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Women saving less than men

Women are much more likely than men to be putting money aside for travel or holidays and less likely than men to be saving for their retirement, according to the latest AMP SuperWatch survey results.

Friday, October 19th 2001, 10:53AM

New Zealanders in general are not good at saving for retirement, but these results show there is a lot of work to be done in promoting superannuation amongst women in particular, says Women in Super spokeswoman Linda McCulloch.

"The survey shows that 40.7% of women are saving for travel or holidays, compared to 29.2% of men, but only 42.7% of women are saving for retirement compared to 50.5% of men.

"It also shows that women are more inclined than men to think that the Government should take the greatest responsibility for providing for them in retirement (26.7% of women compared to 16.8% of men) and less likely than men to think they should take responsibility for themselves (65.3% of women compared to 77.7% of men)," says Ms McCulloch.

"Women are going to spend longer in retirement than men and NZ Super will only provide a basic income. Women have got to face up to the realities of providing additional income for themselves if they want dignity, choice and quality of life in retirement," she says.

Women in Super (Wahine Whakamoamoa) was set up to promote the specific issues relating to women and superannuation. It also aims to increase the number of women in decision-making positions within the industry and to promote education and training. AMP SuperWatch is a twice-yearly survey about attitudes and behaviours towards retirement savings. The latest results are cumulative to August 2001.

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