Almost half of Australian women find money decisions overwhelming and stressful³ but if we don’t start talking about money today, we run the risk of of retiring with much less money than men, in the future.
While it isn’t easy to encourage young people (under 35) to start thinking about their retirement, ASIC has released a series of videos – Women talk money – featuring Australian women sharing their personal money stories and habits.
The videos were produced by ASIC’s MoneySmart program – part of the Australian Government’s National Financial Literacy Strategy – and feature Australian TV and radio personalities: Faustina (Fuzzy) Agolley; Jane Caro; and Kate Ritchie. There’s also a video featuring co-founder and CEO of Girl Geek Academy, Sarah Moran, whose organisation encourages women to learn technology, create start-ups and build more of the Internet.
In her video, Jane Caro talks about the value of big mistakes. “I got involved in a bad investment when I was young,” she says. “I felt like a fool and that I was no good with money but what I would say now is those [events] are recoverable from. Learn from it.”
More than 3.5 million women visited ASIC’s MoneyStart website last year4 however, research shows that Australian women need more education about money and ASIC is determined to make sure that they get it.
“We want women to engage with their finances and secure their own futures,” said ASIC Commissioner Cathie Armour. “We want to encourage them to share their personal stories and have real conversations about money so they become empowered. We believe this is the best way for women to have real control over their financial futures.”
“There are inequity issues to consider, the gender pay gap cannot be ignored,” she said. “And workforce issues are often further complicated by the fact that women tend to be carers – whether it’s for young children or elderly parents – and career breaks create situations where women don’t have the same continuity of earning their male counterparts have.”
“Women often focus on the everyday needs of their families and lives and have looked at money in a very immediate way. We want to change this and encourage women to look at money from a longer-term perspective.”
The Women talk money videos are available on ASIC’s MoneySmart website and YouTube channel.
1. Australian Financial Attitudes and Behaviours Tracker (AFAB), Wave 6, 2018
2. Melbourne Institute, Household Income and Labour Dynamics in Australia (HILDA) Report, 2017.
3. Australian Financial Attitudes and Behaviours Tracker (AFAB), Wave 5, July 2017
4. Google Analytics for 2017-2018.