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An unfortunate trend we’re seeing today is that many women are at risk of living their twilight years in poverty.
The Council of Australian Government (COAG) Reform Council’s report titled Tracking equity: Comparing outcomes for women and girls across Australia, reveals that “women’s rates of pay are lower than men’s and this pay difference commences at the start of their careers.”
The report finds that “…generally, women are paid around 17.5% or $266 per week less than men.”
Combine this disparity with the fact that many women take a significant amount of time away from their careers to raise a family or care for their aging parents and you’ve got a future retirement fund deficit in the making.
In fact, the COAG note, “on average, women reach retirement age with $87,532 (36%) less superannuation than men!”
In their report titled Women Understanding Money, the Financial Literacy Foundation reveals some interesting statistics about women in Australia.
“…confidence levels for women are higher for less complex or frequently encountered money management issues like budgeting, dealing with credit cards, managing debt and saving, and lower for more complex and less frequently encountered issues such as investing, understanding financial language and ensuring enough money for retirement.”
The report goes on to explain that procrastination may play a part in the disparity between how women feel about their ability to manage their finances and the true money behaviour they exhibit.
If procrastination is holding women back from making the financial decisions that will lead to a comfortable retirement, then I believe that knowledge is key to eliminating procrastination, which leads to a comfortable, sustainable retirement.
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Do you have “analysis paralysis”?
In other words, are you procrastinating about preparing for your financial future?
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