WOMEN’S ATTITUDE TOWARDS SUPERANNUATION
In the process of researching information for my book ‘The Money Factory’, I came across this very pertinent article in the Sydney Morning Herald. Perhaps the average working women doesn’t have the time to read the business section of this worthy publication, or, if the statistics are correct, women do not spend enough time reflecting on the subject of superannuation. Below is an excerpt from an article that concerns every Australian woman. I encourage you to go to the website listed at the end of the excerpt and read the entire article. The speaker is National Australia Bank head of client management, Lara Bourguignon.
‘As the debate rages over whether the claim that $1 million is needed to fund a comfortable retirement is either a “myth” or a “conservative benchmark,” experts from all sides have warned that women in particular must take a more active role in managing their superannuation goals. If the growing public awareness of the forecasts that a superannuation balance of $1 million could be required to fund a comfortable retirement is causing people angst, then they should find out if they will have enough to retire on, and if the answer is ‘no’ then start taking practical steps to do something about it.’
The latest quarterly MLC Wealth Sentiment Survey indicates that while Australian women have greater financial anxiety around retirement income shortfall, they also give less consideration than men to forward planning.
If you know you are not giving enough consideration to your retirement income, make a decision to change now. Select one quality business publication that covers the subject and read it regularly, at least once a week. Inform yourself and take control. Don’t rely on another family member or the government to take care of your future.
Here are a few simple facts about superannuation, and how your superannuation savings could help fund the purchase of your investment property.
‘More women need to become more engaged with decisions about their superannuation. On average, Australian women retire with about half the super balance of men, at just $100,000 compared with $200,000.’
An expanding aged population is a problem the western world has been grappling with for the past twenty or more years. A compulsory superannuation system was introduced in Australia in 1992. The system is in fact a forced savings plan for every worker. Because it is an enforced savings system, deducted by the employer, workers tend to see this contribution as a form of tax, instead of understanding that it is their own money that is being accumulated to fund their future retirement. I know many women who do not take an active role in monitoring their superannuation accounts. Do you know who is investing your money? Where it is being invested? How much return are you getting on the investment? What fees are deducted before you are paid a return on your investment? Do you read the statement when you receive it? Most importantly, is all your superannuation in the one account, or still scattered in small amounts over all those different jobs you had since 1992?
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