Women’s finance needs ignored - Govt
A fear that women are being left out of the push to raise retirement incomes has prompted one state government to take action.
As part of a new research and policy formulation program, the Victorian State Government has launched an online survey into how women manage their money and plan for retirement.
Women’s Financial Network executive director Susan Jackson said a number of initiatives intended to help woman boost their retirement income would be developed from the results of the survey.
It is hoped the research, which was developed in conjunction with the Victorian Department of Women’s Affairs, would attract at least 1,000 participants said Jackson.
Details of results of the survey would be released at the Victorian Premier Steve Brack’s Women’s Summit to be held in Geelong in September.
According to Jackson, women’s finances were ignored in the recently launched federal government financial literacy initiative.
“Women’s finances are not really addressed by the financial services industry as it is an industry that is still male-dominated,” she said.
“We don’t want specialist products, but women need to learn the basics of financial matters.”
According to the state Government, women need about $300,000 in superannuation to live modestly in retirement. It estimates that those who will retire in the next 10 years will probably have only $20,000 to retire on.
Jackson said women need focussed education information.
“Women’s views need to be heard and understood so government and the industry can do something about informing women and equipping them to become financially secure in retirement,” she said.
“We will also be lobbying the Federal Government to get women’s financial issues included in their initiatives.”
Recommended for you
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.