<?xml version="1.0" encoding="ISO-8859-1"?> <docID>340036</docID> <postdate>2025-03-10 12:39:20</postdate> <headline>Women lack confidence over to retirement funds</headline> <body><p><img class="size-full wp-image-340037" src="https://citynews.com.au/wp-content/uploads/2025/03/20200327001460381770-original-resized.jpg" alt="" width="900" height="628" /></p> <caption>Many women fear they will not have enough superannuation to live comfortably in retirement. (Dan Peled/AAP PHOTOS)</caption> <p><span class="kicker-line">By <strong>Maeve Bannister</strong> in Sydney</span></p> <p><strong>Women are less confident than men that they will have a comfortable retirement, with only 34 per cent feeling prepared for life after work.</strong></p> <p>A survey of 2250 Australians revealed that more than three in five women (62 per cent) felt they would be unable to achieve a comfortable retirement compared to 47 per cent of men.</p> <p>The survey, conducted by Colonial First State (CFS) Superannuation found only 34 per cent of women felt prepared for retirement, compared to 53 per cent of men.</p> <p>Only 45 per cent of women were aware of what assets their superannuation was invested in, compared to 60 per cent of men.</p> <p>The findings highlighted the lack of confidence among women when it came to achieving their retirement goals, CFS chief executive Kelly Power said.</p> <p>"We know that most women are unaware of what assets their super is invested in, which suggests lower levels of engagement with their super," she said.</p> <p>"It's crucial that any efforts to help women build their financial confidence consider their unique life decisions - there's no one-size-fits-all solution, just as there isn't a single path that all women follow in life."</p> <p>Financial advice had a positive impact on women's retirement confidence, with those who received advice twice as likely to feel more prepared for retirement than those that don't.</p> <p>Ms Power said women should be mindful that their super is their money and encouraged them to become actively involved in how it is managed.</p> <p>"Adding a small amount to your superannuation each week can make a significant difference over time (and) even modest contributions can grow substantially with the power of compound interest," she said.</p> <p>"Many women may not realise that later in life, when they are in a better financial position, the superannuation system allows them to make catch-up contributions.</p> <p>"These contributions mean you can make additional payments into your super fund beyond the standard annual cap to compensate for any shortfalls in previous years."</p> <p>This can be particularly helpful for women who may have taken career breaks or worked part-time due to caregiving responsibilities, which often results in lower superannuation balances.</p> <p>"By utilising catch-up contributions, (women) can boost their retirement savings and work towards achieving a more comfortable and financially secure retirement," Ms Power said.</p> <p> </p> </body>