Men just su­per at sit­ting on nest eggs

Sunday Herald Sun - - News - JACK MORPHET

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.

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