Female advice customers on the rise

A growing number of women were seeking advice on how they could improve their financial circumstances in retirement, according to a non-profit superannuation fund.

According to new statistics released, the number of women seeking financial advice through Vision Super’s advice network had increased by 31 per cent in the six months to October 2016.

At the same time, the fund also reported growth in the amount of members under 30 who were looking for advice, with a 27 per cent increase over the six months to October.

Commenting on the data, Vision Super chief executive Stephen Rowe said given the large disparity in retirement outcomes between men and women, the fund was particularly pleased more female members were considering ways to improve their circumstances.

“It’s really important that super funds do all they can to help female members with advice that can help to narrow the super gender gap,” Rowe said.

“We are really pleased that we have seen an increase in advice to our membership – more women are benefiting from basic advice that all members can do to significantly improve their retirement prospects, as well as advice on more complex financial arrangements.”

He added tax advice, age pension arrangements and retirement income were common topics women were seeking guidance on.

Meanwhile, younger members’ increased interest in their super was also encouraging given the changing political will around compulsory employer contributions, he said.

“With uncertainty over the future of the super guarantee, it’s very important that our younger members understand they have the power to shape their financial future,” he said.

“We want our younger members to understand things like the benefits of consolidating super, choosing higher-returning investment options that carry more risk while they are young, or making additional contributions.”

Given the time horizons younger members had, even making small tweaks to the way their super was invested could amount to hundreds of thousands more dollars in retirement, he added.

Sarah Kendell
Tuesday 13 December 2016
financialobserver.com.au