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.”