Snap and save

Find out how much
I can save

START MY SWITCH

Single women facing retirement cost crisis

Single women over 40 are facing potential financial insecurity 16000646 800469637 0 0 7039703 300

New research released today (October 18) has revealed that single women over the age of 40 are facing uncertain financial security as they near retirement.

The study was conducted by Doctor Andrea Sharam, a research fellow at the Swinburne University Institute of Social Research.

According to the report: "Wage inequality and interrupted working lives due to childcare responsibilities are contributing factors and have meant that women, especially single women, have a decreased capacity to acquire housing equity or retirement savings in their own right.

"These women now face further disadvantage in the housing market as purchase prices and rental costs have risen, reflecting a number of factors including a shortage of housing supply."

It is feared that the coming decade will see an increase in the number of women facing financial hardship due to a lack of property ownership, rental stress and increasing living costs.

Debt is also a concern, providing an additional obstacle for those looking to purchase property.
Research on the matter will continue, with Sharam urging single women over the age of 40 to respond to a survey - which looks at income, financial security and debt owed to electricity suppliers.

Posted by Charlie Moore