Women more concerned about super than men: report

New research from MLC has found women are more concerned than their male counterparts about the adequacy of their retirement savings.

MLC yesterday released its Quarterly Australian Wealth Sentiment Survey, which found a key concern among investors related to superannuation is a failure to provide sufficient funds for retirement.

The risk of capital losses, either directly or through inflation, is also a key concern for super investors, the survey stated.

When asked to rate their current concerns about risks in super and investments on a scale of one to 10, the average response from female participants was 7.02 compared to male participants at 6.74.

“With people living longer, having extended retirements and being much more active in their retirement, the harsh reality is most people won’t have enough savings to fund their retirement,” NAB Wealth group executive and MLC chief executive Andrew Hagger said.

“For women, this especially rings true, as women retire with 40 per cent less super than men because they take time out for children, are more likely to work part time and typically earn less than men.

“While it’s not surprising to us that women are worried about funding their retirement, the survey is a timely reminder to women about how they can start to bridge the gap by adopting some key savings strategies.”

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