ASIC turns focus to women finances
The Australian Securities and Investments Commission has launched a ‘Women's Money Toolkit' today as part of its push for financial literacy under the National Financial Literacy Strategy 2014-17.
The toolkit aims to cater to the specific financial needs of women, taking into account their greater likelihood varying employment patterns, longer life expectancy, and lower superannuation balances.
It also has online tools that calculate the effect taking time out of paid work will have on short and long-term finances, and help women manage it.
Minister assisting the Prime Minister for Women, Senator Michaelia Cash, said the toolkit could help women of all ages.
"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," Cash said.
Jointly developed with the Office for Women, the toolkit provides financial assistance for scenarios such as having a baby, being a carer, buying a home, or facing illness and disability, or family breakdown.
According to the Association of Superannuation Funds of Australia, women aged 60-64 have on average $104,734 in their super balances, while men have $197,054.
AUTHOR
Malavika Santhebennur
Recommended for you
While the number of advisers switching tends to tick up at the end of the year, Padua Wealth Data reveals which business model sees the most adviser loyalty.
Private credit, auditor misconduct and super trustees have been listed among ASIC’s priorities as the regulator unveils its top focus points for the coming year.
Melbourne-based investment manager Woodbridge Capital has appointed an origination director for south-east Queensland, strengthening its foothold in the region as part of its national expansion strategy.
Barings has appointed a new head of Asia Pacific to succeed Duncan Robertson, who will retire after almost two decades with the firm.
