The research from Colonial First State revealed that 44 per cent of women believe they are unprepared for retirement, compared with 13 per cent of men who said the same.
The research, based on a survey of 2,247 Australians, also found that one in four (25 per cent) women felt “extremely unprepared” for retirement compared with just 15 per cent of men.
Kelly Power, chief executive of CFS Superannuation, said financial literacy was key to improving confidence and retirement preparedness among women.
“Our research found that one in three women admit they have little to no understanding about super, investments and retirement savings products,” Power said.
“We know that financial literacy, engagement with your super fund and seeking advice have a major impact on improving women’s financial confidence. Many younger women are eager to engage with their super fund to improve their financial literacy and seek advice.”
The CFS research found 70 per cent of women aged 25 to 29 were interested in getting financial advice and paying for it with the funds in their super. It also revealed the significant value that financial advice had in preparing women for retirement.
According to the research, two in three women (67 per cent) who receive advice had a financial strategy in place, compared with just 24 per cent who did not have an adviser. Meanwhile, three in five women (61 per cent) who received advice felt financially prepared for retirement, compared with one in five (20 per cent) who did not have an adviser.
“One in three women who have never received advice said they don’t seek any guidance about their finances, from any sources,” Power said.
“Engaging with your super fund is an important first step towards improving your financial literacy and building confidence about retirement.”
