International Women’s Day (March 8) was this month, and it’s a special opportunity to celebrate the social, economic, cultural and political achievements of women past present and future.
Advancing gender equality is a key issue and critical to this is enhancing women’s economic empowerment. Recent research* suggests that nearly half (47%) of Australian women don’t feel in control of their finances and a third (32%) have less than a month’s worth of savings to live off if they needed it.
For women of all ages, the following tips are a great starting point for making their future financial interests a priority:
1. Don’t delay uncomfortable conversations:
Divorce, illness, job loss and death all impact women’s wealth, so speak with your partner, family or a financial adviser to plan for adverse events.
2. Get to know your super:
How much do you have? How much will you need? How can you benefit from voluntary contributions? All this will have a huge impact when you retire.
3. Be independent and become an expert on your money:
Know your money inside out and – debt, savings, investments, insurance, and super – and how all of it works for you.
4. Prioritise your financial goals as well as your life and career goals:
The decisions you make in work and your personal life will all impact your finances.
5. Your salary matters:
Your pay cheque and super are vital to your financial security. Don’t undersell yourself, negotiate your pay, and be aware of your worth at work.
If you’d like our help with any of the above, or have any general questions – reach out to us.
*Research and tips provided by MLC Advice (Oct, 2017)