South Africa: Retirement Capital of SA Women Is Woefully Inadequate

opinion

Alexander Forbes recently released the first major research on the financial survival of pensioners of retirement schemes in SA - and it does not make happy reading for women. This research was done before the Covid-19 outbreak and Moody's downgraded South Africa. The situation now is likely to be far worse.

Women in retirement are far worse off financially than men. The reasons include insufficient contribution rates to retirement funds, breaks in careers to raise a family, the glass ceiling and, in retirement, the fact that they live longer than men.

Incidentally, the World Economic Forum's 2018 Global Gender Gap Report has South Africa in 19th place out of 149 countries. Things are getting better for women, but they are still far from acceptable.

This is backed by research undertaken by Alexander Forbes on its own retirement book, the largest in South Africa.

John Anderson, an actuary and Alexander Forbes' head of strategic development, says the proportion of women in higher-earning positions has increased over the last decade.

He says this is likely to be a result of changes in the type of work given the advancement of technology, cost-of-living changes generally making it necessary for as many family members...

More From: Daily Maverick

Don't Miss

AllAfrica publishes around 800 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.