Many women face unique financial challenges over their lifetime.
Women, on average, retire with around half the superannuation balance of men1. There are many reasons for this, including the gender pay-gap and taking time off for family responsibilities, which can be exacerbated by the effect of compound interest. This complex set of circumstances combine in retirement so that in Australia, 34% of single women over the age of 60 live in poverty, compared with 27% single men in the same demographic2.
While there’s much to be done to address the underlying causes of the gap, learning about the issues and understanding your options for help might be the first step to improve your own financial situation and outlook. Here are some ideas to get you started:
UniSuper curates online resources including member stories, information and videos that are all about improving financial knowledge and financial wellbeing. Updated regularly, look out for fresh new stories to mark International Women’s Day on 8 March.
Join UniSuper for the Super for women education seminar
For a 40-minute dose of practical financial knowledge, join UniSuper for the Super for women seminar on Thursday 7 March. Places are limited and registrations are essential – register via unisuper.com.au/anu.
Talk with a super specialist
Sometimes meeting one-on-one with a consultant with specialist knowledge of financial matters can have a big impact. UniSuper members can make an appointment to see Carol Morton, the UniSuper On-campus Consultant at ANU, for general information about their super. Or you can drop-in to the new UniSuper Centre at the ANU Cultural Centre, 153 Tangney Road.
This information has been prepared by UniSuper Management Pty Ltd (ABN 91 006 961 799 AFS License No. 235907) and is of a general nature only and does not take into account your personal objectives, financial situation or needs. UniSuper Advice is a financial planning service operated by UniSuper Management Pty Ltd, which is licensed to provide financial advice services and deal in financial products. For further information about UniSuper Advice, please see unisuper.com.au/advice, access the Financial Services Guide or call 1800 331 685.
1 Melbourne Institute: Applied Economic & Social Research (2017), The Household, Income and Labour Dynamics in Australia Survey: Selected Findings from Waves 1 to 15, http://melbourneinstitute.unimelb.edu.au/__data/assets/pdf_file/0010/2437426/HILDA-SR-med-res.pdf
2 Australian Ageing Agenda (2016), One in three older women living in income poverty in Australia: study, http://www.australianageingagenda.com.au/2016/03/09/one-in-three-older-women-living-in-income-poverty-in-australia-study/