Removing the structural barriers which contribute to growing numbers of women retiring into poverty and homelessness will be a key element in ending women’s economic insecurity, according to First State Super.
Deanne Stewart, First State Super’s chief executive, said that despite pleasing advancements over the past 20 years, women were still facing significant cultural and structural barriers on their way to achieve long-term financial wellbeing as women still retire with, on average, 42% less superannuation than men.
“That is 42% less savings to pay for their basic needs such as housing, healthcare, energy costs and food,” Steward stressed.
Also, the mentioned structural issues and societal norms combined contributed to creation of greater gender inequality which resulted in more than 40% of Australian women reliant on their partner’s income as their main source of funds in retirement.
“While society has made great strides forward, we will never truly achieve gender equality until we respond to the structural issues that place women at a disadvantage,” she said.
“While women face some significant financial challenges, there are simple, practical things we can all do to try to shift the dial on this issue.
“It also means breaking down the gender stereotypes that persist as young girls reach puberty and beyond and support all Australians to be their best no matter their gender.”