Old way of paying for retirement is failing the modern female workforce

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In many ways, the young women of Australia are extremely fortunate compared to those in other countries. They receive equal education to our male counterparts, they can vote, they are subject to the same laws and they can vote. It is quite clear, however, that Australian women are still exposed to countless barriers preventing genuine parity.

It is very well-known that women face inequality in the workplace in a number of ways; from the pay gap and chore gap, to the glass ceiling and lack of opportunities simply because women will take time off at some point to have babies and keep the world turning. What many people don't know is that, despite constantly fighting during their working career to earn an adequate living, a large number of women will retire in poverty.

"80 per cent of single women [are] unable to afford a comfortable life in retirement. In fact, more than a third of them, if single, will retire in poverty."

Retirement income systems were originally set up in reflection of full-time work patterns usually only held by males. With the amazing advancements we have seen to date improving equality, these systems have remained stagnant and are no longer fit for purpose. There is now, on average, a 47% gap in superannuation between men and women on retirement.

Have a look at this article by Robbie Campo for more information.