New research has highlighted the importance of financial planning for women over 50, as official figures show women are more likely than men to retire earlier and rely on a partner or the Age Pension for income.

The findings come as personal finance experts warn that focusing only on cutting spending may overlook a larger problem: many women approaching retirement do not have a clear understanding of what they own, what they owe and how much they will need in later life.

Research commissioned by women’s wealth platform Multiplyher found 62 per cent of Australian women had financial goals, but only 28 per cent knew what to do to achieve them. Two in three had not reviewed their budget in the previous 12 months.

The survey of more than 1000 Australians did not publish a specific breakdown for women aged over 50. However, separate data shows the group faces particular challenges as it approaches or enters retirement.

The Australian Bureau of Statistics reported that 156,000 Australians aged 45 and over retired in 2024-25. Women accounted for 55 per cent of those retirees and retired at an average age of 62.7, compared with 64.9 for men.

Among people aged 45 and over who had already retired, women’s average retirement age was 55.2, compared with 60 for men.

The ABS also found that 30 per cent of retired women relied on their partner’s income to meet their living costs at retirement, compared with 9 per cent of retired men.

For retired women, the Age Pension was the main source of income for 41 per cent, while superannuation was the main source for 23 per cent. Seventeen per cent reported having no personal income.

Financial security was the main factor influencing the timing of retirement for people who intended to leave the workforce, according to the ABS.

The figures underline the importance of reviewing retirement plans well before leaving work, particularly for women who have taken time out of the workforce, worked part time or earned less over their careers.

Research by Vanguard found that financial literacy was higher among older Australians overall, but women scored lower than men across every age group. Financial literacy among women peaked between the ages of 45 and 54.

The research also found that 53 per cent of retirees and 61 per cent of working Australians aged 55 and over believed financial advice was too expensive.

Lisa Barber, a financial adviser and founder of Multiplyher, said women did not necessarily need to stop spending in order to improve their financial position.

“You’re allowed to shop this Black Friday, in fact, I encourage it,” Ms Barber said.

“But only if you know what it actually costs to live your dream life.”

Ms Barber said financial confidence came from understanding how different parts of a person’s financial life fitted together.

“Many women have never been shown how to bring all the pieces of their financial lives together, so they can see what they have, what they owe, and what they can afford to spend,” she said.

The Workplace Gender Equality Agency has previously reported that women retire with significantly less superannuation than men. Its analysis found the average superannuation balance for women aged 60 to 64 was $138,154, compared with $292,510 for men in the same age group. The figures were based on 2013-14 data.

The gap is linked to differences in pay, workforce participation, part-time employment and unpaid caring responsibilities. These factors can reduce the amount women accumulate before retirement and increase their reliance on government payments, a partner’s income or other assets.

Ms Barber said women approaching retirement should begin by reviewing their overall financial position, including savings, debts, regular expenses, superannuation and upcoming costs.

She also advised people to set a realistic spending limit before making purchases and to identify one financial goal rather than trying to overhaul their finances all at once.

With more than 800,000 Australians intending to retire within five years, the ABS data suggests retirement planning will remain a significant issue for older households.

Information about the research and financial planning resources is available from Multiplyher.