Women have low confidence in retirement and action is needed to help them improve their retirement outcomes, according to the survey from the Qantas Super CSBA Retirement Confidence Index.
Lack of confidence stems from the fact that women, on average, retire with balances that are a little over half of those of men, ASFA’s chief executive, Martin Fahy, said.
Fahy said there was a need for structural policy reform that could help protect the economic security of women in retirement and ensure women’s standards of living in retirement improved.
“Today, around 50 per cent of women retire with a very low superannuation balance under $50,000, compared with 33 per cent of men. Unless we take active steps to fix this problem, confidence will remain low,” Fahy said.
ASFA recommended the following steps:
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