Women are collectively missing out on $750 million at retirement, according to a report on the gender divide.
Most retirees will eventually rely on superannuation. Photo: 123RF
The report by ASB Bank indicates women have better everyday financial wellbeing than men, as they spend less and save more, despite an average 9 percent gender pay gap.
Despite saving more, women have 12 percent less in savings for retirement as a result of lower pay and less appetite for risk.
"ASB's independent investor confidence and KiwiSaver surveys tell us women rate their knowledge of investing far lower than men and are more likely to be in the most risk-averse KiwiSaver funds regardless of their personal circumstances or goals, which can mean they're missing out on investment gains over time," ASB chief executive Vittoria Shortt said.
The report suggests women aged 35 to 65 could collectively boost their retirement funds by around $750m by taking more investment risks.