Driven by a desire to help others, Elaine worked in sectors like aged care and social services, taking on jobs the government is still desperate to fill.
But after nearly five decades in the workforce, she retired with just $45,000 in superannuation.
I think financial literacy just isn’t great across the board. It wasn’t until my late 20’s I started to take an interest in super and found I had literally nothing in it. It had been whittled away by insurance payments, and management fees. (Happy to say at least they don’t do automatic insurance any more).
Maybe the default settings for super should be redirected to the index funds - low management fee options and a blend of bonds or something. Not an expert but this is not an uncommon story!
Just checked my statements. I hit $10k when I was 32. Yikes.