Third of women ‘have less than one month's savings’

ONE in three women have virtually no financial buffer with just less than one month’s worth of savings to survive on if something does go wrong.

And about 43 per cent of women do not feel in control of their financial situation blaming lack of savings, insufficient income, having too much debt or overspending as their main causes of monetary concern.

Lack of financial knowledge is also causing many women problems after new research from MLC, which quizzed 1000 Australian women, revealed a majority (75 per cent) rate their financial knowledge as average or poor which is likely to lead to fiscal failure.

While a “man is not a financial plan” – a phrase often heard when experts speak of women and finances – MLC Advice’s general manager Jasia Fabig urges more females to take control of their finances and ensure they do everything they can to set themselves up for a happy life come retirement.

“We are trying to get women to have a plan, when is the optimal time to retire for example and how much longer to you need to work,’’ she said.

The results showed 66 per cent of women are failing to tip extra money into super, combine this with the gender pay gap and they could fall well short of what is needed in retirement.