WOMEN LESS FINANCIALLY FIT

QUEENSLAND’S women are showing keen interest in their financial situation, but their financial fitness results might be leaving them feeling flat.

Data gathered by one of Australia’s largest superannuation funds, QSuper, showed men felt financially fitter than women, scoring an average of 78.6 per cent on their Wealth iQ mobile check as opposed to 74.8 per cent.

Women aged 40 to 49 were the least confident about their financial position, scoring an average 73.1 per cent, followed by those aged 30 to 39 with an average score of 74 per cent.

Independent financial commentator and educator Nicole PedersenMcKinnon said the results were not surprising.

“I would say this is squarely a result of not being prepared for the longer term future, and women having lower superannuation balances because of career breaks to care not just for children but increasingly parents as well,” Ms Pedersen- McKinnon said. “Don’t forget that women, according to Association of Superannuation Funds of Australia, are still retiring with about 60 per cent of the superannuation funds of men. That’s an average balance of $ 157,050 versus $ 270,710 for men.” She said on top of that women earned an average 16 per cent less than men, across all industries. She suggested salary sacrifice as a savings strategy that can be tax effective, and that women could potentially aim to put an additional one or two per cent of their earnings into superannuation via salary sacrifice. Other measures recommended for women, were an annual superannuation “top up” of $ 1000 in order to potentially earn an up to $ 500 cocontribution from the federal government, as well as a search of “lost super”.