Financial Security for women
Financial security for women, why is it so difficult to achieve? A regular female listener to my radio interviews on Emerald 4HI has asked me to voice my views on women and the financial opportunities they often miss out on.
In Politics, we have women as the leaders of Germany and the United Kingdom. Whether our next Federal Government is Labor or Coalition, it is possible their respective leader could well be female.
In the movies, all the old super heroes used to be men and now we have the huge success of Wonder Woman and to top it off a female Doctor Who!
Our girls are also doing well in sport. The women’s Seven’s Gold at the Rio Olympics was a national treasure. Roger Federer, after winning Wimbledon again, is being lauded as the greatest tennis player ever. People forget Serena Williams has won more grand slams than Roger.
Although doing very well in most areas, financial security for women is often a challenge and difficult to achieve.
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Here are some findings from the Association of Superannuation Funds of Australia (ASFA). Although women usually manage their own finances, superannuation can be a blind spot but men are actually pretty good at Super.
According to ASFA, 25% of men know their exact Super balance and women about 13%.
Average Superannuation balance upon retirement
On average a man in Australia ends work with $295,500 while women end up with about $138,000. Generally, women are on a lesser pay scale, spend time at home with children, deal with divorce and so on. There is another factor, however – a woman’s lack of interest, knowledge and/or understanding of Super.
How do we fix this?
I would ask every parent in Australia to encourage their daughters to do Maths at school.
As a role model for girls and young women, the super industry could promote the image of a woman in charge of her affairs and finances.
- A Super strategy started when a woman is young could bring her $2m nest egg by retirement.
- It is a defence against a messy, poverty cheating divorce.
- It means independence when you stop work and want to travel the world.
- It puts you in control of your own destiny and gives you options.
- And it leaves you wealth enough to help the people you love when they might need it most.
This sums it up well.
Steve Taylor
Are you ready to improve your financial security with a property portfolio in a Self Managed Super Fund, contact Estelle at the office to make a time with Steve to discuss your needs? There is no cost and no obligation.
If you prefer to listen here is my radio interview on Emerald 4HI:
At the helm of Steve Taylor & Partners, Steve has been delivering expert advice and product knowledge to clients for over 30 years. We provide individuals, couples and families with the right strategies to create wealth and change their lives with solid bricks and mortar.
DISCLAIMER
Steve Taylor & Partners blog is opinion and not advice. Readers should seek their own professional advice on the above subject. The figures stated in this article were accurate at the time of publication. For up to date figures, please contact our office.
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