Women’s financial security anxiety is well founded
Any way you cut it, women fall way behind in the race to financial security.
And the Who’s the Boss survey reveals, boy, don’t they know it.
Women might be 15 per cent more confident they’ll be around to celebrate their 80th birthday but they are one-third less confident they will be financially secure.
Their anxiety is well backed up by other powerful research. The most recent Australian Bureau of Statistics figures reveal that the average superannuation account balance for females sits at $68,499, more than $43,000 less than the male average balance.
That’s 40 per cent less. Given that women do live about four years longer, it’s no wonder they’re more worried and worry more often than blokes.
The other telling result is the reliance on their partner for financial support. More than three times as many females feel this way as males.
And again, the statistics from the courts and streets demonstrate that these vulnerabilities are real.
Australia’s couple dissolution rate, a polite way of referring to a family bust-up, is approaching 60 per cent.
A bust-up can quickly take a woman from expecting a very comfortable retirement to a heavy reliance on the age pension unless she can lever a big chunk of super out of the former hubby.
It should therefore come as no surprise that the study shows that there’s strong support for allowing joint super accounts in much the same way as a couple can open a joint bank account.
Rather than working through the present maze of rules and regulations in an attempt to reallocate funds, each partner tips in money and they share the spoils equally.
With half the voting population feeling vulnerable and the numbers giving credence to those feelings, it is extraordinary that politicians in Canberra choose to turn a blind eye.
But then of course, there’s one statistic that shouldn’t be forgotten. Less than one-third of the 45th Parliament of Australia are women.