It’s been a tough year – particularly for women’s finances. Survey after survey has show us that women have been the COVID-19 pandemic’s biggest losers.
And nowhere is that more evident than in super.
Despite the enormous strides in equality, many women still can’t ensure their finances in retirement
Some think their partners will take care of it. Others bring up kids on a single income and cannot financially recover from separation.
Australian women retire with just over half the amount of super as men.
One in three retire with no super at all.
They are forced into share accommodation – coach surf or even sleep in their car.
Women are on the front line of the economic battle with the global pandemic. They have suffered more job cuts and are likely to be unemployed longer.
In 2021, with JobSeeker slashed and JobKeeper ending , there will even more financial stress on Australian families. And women will be the managers.
Here’s what Deloitte’s 2020 Financy Report says:
“In the March quarter of this year, the Financy Women’s Index looked at the initial impact of the pandemic and found that equality was still 36 years away as women were baring the brunt of job cuts and reduced paid work hours
“This has given rise to a high level of anxiety about what it means for the longer-term financial security of women, with some commentators labelling the current economic downturn as a “Pink” or “She”-recession”
This year’s report is worse:
The December quarter of 2020 has been the worst performing quarter in seven years for women’s financial progress towards equality in Australia with the Coronavirus causing a setback in employment.
The timeframe to gender financial equality increased to a revised 101 years, due to a widening in the gender gap in unpaid work, the Financy Women’s Index shows.
While year-on-year the Index shows women did make financial progress in 2020, momentum collapsed in the December quarter (-3%) due to a combined widening of the gender gaps in the underemployment rate, employment, unpaid work and education.
Educational choice for women is more likely to be linked to lower paid careers, than it is for men.
Says the report:
Making the right choices about super, finance, insurance, health and so many other things can mean the difference between successful survival or terrible hardship.
This is particularly true for women.
It’s vital that they become educated in making the right choices. With a heavy workload at home and in employment, it’s important that they are presented with those choices in a quick, easy and positive way. AND by an independent source.
The Really Simple Guide to Money has been a multi-platform financial mentor for those looking to get their finances on track for five years.
More than 64 per cent of our audience are women.
Super is a huge barometer of the economic difference between men and women. We want to support a new national campaign.
A new ABC documentary is being filmed right now to showcase the problem. See a trailer here: https://documentaryaustralia.com.au/project/undercover/
We believe that combining our content and an audience with a super fund will produce a compelling proposition and a powerful new voice in financial literacy for women.
On this most important International Day for Women, we hope you will share our ideal and support our campaign.
The Team at Really Simple Money.