Mums find career break to raise kids biggest retirement savings barrier

Australian women find raising kids as the top barrier for retirement savings, according to a survey by the National Australia Bank’s wealth management division MLC.

Overall women were found to be more anxious than men about superannuation and investment, with 70% rating a career break as their number one barrier to retirement savings, while only 54% of men listed it as their top concern, behind unemployment and major health issues.

The MLC Quarterly Wealth Sentiment Survey showed most Aussies are worried about their finances in retirement with 38% expecting a large financial shortfall at retirement and less than 5% saying they will have more than enough to retire.

NAB general manager Lara Bourguignon said the gap in retirement savings will be one of the biggest challenges facing our ageing population. “Families, and particularly women, concerned about the impact career breaks will have on their retirement savings should plan ahead as there are strategies that can minimise this financial shortfall.”

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“Pleasingly, this quarter we’ve seen a small increase in people investing in super as the benefits of taking control of your finances slowly start to resonate,” said Bourguignon.