Women and their Financial Future
Women in particular start to drop off in their contribution to superannuation particularly in their child rearing years due to reduced work and reduced work hours. This continues into the early to mid-60’s when a catch up begins to happen. This superannuation catch-up may occur due to several reasons; return to the work force, more intensive contribution to super, increased saving, divorce, widowhood, inheritance, increased longevity etc.
The Australian Bureau of Statistics indicates that women are living longer with the average life expectancy of Australian women at 85.4 and Australian men at 81.3.
As a result of the above statistics the Federal Government has established the National Financial Capability Strategy to implement steps, to improve and overcome this vulnerability.
Major financial Institutions are now required to take steps to help protect and educate clients so they can make better informed financial choices.
Better informed makes for being less reliant on Centrelink and government support which can improve financial stability, capability and a better understanding of the choices and decisions they need to make.
Significant emotion is involved when women make choices about children, family and finances which may not always be in their own best interest. This is why it is highly important for them to seek and receive Financial Advice. A support back board and discussion for making informed decisions is highly important.