You know, even in the 21st century, women still earn less than men.
Australian women face so many financial challenges men do not. It boggles my mind women are still paid less and financially hindered by having a family.
There is still a long way for Australia to go. The stats are concerning:
– an Australian woman’s full-time average weekly earnings are 16.2 per cent less than a man’s and her super is 52.8 per cent lower (Workplace Gender Equality Agency (WGEA)). That is mind blowing given women still live longer than men).
– Almost half of women work part-time around family obligations, whereas only one in six Aussie men work part time (Australian Securities and Investments Commission).
– The Australian Institute of Family Studies found the incomes of women post-divorce or separation are impacted more significantly than those of men.”
Where does that leave women?
Well … not in a good space. BUT … while it looks dire financially for women, it is not all doom and gloom.
Hurdles can be overcome
1. Take responsibility for your financial literacy. Understand how your mortgage works, how to budget and save, find out tools that can help you learn about money management. Everyone fears that awful word – budget – but if done right it is not going without everything, it is modifying the way you spend your pennies. I review my clients home loans every 12 months on their behalf and sometimes they are amazed at how we can negotiate better rates and this can save thousands of dollars in interest.
2. Belief systems. Address the ones around money. Look at why you say “I’m scared of money”, or “I never touched money, I don’t know what to do with it.” Or” Money is the root of all evil.”. There are emotional reasons why you think that way. I love money and I think this is a healthy attitude, it allows it to flow my way!
3. Hang with the right people. Connect with successful women through networking groups or MeetUps; find out what they do to grow their wealth and financial security.
4. Get advice. Seek out expert advice from professionals who can help you set up a savings strategy (while still leaving some money to have fun). If you are in business, understand your cash flow and numbers. It is not enough to leave it up to someone else; you must keep your finger on the pulse.
5. Ditch bad debt. Get rid of it. Credit cards, Personal loans. Buy now, pay later. These eat into your savings and affect your borrowing capacity.”
As women, we do face additional challenges. It may be some time before all of the reasons many struggles financially are resolved. Blaming others is the easy way out. To be truly wealthy in life, you have to take responsibility for what happens to you.