Market Commentary

Rice Warner slams gender super gap inaction

Posted by Anton Murray Consulting on . Posted in Market Commentary

InvestorDaily

Rice Warner has noted four years has passed since a Senate committee released its report into women’s retirement outcomes, but its 19 recommendations for improving the gender gap are yet to be accepted by the government. The current Retirement Income Review has received more than 280 submission, with the actuarial firm noting many have showed similar recommendations to those pitched by the Economic Security for Women in Retirement report. Women tend to retire with lower superannuation than men due to a number of factors, including life cycle events (caring for children or supporting aged relatives), barriers such as the pay gap and higher longevity and attitudes, including a lack of senior roles in the workforce, partly caused by promotions missed on maternity leave.

Rice Warner has pointed to two key factors giving a better change of a comfortable retirement: marriage and home ownership. At present, about 70 per cent of retirees are married and 80 per cent are home owners. However, it is expected with high divorce rates and rising property prices, the percentages will fall. According to Mission Australia, retired home owners have the same rate of poverty as the general population (about 12 per cent), but the rate for renters is 43 per cent.

The rest of this article can be found at investordaily.com.au.

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