Yahoo Lifestyle Single Australian Women Need To Work Longer To Keep Up
Taylor Swift. Photo: Getty Images.
Taylor Swift may not be bothered by this news, but the rest of the single female population in Australia certainly will be.
A new study has confirmed that single women need to work harder than couples in order to live comfortably after retirement, with experts describing the situation as "dire".
According to recent reports, Australia's retirement status is the worst in the Asian region - but it's a whole other level for single people.
"About two-thirds of people when they retire are in a couple's situation," super expert and Mercer senior partner David Knox told news.com.au.
"But for single women, and for those who have had children, it's a big concern because they don't have a partner's support and there is no easy fix or silver bullet."
The reason single women fall short? You can partly blame the good old equality wage gap: in Australia, the average woman who works full-time earns 17.1 per cent less than the average man.
As a result, the average superannuation payout to a woman is projected to be $150,000. That's half of the average payout to a man.
Knox cites part-time work and maternity leave as other reasons single women may struggle later in life when it comes to savings.
So what's the solution? According to Knox, it means working more than we ever have before.
"It's not that we all have to work full time until 75 but I think it could be a case of phasing down to two or three days per week," he said.
"For some people it could be taking on a different sort of job that requires less pressure."
Whatever the case, it seems we're already falling short as a society when it comes to gender equality.
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