement income balances of men and women.