Australian women 15 years behind men on super earnings

Monday, May 18, 2015

Australian women will have to work an extra 15 years to retire with the same amount of super as their male equivalents, figures have shown.

In its report released this month, Westpac found the average Australian male aged 60-64 had $413,000 in his super account, while a woman of the same age had only $268,000.

That would mean a woman earning $53,700 per year would have to retire at 74 to have the same super as the average man.

Westpac women’s markets director Larke Riemer told Sydney Morning Herald women face hurdles which could making saving difficult.

“Women are often the primary carers for children as well as ageing parents, receive less pay than men and frequently work in a part-time capacity,” Riemer said.

“As a result, it is important for women to start preparing for life beyond work as soon as they enter the workforce.”

The report found 84% of women didn’t think they were sufficiently prepared for retirement, and 23% didn’t feel prepared at all.

“It has been recommended that women and men should aim to build a retirement income that is 65% of their working income,” Riemer said.