September 28, 2015 Paula Benson

BRIDGING THE GAP – FINANCIAL EQUALITY

Recently our very own Alison Adams wrote the below article for RUBY magazine. The message is just too important so we thought the article should also feature as blog post:

get riled, it irks me, it makes me cringe.  Do we really need events specifically targeted at women? 

As a woman, I have had a successful career which has allowed me flexibility and choices and sees me treated with respect in my workplace – I’m treated the same as any male counterparts in an industry that has traditionally been male dominated.  As a mother of two young girls I don’t feel like there are any limitations or restrictions to their future just because they are female.

So if this is how I feel, why is it that:

  • Women remain behind men in the pay scale, earning an average annual gross income of $67,000 compared to men who are paid about $82,500 per year.
  • The Association of Superannuation Funds of Australia tell us that in 2011-12 average super balances were $82,615 for men and $44,866 for women.

I feel equal but these statistics don’t feel equal.  Combine this with the fact that:

  • Women have a longer life expectancy than men.
  • Women are more likely to have breaks in employment or work part time, either caring for children or elderly parents.
  • Women could spend 30+ years in retirement. Put another way, on average a 65 year old woman will spend 25% of her life in retirement.

OK, I don’t like to generalise, however we have noticed a trend where women have a tendency to avoid seeking financial advice.  This trend doesn’t seem to discriminate – it applies to single women, women in relationships, divorced women, professional women and stay at home Mums.   Women are great at being busy.  We juggle a lot of roles.  We also tend to be competent at managing our households – we definitely seem to have day to day finances under control.  The same can’t be said for long term planning – and it’s long term planning that can make the world of difference.

All of these factors seem quite grim.  So I’m going to earn less, save less and need to fund a longer retirement.  On top of that I’m going to ignore the situation and not seek advice.  Situation hopeless, right?  Wrong.

In direct response to these issues Income Solutions have developed a targeted presentation for women, helping to break down the issues and provide solutions.   There are so many things that can be done to bridge this gap.  Every woman should feel empowered to take control and make a difference to their future financial fitness.  I’m going to quote on of our advisers, Gareth Daniels “It doesn’t matter how much you earn, it doesn’t matter where you are in life – you can make some informed decisions and sensible choices.  You really can design a lifestyle that you are passionate and excited about”.  Gareth’s comment wasn’t particularly female focused but boy, his message hits the nail on the head!  Ivana Trump once famously said “Don’t get mad, get even”.  She was of course talking about making her soon to be ex-husband pay dearly in their divorce.  Think about it though – getting even is exactly what we want to achieve.  Financial equality…….and we can show women how they can create it themselves without the need to marry and then divorce the rich husband!

How can women get started if they don’t know where to start and are not likely to seek help?  In developing Income Solutions for Women, we’ve made sure the presentation is portable.  We know Geelong is full of great businesses and inside these great business are owners and managers that care about their employees and their future.  After all, that’s just smart business.  Our philosophy at Income Solutions has always centred around education – it is the key to empowerment.  As a result Income Solutions for Women is now available as a work place session. Come on employers, its history in the making!  To book a session or to talk about Income Solutions for Women or any of the other information sessions in our range, give us a call on 03 5229 0577, drop us a line to [email protected], or visit our website.

Alison Adams, Business Development Manager

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