Confronting the Superannuation Gender Gap
Advocates say more needs to be done to address the issue, as tweaks to superannuation tax offsets for low-income earners will barely help the quarter of women who retire in poverty.
Rosemary, a 60-year-old mid-level manager at an aged-care home in Victoria, is concerned about her own financial future. She has minimal superannuation saved and faces a future of financial uncertainty.
"I'll have to work for as long as I can," she says. "However long an employer will keep me."
Rosemary's situation is not unique, as many Australian women approaching retirement age have taken time out of the workforce to raise children, resulting in reduced superannuation savings.
- Rosemary took 10 years out of the workforce to raise her children.
- Her situation was further complicated when her children's father left.
Author's summary: Women face financial uncertainty in retirement due to the superannuation gender gap.