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Australian women are worried about their retirement savings

The inaugural MLC Australian Wealth Sentiment Survey found Australians remain extremely concerned about saving for their retirement, especially women, according to Broker News.

The study found Australians remain cautious about our economic outlook and are focused on deposits and paying off debt.

However consumer appetite for risk appears likely to  increase marginally over the coming months, with a growing desire to put more into property investments and shares.

NAB Wealth Group executive and MLC CEO Andrew Hagger said:

“With people living longer, having extended retirements and being much more active in their retirement, the harsh reality is most people won’t have enough savings to fund their retirement,”[sam id=34 codes=’true’]

“For women this especially rings true, as women retire with 40% less super than men because they take time out for children, are more likely to work part time and typically earn less than men. While it’s not surprising to us that women are worried about funding their retirement, the survey is a timely reminder to women about how they can start to bridge the gap by adopting some key savings strategies.”

Key findings from the survey include:

  • When asked to rate their current concerns about risks in super and investments on a scale of one to 10 (low to high concern), at an average 7.02, women are the most concerned about inadequate savings in retirement (compared to males at 6.74).
  • Looking more closely by age, females aged 50+ were the most concerned (at 7.21), compared to their male counterparts of the same age (6.22).
  • Males are typically more concerned about missing investment opportunities.
  • Those within five years of retirement tend to invest more conservatively for income than growth. However, females aged over 50 are more than 60% more likely to nominate this strategy than their male counterparts (9.92% to 6.06%).

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Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au


'Australian women are worried about their retirement savings' have 1 comment

  1. Avatar for Property Update

    December 13, 2013 @ 2:21 pm Jennifer Phillips

    I’m in my early 30’s and none of my friends seem concerned or bothered about their retirement savings. I can only imagine that panic will ensue in about 20 years time when they realise they have very little in super. Not to mention that fees and commissions eat away at super, sometimes until there’s nothing left. We can at least stop this now and retain the adviser commissions ourselves. I use a service called My Commission Refunds which pays my adviser commissions to me. It’s starting to add up. I also monitor my own super, which so few women my age do but it’s already paying off!

    Reply


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