Move over Fred Flintstone, Wilma is coming through!
Gone are the days where the genders were separated by an enormous cavern of social pressures, expectations, and norms. Since the 70s liberation movement, the gap that once separated gender financially has slowly but surely been collapsing in on itself.
In June, Financy’s Women’s Index with data supplied by Australian Super, recorded a 2 percent drop in the gap between men and women’s lifetime super balances. This is exciting news that shows the gap really is shrinking. In real money terms, that’s $93,431 for a woman retiring today and $131,045 for a man. It’s still a big gap but it’s a marked difference too.
What’s brought about this change?
At Money101 we believe it’s education. People have access to more information than ever before. Investing has become easier through mobile apps. Comparing interest rates and home loans online has never been simpler. People are reaching out to the world wide web to better understand their finances and how to increase their wealth. As a result, they are reaping huge financial benefits.
There is still a long way to go
It’s taken some time to get to this point, and will probably take a bit more. But Bedrock wasn’t built in a day. It might not be in Wilma’s time but for Pebbles it’s just over the horizon. By some estimate’s it’s less than a decade away. That said, through improving education and representation in the workforce, that gap will hopefully shrink even faster.
Money101’s women and money modules
We’ve been working conscientiously for years trying to educate Australians in general, but we’ve always put a focus on women in particular. We recognise that the finance industry, and society on the whole, is changing. In recent times women’s issues have come to the fore. It’s inspired us. We’ve seen it’s potential, but we’ve also noticed something missing.
There are financial problems that need to be addressed from a woman’s point of view. Returning to work after having a baby, divorce settlements, and important issues like surviving financial abuse are areas in which we’ve seen an educational void. We think this a practical area where we can help. A gap that we can help fill in with our online modules and ready-made PowerPoint presentations.
Making predictions in the financial industry is tricky in the current political climate. But, like the numbers say, it’s a safe bet that women’s share of the market is on the up and up. Increasing what you offer women in terms of financial wellbeing can only improve your bottom line. In that respect, we’d like to help. To find out more, give us a call.