The Association of Superannuation Funds of Australia has recently released a report revealing that 35% of women have no money for retirement. A staggering 60% of women aged 65 to 69 are among the worst affected, as they had no superannuation. ASFA chief executive officer Pauline Vamos has called this an alarming gap in superannuation for women.
Based on the report, across all age brackets, men’s average superannuation stands at $112,000 while women only average $68,600. A huge factor being pointed out for the disparity is the length of time women take career breaks to take care of their families, as well as part time and lower incomes than men.
Mr. Vamos believes there are several ways women can address these issues by reducing multiple accounts and putting in extra super to their insurance.
Read more about this on the News.com.au website.
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