Women do have special needs when it comes to saving. They tend to be on lower incomes, are more likely than men to work part time, often having a broken work history having taken time out to care for children and are more likely than men to be living alone when they're older.
The specific issues affecting women's lives and their ability to save for retirement, as identified in the submissions made by Women in Super, have been recognised in the PRG Report.
The establishment of a Work-Based Savings Group (WSG) to promote work based savings and to remove barriers to the participation of women in such schemes together with the recommendation that existing tax disincentives are removed will assist women in saving for their retirement.
We are pleased that the PRG Report specifically mentions Women in Super's contribution on ideas for improving workplace superannuation scheme design. Such initiatives, if developed by the WSG into best practice guidelines for superannuation schemes, will benefit both men and women.
Financial literacy is vital for everyone and Women in Super is delighted to see the recommendation of specific education programmes targeted at women.
Women in Super strongly supports the work of the Office of the Retirement Commissioner in the area of education and is pleased to see the Commissioner's role increased to include research and overall management of retirement savings issues.
It will be essential that the Commissioner obtains the necessary financial support from government to support such initiatives.
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