Triple whammy of stress factors can hit finances
With many women generally earning less than men, having career breaks or working part-time for their kids, it’s probably no surprise that they may feel financially vulnerable.
On top of that, women typically live longer than men — so it’s a triple whammy of possible financial stress factors.
According to The Weekend West’s Who’s the Bo$$ survey, two in five respondents don’t feel confident about their financial security and nearly one in three don’t even feel they have enough spare cash for a rainy day.
But it’s women who are more concerned about money, with nearly 50 per cent worrying at least weekly, compared with 40 per cent of men.
When it comes to superannuation, according to ASFA, the average super balance at the time of retirement was $270,710 for men and $157,050 for women. These amounts fall well short of the ASFA Retirement Standard, which proposes that a single person needs $545,000 for a comfortable retirement or a combined $640,000 for couples.
Both scenarios assume you own your home.
So to achieve this financial goal, we asked respondents whether they believed the 9.5 per cent employer super guarantee was enough to fund a comfortable retirement. Predictably, more than 50 per cent of men and women agreed it won’t be enough to fund their retirement dreams.
All these facts and figures don’t bode well for female West Australians — and they know it.
Which is why, according to the survey, they are more than three times more likely to believe they will need to rely on their partner for financial support.
Seventy per cent of male respondents agreed they should provide for their partners, so it’s not all doom and gloom.
There are six simple tips to help boost your super total. Start today because it will make a big difference in the future.
Fabian Ross is chief executive of WA Super
Jo Bennett worries about having enough superannuation to retire.