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Monday 25 May 2015

15-123MR New Women’s Money Toolkit helps Australian women plan and manage their financial future

ASIC today launched a ‘Women’s Money Toolkit’, a free online resource designed to help Australian women manage their finances, make money decisions at key life stages and enhance their financial wellbeing.

The toolkit was developed in response to the particular needs of women who face financial issues and challenges as a result of factors such as their greater likelihood of variable workforce participation, longer life expectancy and on average lower superannuation balances. Research suggests there are differences in the way that women and men generally interact with finances, indicating the need for a tailored approach to financial education.

Minister Assisting the Prime Minister for Women, Senator the Hon. Michaelia Cash, said Australian women of all ages could benefit from this new toolkit.

‘Whether you’re in control of your finances and looking to gain an edge, or if you’re struggling to make ends meet, the toolkit can help you,’ Minister Cash said.

‘Women’s financial literacy plays a vital role in ensuring the economic security of Australian women but also the wellbeing of their families.’

The Women’s Money Toolkit provides tailored and impartial financial guidance for life events such as having a baby, caring for others, buying a home, illness and disability and/or family breakdown. It also contains new online tools to see the impact that taking time out of paid work will have on current and longer term financial situations, and help women manage that impact.

‘ASIC’s objective is to empower all Australians to manage their personal finances effectively, and to promote confidence and trust in the financial system,’ ASIC Commissioner Cathie Armour said.

‘We know that many women are key money managers particularly in the family and often have to deal with a range of specific financial challenges. For example, women aged 60 to 64 have on average $104, 734 in their super balance, while men have $197,734.

‘This new resource, which we have developed in partnership with the Office for Women, will help women plan and make decisions about their finances, and is an excellent addition to our financial literacy program.’

The Women’s Money Toolkit is available on ASIC’s MoneySmart website at moneysmart.gov.au.

Image of the Womens Money Toolkit

Background for editor

Relevant facts and figures that informed the development of ASIC’s Women’s money toolkit:

  • 46.1% of women in employment work part time hours, compared to 16.8% of men.[1]
  • In 2013, the life expectancy of Australian women was 84.3 and the life expectancy of men was 80.1[2]
  • At age 60-64, women have on average $104,734 in their super balance while men have $197,054)[3].
  • The ANZ’s Survey of Adult Financial Literacy[4] in Australia revealed differences in the financial attitudes and behaviours of Australian women and men including:
    • Women aged 28 to 59 had higher scores than men on keeping track of finances
    • Women of all ages were more likely than men of all ages to agree that ‘money dealing is stressful’
    • Women of all ages had lower scores than men on impulsivity.[5]

ASIC is responsible for leading and coordinating the National Financial Literacy Strategy 2014-17 (Strategy), consistent with its strategic priority to promote investor and financial consumer trust and confidence in the financial system. Financial literacy is the ability to apply the right knowledge, skills, attitudes and behaviours to make informed financial decisions. The Strategy is a roadmap to guide participation by ASIC and all organisations with an interest in improving financial literacy. Women are a key audience under the Strategy. For more information, visit financialliteracy.gov.au.

ASIC’s MoneySmart provides free and impartial information and guidance about all aspects of personal finance to help Australians make informed financial decisions.

The Women’s money toolkit is the latest addition to the suite of online personal finance tools and calculators available from ASIC’s MoneySmart at moneysmart.gov.au.

Notes to Background

[1] Council of Australian Governments (21 Oct 2013), Report: ‘Tracking equity: Comparing outcomes for women and girls across Australia.’

[2] ABS 3302.0 - Deaths, Australia, 2013 http://www.abs.gov.au/AUSSTATS/abs@.nsf/Latestproducts/3302.0Main%20Features12013?opendocument&tabname=Summary&prodno=3302.0&issue=2013&num=&view=

[3] ASFA, Superannuation Statistics (May 2014) https://www.superannuation.asn.au/resources/superannuation-statistics

[4] ANZ Survey of Adult Financial Literacy in Australia 2014

[5] Impulsivity includes a focus on saying and doing things without giving them much thought, a self-image of oneself as ‘a bit of a risk taker’ and the use of credit rather than saving up to purchase goods and services.

 

Last updated: 20/07/2016 12:56