Over 80% of women don’t feel prepared for financial futures

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Over 80% of Australian women don’t feel satisfied their financial futures are on track.

Research by BT indicates that only 18% of women feel satisfied that they are on track in preparing for their financial future.

Speaking at the 2018 Global Summit of Women, BT General Manager Superannuation Melinda Howes said this highlighted the need for more support.

The research also found that 69% of women think superannuation is critical to secure their financial future. But 51% of women believe they won’t have enough saved for retirement, with 27% responding that they are unsure or haven’t considered their retirement savings.

“Australian women are still retiring with substantially less than men which is a critical issue that must be addressed in terms of helping them prepare for their financial future,” said Ms Howes.

Ms Howes said that women play a “vital” role in managing day-to-day household and business finances, but didn’t give the same attention to their own finances, leaving them underprepared for their financial futures.

“We know planning for future finances can be daunting, but investment and particularly retirement savings are all the more important for women, given that they will live on average four years longer than men.”

“At BT, we are actively thinking about how we can empower our members, including women, to make better decisions about their super. Members like quick and simple tools to help them to take action around their super and investments.”

“We know women are engaged with their finances and can benefit from tools to boost their confidence in managing their super and investments, helping them take a more active role in achieving their financial goals.”

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