Advice for women savers

Women are feeling less confident about reaching their retirement savings goals – and with good reason.

The latest ANZ retirement savings survey shows 44% of respondents feel confident that they are saving enough to pay for their retirement, but only 34% of women felt very confident or confident of saving enough for their retirement.

“Women are paid less than men, while 85% of New Zealand women take time out from the workforce to raise families," ANZ Wealth General Manager Product and Marketing Ana Marie Lockyer said.

“Further, women tend to retire two years earlier than men and live longer."

She said women should think about the impacts of career breaks. Savings options to consider include increasing regular contributions to KiwiSaver, making a lump sum payment or moving to a higher growth fund.