Australian women are facing a serious superannuation shortfall according to BT Financial Group.
BT’s Customer Relations director, Lisa Pogonoski says that analysis reveals that although the superannuation gender gap is narrowing over time, women are expected to experience a severe shortfall of around 75 per cent.
According to the BT data, by 2019 the average superannuation entitlement for women is projected to top $77,000, up from $27,400 in June 2000. But despite this, women are still overwhelmingly failing to reach the $300,000 mark required to fund a comfortable retirement.
Pogonoski says the next 15 years will see Australian women gradually improve their savings, but that many remain at a disadvantage.
“Three times the number of women work on a part-time or casual basis and they are typically concentrated in lower paid positions.”
Pogonoski says the issue is further highlighted by women’s longer life expectancy, high divorce rates, ensuing single parenthood, the fact that one in four women will never marry and the average length of widowhood lasting 15 years.
