Only one in three Aussie women are confident they’ll retire in comfort

Most Aussie women will not accumulate the same amount of retirement savings as men over the span of their career, because the majority will leave the workforce either temporarily or permanently to raise a family. Furthermore, women live longer than men, meaning that most will have to spread their superannuation thin to last the distance.

New research* by BT Super for Life shows that Aussie women, when compared with men, know surprisingly little about one of their largest financial assets – their superannuation.

The results below shows how the sexes compare:

Women

• 83 per cent of women find superannuation confusing
• 9 per cent of women know their exact super balance
• 35 per cent of women are confident their super will meet their financial needs when they retire
• 21 per cent of women review their super statements thoroughly   
• 6 per cent of women say they make super contributions beyond the mandatory 9 per cent contribution   

Men

• 71 per cent of men find superannuation confusing
• 13 per cent of men know their exact super balance
• 47 per cent of men are confident their super will meet their financial needs when they retire
• 27 per cent of men review their super statements thoroughly
• 10 per cent of men say they make super contributions beyond the mandatory 9 per cent contribution

BT Super for Life is urging Australian women to simplify their super today. Melanie Evans, Head of Superannuation at BT, offers advice about how you can take control:

• See your super as an asset – it's almost one in every 10 dollars you earn so it makes sense to look after it
• If it's lost, find it – call the ATO (131020) and have your tax file number handy – they will know where your super is if it’s lost
• Use your maternity leave as an opportunity to consolidate funds - the difference between having one super fund compared with having five super funds can be more than $28,000 in fees over 30 years
• Find a provider with online facilities – this will help you take a more active interest in your retirement savings. Having visibility over the money that’s in your super fund will make it more ‘real’
• Take an interest in where your super is being invested – for Gen Y and Gen X women, if you’re comfortable doing so, don’t stick to a conservative default fund – you’ve got enough time to take a little more risk with your investment options
• Make a super month with your girlfriends – set a deadline for your entire group to sort out their super and celebrate your financial success at the end with a nice dinner out

For more information go to BT Super for Life – www.btsuperforlife.com.au