Women urged to take a 2020 look at their finances

Aussie women are missing out on a potential $113,000 at retirement due to the impact of taking time out of the workforce to raise kids and care for loved ones.

RACQ Bank spokesperson Lucinda Ross said it was incredibly important women took control of their finances now, to ensure they were able to retire securely.

“In Australia, the average super balance for a man aged between 60 and 64 was $270,720, whereas for a woman of the same age it’s just $157,049. This difference can have a huge impact when you’re considering when and how you’ll retire,” Ms Ross said. 

“What a lot of Australian women don’t realise is when you go on maternity leave and aren’t being paid, your superannuation life insurance could lapse after six months of no payments. This can put you at risk of being unable to access life insurance again if you fall ill during your time away from work.

“It is also incredibly difficult to catch up to your peers when you’ve missed out on several months, or even years, of consistent superannuation contributions.”

Ms Ross urged women to review their finances this International Women’s Day to ensure they were informed and in control of their financial future.

“There are several simple things you can do now to assess your financial wellbeing and take charge,” she said.

“When checking your superannuation, make sure that your risk profile lines up with what you’re comfortable with and what stage of life you’re at.

“Don’t be afraid to reach out and ask for help. Whether it’s from friends, family, a financial advisor or the internet, there are plenty of resources out there to help you understand how to maximise your tax return, invest responsibly and gain control over your money.”