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Advice for women savers

Sunday, December 14th 2014, 6:58PM 1 Comment

Women are feeling less confident about reaching their retirement savings goals – and with good reason.

The latest ANZ retirement savings survey shows 44% of respondents feel confident that they are saving enough to pay for their retirement, but only 34% of women felt very confident or confident of saving enough for their retirement.

“Women are paid less than men, while 85% of New Zealand women take time out from the workforce to raise families," ANZ Wealth General Manager Product and Marketing Ana Marie Lockyer said.

“Further, women tend to retire two years earlier than men and live longer."

She said women should think about the impacts of career breaks. Savings options to consider include increasing regular contributions to KiwiSaver, making a lump sum payment or moving to a higher growth fund.

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Comments from our readers

On 17 December 2014 at 11:19 am takecontrolofyourfinances said:
From our research this would apply to Men as well as Women and many people have no real sight of when they might reach a level of Financial Independence. We have developed financial.me to help people #takecontroloftheirfinances. You can manage your assets, liabilities and everyday spending.Visualising your retirement dates by changing savings parameters becomes easy. Help is at hand with www.financial.me

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ANZ 8.64 7.84 7.39 7.25
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BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
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CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 ▼6.79 ▼6.65
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Co-operative Bank - Standard 8.40 7.74 ▼7.29 ▼7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
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Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
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Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
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Pepper Money Essential 8.29 - - -
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Resimac - Specialist Clear (Alt Doc) - - 8.99 -
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Median 8.64 7.29 7.32 6.65

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