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Ruby's IWD 2018 webinar series - financial literacy for you
06 March 2018
IWD 2018: Ruby webinars with Davidson Institute
Reasons to check in for women
A Financial Plan for Life – March 14
Work being done at Sydney University has found that Australian women can expect to live, on average, 5 years longer than their male counterparts. A female child born today is likely to live into her early 90s, with far more women reaching this age than men. (Sydney University, Centre for Healthy Brain Ageing)
One in three Australian marriages is likely to end in divorce. An unsettling reality and not a statistic many of us would contemplate on our wedding day.
AMP’s report on the financial impact of divorce in Australia found, among a number of issues, that women, men, and children experience the financial consequences of divorce differently. The economic effects of divorce are, however, most marked for mothers with smaller impacts being observed for fathers.
The negative effects of divorce on superannuation are most acutely felt by divorced mothers. Reaching a grand old age can also leave many women who very often have lower super balances in peril.
Life brings many opportunities, but it can also bring adversity. Future Proofing your life as a woman makes strong financial sense. It’s why having a financial plan for life ensures you remain in control of your choices and brings peace of mind.
Investing Basics – March 21
The rise of non-standard work means almost a quarter of female workers work casually, as contractors, sub-contractors, for themselves or on 0-hour contracts.
One in two employed women work part time; one in five men are in this position.
As of November 2017, men still earn more than women by an average of $26,527 per year in every industry and occupation.
Women are most likely to take time out of the workforce for family.
All of this leaves women with less income and, by default, less superannuation. It all adds up to gender inequity, something organisations like Westpac are working to fix.
One way women can be proactive is by being financially inquisitive. If you are financially inquisitive, Investing Basics has the tips and measures you need to take control of your finances, correct that income inequality and show everyone who’s boss.
Buying Your First Home – March 28
Data in Westpac’s home ownership report shows the number of women taking out home loans has increased by 16.5 per cent over the past five years, and in comparison to men, women are more active in the market
ABS housing data shows 60 per cent of women live in homes they own or are buying, compared to 56 per cent of men, and more women (23 per cent) than men (20 per cent) own their homes outright.
It’s a competitive market out there and it can be a struggle for first home buyers to break into the market. Buying Your First Home can help you successfully navigate the path and stay on top of your mortgage.
Property Investing – April 4
Data in Westpac’s home ownership report shows 22 per cent of women first home buyers compared with 11 per cent of men are considering buying an investment property in the next five years.
When it comes to property investment, the number of female taxpayers receiving rent has risen from just under 14 per cent in 2010-11 to 15.4 per cent in 2014-15, according to the most recent Australian Taxation Office statistics. This compares with a slimmer rise among men in the same timeframe, from 14.7 per cent to 15.9 per cent. The ATO data suggests around 47 per cent of all investment properties are owned by women.
Property investment can be one way women can get into owning their own first home. By investing in something for income, the property can then form the base for buying your own home.
Investing in property can also form part of an overall financial plan, helping to offset some of the inequities in income, work and career progression that women experience in their lives.
Simply Super – April 11
According to ABS statistics, women retire with 30 per cent less super on average than men.
The average super balance for a woman is $138,150. To live at the most basic of living standards a person needs around $27,000 a year. Your super, which is about $150,000 less than the average male, will provide you with enough to live on for about five years.
Set and forget is not something you can afford when it comes to super. You could be missing out on $1000s in investment earnings. Simple actions, such as reviewing costs and fund returns can make a difference.
Simply Super will help you identify and work on a plan to tackle the issues.