2023 / Personal Finance / Retirement / Superannuation

The Gender Gap in Retirement Savings

WFO 23 May Issue 5 “The Gender Gap in Retirement Savings”. This image shows a Mother and Father cuddling their newborn. They are mesmerised by their baby. This image complements an article on retirement and gender gap. Read this article on p12

Leanne Bielik shares her thoughts on the gender gap in retirement savings.

Read the snippet here…

The Gender Gap in Retirement Savings

According to research released on International Women’s Day this year by the Australia Institute’s Centre for Future Work, women in Australia earn $1m less than men over their lifetime and retire with $136,000 less in superannuation. 

These statistics are mind-blowing given that this gap has been stuck at a standstill for almost two decades and it seems that the only time that it is forefront of most people’s minds is around International Women’s Day each year.  

So, what are the problems?

  • Women are more likely to work part time and they generally take time out of the workforce to raise children and look after elderly parents, therefore earning less income (if any at all) and have less funds going into superannuation.
  • Part time and casual workers are mainly women and generally in lower paid roles, leaving them with less hours and less money to build retirement savings.
  • Women on average live longer than men and typically retire earlier than men, meaning their retirement income needs to last longer.
  • Senior executive and board level positions are mainly occupied by men and these roles are typically higher paid roles.

What are the solutions?

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Read The Gender Gap in Retirement Savings and find out what the problems are and some possible solutions in WFO 2023 May Issue 5.

WFO Women's Money Magazine WFO 2023 May Issue 5. Cover Image shows a mature woman wearing a red blouse on a red background. She has short grey hair, and has a her fingers resting on her chin and her eyes are looking to right side as she contemplates her future. This WFO issue focuses on superannuation and retirement savings.
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