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. 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 she took 10 years out of the workforce to raise her children, and then their father left. Her life path resembles those of many Australian women approaching retirement age.
- Tweaks made to superannuation tax offsets for low-income earners will barely help women who retire in poverty
- A quarter of women retire in poverty
- Women like Rosemary face financial uncertainty in old age due to minimal superannuation savings
Author's summary: Australian women face a significant superannuation gender gap, leaving many in poverty.
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