My daughter became an Australian citizen a few years ago so I tend to be interested in events down under and how they might affect my daughter's situation. She works and will retire in Australia, so when I came across this article in the Women’s Agenda I thought I would share.
It’s no revelation that women in Australia still face
considerable gaps when it comes to our financial wellbeing.
In fact, a new major international report out yesterday placed Australia equal last in a ranking of the gender pay gap across six
countries.
Published by King’s College London in collaboration with The
Australian National University, the report determined that Australia, alongside
the UK, had a significant challenge in its gender pay gap reporting systems
compared with other countries like France, South Africa, Spain and Sweden.
Spain came in first with a score of 8.5 out of 11, followed
by France on 8.
Australia’s score was 4 out of 11.
And it’s not just reporting the issue that’s the trouble
in Australia.
Women face significant systemic barriers when it comes to
getting ahead and securing financial independence.
The current superannuation system, for example, continues to
be linked solely to paid work, and therefore overwhelmingly disadvantages women
who are more likely to move in and out of paid work to care for family members.
Lacklustre government policies around paid parental leave
and early childhood education, lead to more women than men taking considerable
time out of the workforce to raise families, and on average retiring with
nearly half the retirement savings as their male counterparts.
Women are also more likely to come up against hurdles in
asking for pay-rises and negotiating gender-equal salary bases.
With all this to deal with, (plus many more complex and
nuanced barriers), it’s an extra slap in the face to know that the fallout from
the pandemic will likely exacerbate the issue and widen many of the gaps that
already have us on the back-foot.
While it shouldn’t be up to women to fix the problem, it’s
an unfortunate reality that we might be here a while if we wait for the government
and our employers to get it together. So, in partnership with Superhero, we’ve
collated some of the best tips for you to keep ahead of the curve and mitigate
some of the risks of falling behind in a post-pandemic world.
We need to overcome any social hesitancy that exists and
start talking freely about our finances.
Opening up to our friends, family members, partners and
managers about the money we’d like to make, the promotions we’d like to gain or
the ways in which we’re investing our money isn’t something women have
historically done. That’s because of social prescriptions and gender
stereotypes that continue to hold us back. But there’s nothing dirty about the
M-word. Having a transparent dialogue about our expectations and arming ourselves
with as much knowledge as possible will empower us to make the right financial
decisions and stay autonomous.
Before deciding on a super fund, ensure you’ve kept in mind
the things that are important to you. How does your selected fund compare with
others across key factors? Do you have enough income or disability insurance?
Does your fund allow you to choose the way your money is being invested? Are
you paying exorbitant fees?
If you (like me) have had multiple jobs, there’s every
chance you’ve accrued a few super accounts over your time. In previous years,
consolidating your super was a mammoth undertaking, but now it couldn’t be
easier. You can log in to ATO online services through myGov to keep track of
your super and view the super accounts held for you, as well as the super you
already have. Consolidating this into your preferred super account is as simple
as a few buttons clicks.
While you’re navigating the platform, check that your
employer is paying the right amount of super each week. The ‘Estimate my Super’
tool will alert you to any shortfalls and there’s an easy reporting mechanism
if there are.
Investing in shares can seem daunting to many of us who have
never explored this option before. But there are easy ways for Australians to
dip their toes in, with investment products and tools becoming more accessible
every year. Automated investment apps like Superhero are worth researching if
you’re looking to get started, with many platforms offering streamlined
services, rewards systems and even easy ways for you to set up portfolios for
your kids. Investing can be a huge financial game-changer so long as you research, set investment goals, invest early and make sure you’re only ever
putting in what you can afford.
If you think you deserve a raise, it’s time to ask for it
because you can bet everything that John and Tom who work beside you, will be
doing the same. Build out a business case focusing on the things you’ve
achieved and why you deserve it. Be clear in your communication and try to
anticipate the questions that your boss might pose in response. Practice your
pitch before you go in as well as it’s easy to get tongue-tied and overwhelmed
in the moment. A good employer will obviously recognize your contribution and
do everything they can to keep you. Don’t go into the conversation expecting
the worst!
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