It’s been widely documented that women face more challenges with money throughout their lifetime than men.
Not only are women expected to outlive their male counterparts by four years, but they typically earn less than men and have less invested in superannuation because they take time out of the workforce to look after children or ageing parents.
Then there are life’s unexpected hurdles, such as divorce or the death of a partner, which can potentially leave women in a position of having to start over again financially later in life.
It’s not surprising then, that nearly half (46 per cent) the females surveyed in the Australian Financial Attitudes and Behaviour Tracker, conducted by research firm EY Sweeney on behalf of the Australian Securities and Investments Commission (ASIC), reported that they found dealing with money stressful and overwhelming. Only a quarter (26 per cent) of men felt the same way.
The prospect of longevity risk – the risk of outliving one’s savings – is of particular concern to older Australian women.
Findings from the 2017 National Seniors Social Survey (NSSS) echo the findings in ASIC’s research. While this research found that older Australians have improved their understanding of their longevity risks, “they are especially concerned about their income lasting for their lifetime, and having a regular, constant supply of money”.
The NSSS survey also noted that when it comes to longevity, the risks are higher for women because they are more likely to be living alone in old age.
One of the best ways for women of all ages to allay their concerns around money is to educate themselves, and to be assured that it’s never too late to take control of their financial wellbeing.
This is one of the themes in an upcoming webinar series run by the Ruby Connection, a community dedicated to assisting women to build sustainable and profitable futures, in conjunction with Westpac.
To commemorate International Women’s Day on 8 March, the Ruby Connection and Westpac are offering five free webinars in March and April on a range of topics around financial literacy.
The details of the webinars are:
Each webinar runs for 30 minutes and will be followed by a question-and-answer session with financial educators who’ll provide general advice. All webinars are free, and available to anyone who registers via the Ruby Connection website.
Sometimes, making the simplest tweaks in your current financial strategy can make a big difference later in life.
Do you find dealing with money or planning for your future stressful?