A survey of The Moreton Group’s database has found women are still behind men when it comes to finance and superannuation levels.
In a review of 180 coupled households, female account balances were 45% lower than their male counterparts.
For singles, the outcome was the reverse. A study of 90 single dwellings found female balances were a massive 66% larger than the single males.
The figures are influenced by a number of factors. Being the baby boomer generation, traditionally the male would have worked while their female partner took time off to prioritise her time with the children. Therefore superannuation levels vary significantly.
For similar reasons, it seems to be the males in the household who manage the financial planning. Of the 180 coupled households surveyed by The Moreton Group, in 88% of cases it was the male who made first contact for financial advice.
It is likely this gender imbalance will even out as the next generation comes through where both people in the household tend to work similar hours and contribute financially to their retirement fund.
In the case of single households, senior females living alone are predominantly widowed, which would give them the combined balance of their spouse once passed. So understandably single women in a baby boomer generation are likely to have greater financial wealth than single males.
But when it comes to retirement, it doesn’t matter whether you are male or female. Knowing what’s possible is of huge interest to everyone.