WOMEN FACE A LESS SUPER FUTURE

WOMEN AND PLANNING FOR A FINANCIAL FUTURE

AUGEO Wealth Management is conscious of the fact that women today are still finding themselves financially inconvenienced from conflicting expectations society relentlessly imposes upon them. We understand that women are increasingly faced with greater challenges from juggling the demands of work, to fulfilling their family responsibilities and balancing that budget, whilst at the same time attempting to create wealth and provide security for their retirement.

There are critical issues facing women of all ages. Our experience, knowledge and resources combine to assist today’s woman to strike a balance and to devise a financial plan to set her well on her way to achieve financial independence and deliver the lifestyle she desires.

Some of the statistics and challenges facing Women

  • Women outlive men by an average of 7 years
  • Women spend half the amount of time in the workforce than their male counterparts
  • 45% of marriages end up in divorce and in the majority of cases it is the woman who becomes the sole parent financially responsible for support and education of the children

All of this indicates that women face the prospect of a retirement nest-egg well short of their expectations and needs, and a greater reliance on the Age Pension.

These challenges alone make compelling reasons for adopting a sound investment strategy early.

WOMEN FACE A LESS THAN SUPER FUTURE
By Tracey Lee, Australian Financial review 9th March 2005

To mark International Women’s Day in March, the Australian Securities and Investments Commission (ASIC) highlighted the inadequacy of women’s superannuation savings.

Women can generally expect to live longer, to take time out of the workforce with carer responsibilities and, on average, working women earn 13% less than men.

This means that women have a need for more super to support a longer life.

Unfortunately, women generally have less in their accounts. Research released by the Association of Superannuation Funds of Australia (ASFA) in 2004 demonstrated that in the crucial years before retirement- 55 to 64- women’s superannuation balances were often half those of men.

The industry body said that achieving a reasonable level of retirement savings would be hard many women. While only one in six 35 to 44-year-old men had superannuation balances of more than $10,000, only one in twelve women did. The report pointed out that there are not enough paid working years to reduce the gap, as many women will retire before age 60 and some earlier than age 55.

ASIC encourages women to take a greater interest in super and to add to the compulsory contributions made by employers.

The ASIC Commissioner highlighted that women needed to be more proactive about their own plight. She said that they tend to be less involved in their super, even though they probably have a greater need to ensure that their super will help them be financially secure and independent.

For more information about how to secure your financial future, or for a confidential risk-free consultation, contact Augeo Wealth Management on 02 4984 5545


Political shenanigan in an election year will ensure no enonomic recovery in the US until 2013 | Europe will unwillingly accept its economic reality, Eurozone will face structural change as peripheral countries finally default leaving bond markets in chaos | China will move to slow its economy to avert economic meltdown as export-led recovery fails to materialize. This will impact the resources boom in Australia, lead to higher unemployment and potential recession spurred by weak manufacturing and retail