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.
Recommended for you
TAL has introduced four new courses to its Risk Academy focused on ethical dilemmas as part of Ethics Month to help advisers meet their CPD requirements.
Unadvised Australians believe they need $2 million to retire comfortably, according to Colonial First State, a wide variance compared to advised individuals which estimate $1.3 million.
Financial advisers can now access Vanguard’s diversified managed account strategies on HUB24 and Netwealth, marking a “significant expansion” through new distribution channels.
The heads of two financial advice licensees have joined the board of the Financial Services Council as it looks to deepen its engagement with the space and strengthen its representation.