Aussie women 15 years behind men on super

Australian women could have to put in 15 more years at the office than male workers if they want to retire with the same amount of superannuation.

Australian women can look forward to an extra 15 years at work if they want to retire with as much superannuation as their male counterparts, a report has found.

The report, released by Westpac on Tuesday, found the average Australian man aged 60-64 had $413,000 in his super account compared with $268,000 for a woman of the same age.

That means a woman earning $53,700 per year would have to work until 74 years-old to retire with as much super as the average Aussie bloke, the report found.

Westpac women's markets director Larke Riemer said women faced unique problems in saving for retirement, which could make saving tough.

"Women are often the primary carers for children as well as ageing parents, receive less pay than men and frequently work in a part-time capacity," Ms Riemer said on Tuesday.

"As a result, it is important for women to start preparing for life beyond work as soon as they enter the workforce."

According to the report, 84 per cent of women polled didn't think they were adequately prepared for retirement, while 23 per cent didn't feel prepared at all.

While many women wanted to travel (64.7 per cent), relax (71.6 per cent) and spend more time with family (56 per cent) in retirement, almost 90 per cent were worried they wouldn't have enough money.

Given Aussies are living longer, Ms Riemer urged women to get on top of their retirement planning.

"It has been recommended that women and men should aim to build a retirement income that is 65 per cent of their working income," she said.


Share

2 min read

Published

Updated

Source: AAP


Share this with family and friends


Get SBS News daily and direct to your Inbox

Sign up now for the latest news from Australia and around the world direct to your inbox.

By subscribing, you agree to SBS’s terms of service and privacy policy including receiving email updates from SBS.

Download our apps
SBS News
SBS Audio
SBS On Demand

Listen to our podcasts
An overview of the day's top stories from SBS News
Interviews and feature reports from SBS News
Your daily ten minute finance and business news wrap with SBS Finance Editor Ricardo Gonçalves.
A daily five minute news wrap for English learners and people with disability
Get the latest with our News podcasts on your favourite podcast apps.

Watch on SBS
SBS World News

SBS World News

Take a global view with Australia's most comprehensive world news service
Watch the latest news videos from Australia and across the world