Financial advisers and superannuation funds must recognise and respond to the unique needs of women when it comes to superannuation, an industry report has found.
The 2012 Women in Super Report from researcher CoreData found almost one in three women feel their superannuation needs differ to men.
“Women are often the one charged with making financial decisions in the household, yet many lack confidence, a sense of financial security and certainty over their financial future,” CoreData head of advice, wealth and super Kristen Turnbull told InvestorDaily.
“Women don’t want to be sold to so people servicing this market really need to be appealing to female values and send a different message in order for them to engage with you and to take up that advice.”
One third of women, 35.1 per cent, feel financially insecure, compared to 21.5 per cent of men, the report said.
Furthermore, 37.5 per cent of women agree they often have difficulty making decisions about investing money, compared to only 26 per cent of men.
There is a pressing need to increase the number of women receiving professional financial advice and for super funds to recognise and respond to the unique needs of women when it comes to superannuation, Turnbull said.
“Financial advisers and super funds can definitely help fill the knowledge and control gap,” she said.
“It’s about equipping women with a plan to achieving their goals and providing guidance to make sure they have some certainty.”
The report found 30.9 per cent of women feel their super needs differ compared to men, while only 8.9 per cent of men think their super needs differ to women.
Financial services companies that are attempting to appeal to women need to understand that while their needs might differ, women don’t necessarily want to be treated differently to men, Turnbull said.
“It’s about values, not gender and for women as with men, trust and authenticity are key ingredients,” she said.
“I wouldn’t suggest blatant gender marketing as that’s not what it’s about.”
More than half of those women who have a family feel disadvantaged in terms of the super they have been able to save, as a result of cutting down or stopping work to have kids, the report said.
When it comes to servicing women, almost half of women would like a super fund relationship manager they can call when they have queries and two in five would like their fund to be more personable. Around one third consider relationships more important than brand.
In addition, two in five women, 41.7 per cent, said they are unlikely to have the level of wealth required to finance their retirement, compared to 29.1 per cent of men, the report said.
