Super Women?
If you’re a super fund with a lot of female members, there are a few things you should know.
While in many households women play a key role in household decision making, many feel that they lack the information and confidence required to feel comfortable making decisions about their super and finances.
They suffer higher levels of anxiety around their money than men, and are more likely to express difficulty in making decisions about investing (36% versus 24%).
A recent report by CoreData titled Women In Super suggests that a lack of information and understanding is fuelling a sense of financial insecurity among females and points to a need for greater education and assistance for women when it comes to their finances.
The report, which surveyed 1,059 people, found that almost half of women (47%) want to manage their own money and finances but require information to support their decisions.
Superannuation is the number one area where greater knowledge is desired, followed by tax, saving and budgeting.
More than half of women show signs of nervousness when they don’t have enough money (52% versus 39%) and worry that they will not have enough money to live comfortably when they retire (59% versus 45%).
Women are far less likely to feel financially secure (45% versus 54%) and are less engaged, being less likely read statements sent to them from their financial institutions.
In a sign of the apathy among consumers about superannuation, almost one in five women never or rarely read information sent to them relating to super – and women are twice as likely to have no idea of their super balance than men.
But far from being a desperate situation for super funds, the research suggests women are in fact crying out for assistance and information, with females significantly more likely to want to know more about the products and services available through their super fund (57% vs. 48%).
The fact that they tend to lack confidence when dealing with their greatest financial concerns (28.5% confident or very confident compared to 46% of men) and have a much lower risk appetite than men means the conversation that funds need to have with their female members is fundamentally different to the conversation they need to have with male members.
The key to servicing women in super funds centres on education, information and assistance securing their financial future and retirement.
*For more information about the Women In Super Report contact CoreData on 02 9376 9609
2 Comments on “Super Women?”
Post a comment
burningpants says:
High maintenance, or more prudent?!
A Man says:
In other words, Women are higher maintenance…..what is new? lol.