Gender equality in enshrined in Australian law, however one area where women are falling short is their ability to save for retirement. So much so, in fact, that at around $190,000, the average super balance for women at retirement is around two-thirds the amount of men.
There are many reasons for this, including the gender pay gap and the tendency for women to take time out of the workforce to raise a family. When women do return to work often it’s on a part-time basis, in lower-paid jobs or they have missed out on promotions.
Blessed with longer lives – around three years on average for those turning 65 this year – women also face the extra financial hurdle of needing more savings, if anything, to cover their full retirement.