Two-thirds of women are missing opportunities to grow their superannuation balances and 43 per cent don’t feel in control of their financial situation, according to MLC.
Results from an MLC survey of 1,000 women across metro, regional and rural areas of Australia have revealed that only about one in six Australian women feel in control of their finances.
Crucially, 61 per cent felt low savings are their main concern, with nearly a third (32 per cent) of women reporting they had less than a month’s worth of saving to live off, the research revealed.
MLC Advice general manager Jasia Fabig said more had to be done to make financial wellbeing a priority for women.
“What we often see is that women put the interests of others before their own, and at key moments in life – divorce, death, illness or job loss – they are severely impacted,” Ms Fabig said.
“Only 34 per cent of the women MLC surveyed are putting extra money into their super, and we’d like to see this number grow.
“Women and their money matter, and we want them to be able to weather financial storms.”
In an effort to better prepare women for retirement, MLC will offer 500 women free general advice consultation sessions until January 2018.