New report reveals Aussie women are bearing the brunt of rising costs widening the retirement gap
A new report reveals Australian women are bearing the brunt of the nation's cost of living crisis and are sacrificing their own financial futures to keep households afloat.
Insights Exchange's Consumer Trends report found women were excessively squeezed by rising living costs and family obligations that were causing stress, worry and anxiety.
Researchers surveyed 1474 Australians finding women were 21 per cent less confident than men about their retirement, with only 27 per cent feeling positive about their financial future.
More than half of the women surveyed said their ability to meet household expenses had worsened over the past year.
The report found 43 per cent of Australians supported dependent children and ageing parents but women carried most of the responsibility.
Insights Exchange chief executive officer Nichola Quail said when women were meant to be most financially stable, they were caught between caregiving and rising costs leaving little room to think beyond the next bill.
'It is a national issue hiding in plain sight,' she said.
'It's not just stressful; it's unsustainable.'
One female respondent aged 56 said she could not see herself surviving until retirement.
'I don't eat to ensure I pay my rent. My electricity is about to be disconnected,' she said in the report.
One woman aged 57 said the cost of living crisis had left her with a general feeling of hopelessness.
While another women aged 38 said being able to afford to live a comfortable life without working insane hours was a big struggle that would only get worse.
'Female caregivers experience heightened financial vulnerability and workplace anxiety while navigating complex social connections,' the report stated.
'These patterns suggest women are carrying a heavier psychological burden, potentially exacerbated by financial stressors and societal responsibilities.'
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