search_icon

“If you take care of the small things, the big things take care of themselves. You gain more control over your life by paying closer attention to the little things”– Emily Elizabeth Dickerson

The Gender Gap In Retirement

There is a large gap between the superannuation savings of Australian men and women.  The current superannuation system is linked to paid work, it overwhelmingly disadvantages women who are more likely to move in and out of paid work to care for family members.

Women continue to earn less than men and are more likely to be engaged in casual and part-time work, which are also contributing factors to the gender gap in retirement savings.  Right now, many women are living their final years in poverty.
If we don’t act, another generation of women will face similar prospects.

Marking 2016 International Women’s Day, “The Time of Our Lives?” report was launched showing that half a million older Australian women were living in poverty.

The research was undertaken by Dr. Susan Feldman and Dr. Harriet Radermacher from Monash University and commissioned by the Lord Mayor’s Charitable Foundation.

The research showed that some 34 per cent of single women over 60 lived in permanent income poverty, compared to 27 per cent of single older men and 24 per cent of couples.

The most common triggers that plunge older women into poverty included losing a job, becoming ill or injured, the breakup of a marriage or the death of a spouse or family violence. There is a ‘complex mix of circumstances’ that discriminate against women, including the casualisation of the workforce and the superannuation system.  By age 65, women retire with about a third of the superannuation that men accrue, and government benefits account for 60 per cent of their income.

Dr Feldman, who has been researching the area of older women and ageing for more than 20 years, lamented that more progress has not been made on older women and poverty.

Women are no less financially savvy than men. It’s often said, a man is not a financial plan and women of all ages are viewing purchasing property as imperative or a component of their financial strategy – whether they have a partner or not.

If you are deciding on finance to “rentvest”, buy your first home or refinance your entire portfolio to grow your empire, let us do the work to source the lending that will make that happen.  You might even decide it’s time for a reward and redirect any savings back into the fun things in life !

You may have ambitions and your eyes on other goals like embarking on a new business venture, so you need capital to grow or have chosen that this is the year to seek debt consolidation or credit repair to get back on track – we understand.  

Let’s make an appointment to discuss your plans

Power surge your future

“The most difficult thing is the decision to act, the rest is merely tenacity.” – Amelia Earhart