Women face unexpected retirement curveballs, Vanguard research finds

Australian women were twice as likely as men to report retiring earlier than expected, according to new Vanguard research that points to gaps in retirement confidence and financial literacy.

Findings from Vanguard’s How Australia Retires report showed women accounted for 68 per cent of Australians who reported retiring earlier than planned, compared with 32 per cent for men.1

Vanguard Chief of Personal Investor, Renae Smith, said the findings point to an often overlooked career challenge for women at the end of their working life.

“People often think they’ll get to choose the date they retire but for many Australians, particularly women, the journey is not always that straightforward,” Ms Smith said.

“Life events such as caring for children or grandchildren, supporting ageing parents, health challenges or unexpected changes in employment can reshape retirement plans, sometimes years earlier than expected.”

University of Melbourne researchers have found that structural factors including career interruptions and unpaid caring responsibilities often contribute to gender gaps in superannuation balances and retirement outcomes.2

A broader confidence and preparedness gap

Vanguard’s research also showed that unexpected early retirement appears to come with a confidence cost. Australians who retired earlier than planned were twice as likely to report low retirement confidence (42 per cent) compared to those who retired when expected (19 per cent).

Women also reported lower financial literacy than men across all age groups surveyed, highlighting another potential barrier to retirement preparedness.

This was also reflected in investing behaviour, with separate Vanguard research finding just 35 per cent of women invest outside of superannuation, compared with 52 per cent of men.3

“Women make important financial decisions every day, but many don't give themselves enough credit when it comes to managing their money and planning for the future.” — Renae Smith, Chief of Personal Investor, Vanguard Australia

"Confidence and financial knowledge don't develop on their own. They're shaped by the information, support and opportunities people have access to throughout their lives. That's why employers, industry and policymakers all have an important role to play in helping women prepare for retirement.”

Small steps towards retirement readiness

Drawing on the research findings, Vanguard has outlined practical and achievable steps to help Australian women engage with their retirement planning.

• Improve your financial literacy by building an understanding of basic financial concepts through reading, research and conversations.
• Learn more about superannuation and the role it plays alongside the Age Pension in supporting retirement.
• Build a retirement plan by thinking about your future goals and the steps that may help achieve them.
• Consider extra super contributions if the strategy suits your goals and circumstances.
• Check your super balance, contributions and investment options regularly.

Ms Smith said that by taking small steps, women may feel more prepared to navigate major financial decisions and set themselves up for a more confident retirement.

“When women have access to the right information and support, they are more likely to engage with their finances and feel empowered to make decisions about their future,” she said.

Footnotes:

1. Based on a survey of more than 1,800 Australians aged 18 years and over in February 2026. Note: Finding based on survey respondents who retired in the past five years.

2. University of Melbourne. There's Still a Gender Gap in Retirement. August 2023.

3. Vanguard Australia. Sitting on the Sidelines: What's Holding Australia Back From Investing? May 2026.

By: Vanguard | 28 October 2026 | vanguard.com.au