Triple whammy of stress fac­tors can hit fi­nances

The West Australian - - WHO'S THE BOSS? - Fabian Ross

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.

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