Why Australian Women Feel Less Confident About Retirement — Five Key Insights
Recent research from AMP’s Retirement Confidence Pulse has highlighted a growing divide in how Australians feel about life after work. While many people are looking ahead to retirement with uncertainty, women are consistently reporting lower confidence and higher levels of financial worry than men. Below are five key findings from the research; and why they matter.
1. The retirement confidence gap is real
Only 41% of Australian women say they feel financially confident about retirement, compared with 59% of men. This gap isn’t marginal; it reflects a significant difference in how secure people feel about their financial futures. Women report higher levels of worry across every measure, from superannuation balances to long‑term lifestyle affordability. This lack of confidence can influence not just retirement planning, but everyday financial decisions made years or even decades earlier.
2. Retirement anxiety is already affecting daily life
For many women, concerns about retirement aren’t just future‑focused, they’re shaping behaviour today. Around 73% of women worry they won’t have enough super for retirement, and 71% fear they won’t be able to afford the lifestyle they want. More than half say they limit day‑to‑day spending because they’re afraid of running out of money later in life. Yet despite this anxiety, 66% of women still place strong importance on leaving a financial legacy, highlighting the emotional weight women carry when it comes to money and family.
3. Knowledge and engagement gaps reduce confidence
The research shows that confidence isn’t only about income or super balances, it’s also about understanding. Only 34% of women understood the concept of compounding returns before age 40, compared with 61% of men. Fewer women feel confident in Australia’s superannuation system, and fewer have sought retirement advice. Nearly one‑third don’t know who their super is with or don’t engage with their provider at all. Over time, this lower engagement compounds uncertainty and reinforces a lack of confidence.
4. Divorce and caring responsibilities hit women harder
Life events can dramatically widen the confidence gap. Across all ages, single women are less confident about retirement than single men. The impact is especially severe for women in their 40s and early 50s, often the “sandwich generation” balancing careers, children, and ageing parents. For separated or divorced women in this age group, confidence drops sharply, and for single mothers it falls even further. Relationship breakdown and caring responsibilities clearly magnify financial stress for women.
5. Confidence can be built with the right support
The most encouraging finding is that financial confidence is not fixed. Research shows a strong link between financial literacy and retirement savings, and literacy can be improved. Engaging with super, understanding key concepts like compounding, and asking for help early can make a meaningful difference over time. Many super funds now offer digital and phone‑based financial advice at no additional cost, making support more accessible than ever.
What to do next
If this research resonates with you, the most important step is not to ignore the worry, but to act on it.
Start by logging into your super account and understanding where you stand. Make sure you know where and what super you have, your investment option aligns with your goals, and you know what support is available to you. If you’re unsure, reach out for help early, especially before major life decisions like career breaks, downsizing, or separation.
You don’t need to have all the answers or do this alone. Speaking with one of the JBS team can help turn uncertainty into clarity and give you a clear plan for the future.
Retirement confidence doesn’t come from hoping things will work out; it comes from understanding your options and taking small, informed steps today. The sooner you start, the more control and confidence you can build for your future.