Single women in their early to mid 30s now almost outnumber their married friends, with one third of degree qualified women aged 30 to 34 still single.
Single women in their early to mid 30s now almost outnumber their married friends, with one third of degree qualified women aged 30 to 34 still single1.
There are also more degree-qualified women in Australia, with 25% of women holding a bachelor degree or higher and only 18% of men with similar qualifications2.
Professional women in Australia are considered higher income earners in the bracket of between $50,000 and $90,0003. Yet, many of these women will be among the 79% of Australian women still not making additional contributions to their personal superannuation plans4.
Grant Salmon, Chief Operating Officer of Aviva, urges educated single women to consider their financial situation while they are still young and working full time.
The below graph indicates the superannuation investment growth of an employee on $60,000 per annum with the Superannuation Guarantee (SG) of 9% plus an additional contribution of $30 a week.
Figures assume 4.5% Growth only per annum net of Tax and Fees
"Many of these women are working full time with a higher than average salary and often categorised as both spenders and savers," says Grant. "This is a generation of highly qualified women currently reaping the benefits of a good income – this is the perfect time to consider and invest in their retirement."
Earlier this year, Aviva highlighted figures stating that it was actually more expensive for a single person in retirement than a couple. The research showed that couples enjoying a comfortable retirement will spend approximately $43,000, or $21,500 each a year, while single people are looking at $32,0005.
"It’s important to use any time in the full time workplace to the best financial advantage, be that buying a house, creating a robust investment strategy or additional superannuation contributions.
A financial adviser can provide further information on creating a robust financial plan for all types of people.
-end-
1 Monash University, Australian marriage and partnering rates plummet, March 2004, Melbourne
2 Monash University, Australian marriage and partnering rates plummet, March 2004, Melbourne
3 Curtin University of Technology and Department of Family and Community Services, Australian Fertility patterns, March 2003
4 Australian Bureau of Statistics, Superannuation: Coverage and Financial Characteristics, Canberra, 2001
5 The Association of Superannuation Funds of Australia Limited, Retirement Living Standard detailed budget breakdowns, Comfortable lifestyle and modest lifestyle, February 2004, Sydney.
For further information, please contact:
Simon Morgan, Group General Manager Public Affairs
(03) 9829 8892
0407 966 632
Notes to editors:
- Aviva Australia is a group of two specialist financial services companies: Navigator and Norwich Union Life Australia Ltd. Portfolio Partners, the Australian funds management arm of Aviva plc, is a sister company. Through these companies we provide products and services in the areas of wealth creation, wealth management and wealth protection for more than 300,000 customers throughout Australia
- Globally, Aviva Australia is part of Aviva plc, the world’s seventh largest insurance group, the largest insurer in the UK and one of the top five life companies in Europe. Aviva was formed in May 2000 through the global merger of CGU plc and Norwich Union plc
- Aviva is a leading provider of life and pensions products to Europe and has substantial businesses elsewhere around the world. Its main activities are long-term savings, fund management and general insurance. It has premium income and investment sales from continuing operations of A$66.08 billion, and more than A$472 billion of assets under management (as at 1 January 2004). The group has more than 59,000 employees and 25 million customers worldwide
- The information in this document reflects Navigator Australia Limited's ('Navigator’) understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. In some cases the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way. The information is not, nor is it intended to be, comprehensive or a substitute for professional advice on specific circumstances. The securities advice or information given in this document is of a general nature and has not taken into account the investment objectives, financial situation or particular needs of any particular person. Before making an investment decision on the basis of the advice above, a prospective investor needs to consider, with or without the assistance of a professional adviser whether the advice is appropriate in the light of their particular investment needs, objectives and financial circumstances
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