What are the financial challenges facing Australian women?
Australian women typically live several years longer than men, according to the Australian Institute of Health and Welfare. In spite of this, women face financial disadvantages that men do not, which affects their ability to save. Our country still has a fair way to go until this is no longer an issue, if we take World Economic Forum’s 2016 Global Gender Gap Report findings as an indicator. But is it really all doom and gloom if you’re a woman living in the land down under? And what can you do about it?
What financial disadvantages are Aussie women facing?
An Australian woman’s full-time average weekly earnings are 16.2 per cent less than her male counterpart’s, according to the Workplace Gender Equality Agency (WGEA). WGEA also found that the superannuation balances of Aussie women are a staggering 52.8 per cent lower than those of men.
In addition, women are more likely to be employed part-time than men: only one in six Aussie men work part time, compared with almost half of Aussie women, according to the Australian Securities and Investments Commission.
Furthermore, in Australia and other OECD countries, a woman’s income is more greatly affected by divorce and separation than the income of a man, according to a study performed by the Australian Institute of Family Studies.
How can you overcome these obstacles?
These stats clearly indicate that it’s more difficult for women to save and protect their financial futures. What does this mean if you’re a woman looking to save and invest? You can certainly take advantage of online tools, such as our guides, to expand your financial literacy.
Seeking expert guidance is another way you can take charge of your finances. Mortgage Choice client Belinda Fellows was employed part-time and struggling to re-enter the property market after selling the home she’d owned with her former partner. With the help of her Mortgage Choice broker, she was able to find a suitable home loan and get back on her feet.
This is just one example of how Mortgage Choice can help you to achieve your personal goals.
