The disadvantage women are at financially is hardly a new story. It has been reported on, and even measured, with the women’s index from Financy, which showed in its lately report that women have gone even further backwards in the last quarter.
When Sangeeta from FairVine talks about the impact on women during COVID-19, I got to thinking about how financial planners could help. For every problem, there is a solution. However, the reality is, many women don’t have either job security (they work part time or in industries like retail and hospitality) and have little savings, due to the nature of their income and family commitments.
So, advisers are relatively hamstrung in helping. Yes, you can educate around the importance of savings, the value of insurance, and contributing to a single super fund, but the reality is many women who are suffering financially can only be helped by government subsidies. Which means there is going to be even more pain when they are stopped in October.
I know many advisers who are passionate about helping women become financially independent, and do a great job guiding and advising them on their financial lives. But the sad reality is, most women will not be able to afford financial advice - except perhaps from their super fund, which will become a huge and valuable resource to women who have been earning and have accumulated some super.
So it is great to hear the voice of FairVine Super, designed specifically for women, talk about what they are doing to help women during this time. While they are a challenger brand in the superannuation space, they have a valuable role to play in increasing women’s awareness and commitment to superannuation moving forward.
While at times it may feel like there are too many problems to solve, the issue of women gaining pay equality and ultimately financial independence is a goal worth working towards. Because a society that has women secure in their finances helps everyone - particularly future generations who are going to have to be more entrepreneurial than ever before to create quality of life.
So next time you have the chance to educate or guide a woman in their financial life, think of the ripple effect your work is having on the bigger picture. I know many generous people have guided me over the years around money, and I am ever grateful for that.
While it may not solve the whole problem, better to be a small part of the solution.
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