Confronting the Superannuation Gender Gap
Advocates say more needs to be done to address the issue, as tweaks made to superannuation tax offsets for low-income earners will barely help the quarter of women who retire in poverty.
For example, Rosemary, a 60-year-old mid-level manager at an aged-care home in Victoria, worries about affording her own old age due to minimal superannuation savings.
"I'll have to work for as long as I can," she says. "However long an employer will keep me."
Rosemary's situation is common among Australian women approaching retirement age, having taken 10 years out of the workforce to raise her children and facing financial uncertainty after her partner left.
- Tweaks to superannuation tax offsets have a limited impact on low-income earners.
- A quarter of women retire in poverty.
- Women like Rosemary face financial uncertainty due to limited superannuation savings.
Author's summary: Australian women face a significant superannuation gender gap.