Men just super at sitting on nest eggs
WOMEN often keep a close eye on household spending, but they’ve got a blind spot that’s costing them dearly.
Men are twice as likely to know how much they need for retirement and, typically, have a better handle on what sort of nest egg they’re sitting on.
Close to 25 per cent of men know their exact super balance, but only 15 per cent of women do, according to a study of 1000 people conducted by the Association of Superannuation Funds of Australia. One in three women is retiring with no super at all.
Women generally retire with $150,000 less than men, setting aside an average of $138,150 as opposed to $292,500 for men.
ASFA chief executive Martin Fahy said more than 80 per cent of women retired without enough money to bankroll a comfortable lifestyle.
“Several factors are contributing to women’s lower super balances including the fact women take time out of the paid workforce to have children and are more likely to care for family members,” Dr Fahy said.
He said women’s lower wages were also a super hurdle.