Retirement and financial security
Information paper on superannuation
It is estimated that by 2019, women will have on average half the amount of superannuation that men will have. Most women have significantly lower superannuation balances than men. Given that women tend to live longer than men, this means women's financial security in retirement is at risk. The Office for Women has developed a discussion paper, Focus on Women 3 - Women and Superannuation, which considers the issues that contribute to women having lower superannuation balances than men, and suggests some strategies for improving the financial situation of women in retirement.
Skills growth - the Queensland Skills Plan
The Queensland Skills Plan represents a new approach to workforce skilling services based on customising training to help individuals meet their maximum working potential. The Plan outlines a policy framework that will better match the supply of skilled labour to industry's needs and the economy's demands. It sets out 24 actions the Queensland Government will take to implement these policies. Action 19, 'Customising training to meet the needs of our workforce', includes a commitment to provide training tailored to the needs of older workers.
Queensland's older workers are an important labour market resource. They possess extensive skills and knowledge which can only be gained through many years on-the-job. Despite this, older workers are less likely to hold a high level qualification than younger staff, and generally have not undertaken any formal learning for a long time. To ensure skilling opportunities are targeted to older workers, the Queensland Government will develop training strategies to meet their specific needs. This includes up-front skills assessment at TAFE institutes to ensure that older workers have access to training tailored to their existing skills and experience, and will link them to any 'add-on' literacy, numeracy and information technology training. Through Skilling Solutions Queensland, low skilled workers aged 45+ may qualify for a new subsidy to offset the costs of approved vocational training from TAFE institutes.
Consumer advice and information
Older women have distinct consumer needs and some older women, especially those who have become widowed, may find themselves dealing with financial issues and decisions that they haven't needed to handle on their own in the past.
The Office of Fair Trading website provides useful and helpful information for seniors including:
- making complaints
- consumer rights and responsibilities
- refunds and warranties
- buying a car
- scams and fraud
- product safety and recalls.
Last updated: 6 May 2009
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