Women and Finance
We hope to reinvent and revive the The Financial Empowerment Series for Women in 2013
If you are interested in volunteering your time to help us with this project, please contact Jen Clark
Background
In 2009 the WPDN identified financial empowerment for women as a key priority and investigated ways to provide opportunities for women in the University to increase their financial wellbeing through access to information and development opportunities on financial literacy.
Why is this important for women in particular?
In 2008, the Sex Discrimination Commissioner indentified the gender gap in retirement savings as critical area to examine in addressing sex discrimination and promoting gender equality in Australia. Of particular concern is the large gap between the superannuation savings of Australian men and women. The current superannuation system is linked to paid employment, disadvantaging women, who are more likely to have breaks in paid employment or be engaged in part-time or casual work due to carer responsibilities. The Commissioner (and others) have been working on a number projects aimed at 'informing solutions for increasing women's economic independence over their lifetime' - this includes research, reports and practical guides on increasing women's financial literacy.If you are interested in learning more about this - not just for yourself, but for other women and girls in your life - see the links to the reference section below.
What is the WPDN doing?
We started in May 2009 with by holding a "Women and Finance - what you need to know about managing your finances" session - to provide some initial resources and to gage interest in the topic within in the University. Debra Long, Manager of Westpac Women's Markets SA provided the session and provided an overview of financial issues that specifically impact women and gave some tips on key financial matters that women should concern themselves with.
Interest in the workshop was strong, with over 50 attendees and evaluations highlighted an interest in future development specifically on topics such as financial planning, superannuation, estate-planning, investing, and budgeting.
To advance this priority further the WPDN Projects Working Group applied for (and were successful in gaining) an Equity and Diversity Grant to fund a 'Financial Empowerment Series for Women'. This Grant provided funds for the WPDN to develop a program - including workshops and resources.
The program is open to all women, both professional and academic, but will be of particular interest to those engaged in work patterns that might impact on their financial health. The series will also have benefit to staff in other equity categories that experience similar patterns of disruption and access to paid work - such as people with a disability and Aboriginal and Torres Strait Islander people - and to other staff with an interest in financial matters.
The report on the findings of the Equity and Diversity Grant Financial Empowerment Series for Women is now available.
References
'The gender gap in retirement savings' - Sex Discrimination Commission website
Australian Government Financial Literacy Foundation - Women Understanding Money
Australian Government Office for Women - Women Understanding Money fact sheets
Women's experiences of paid work and planning for retirement - Women's Health Australia study
Australian Government Office for Women - Women and Superannuation - taking control of your future brochure
At the following link you will find the National Centre for Social and Economic Modelling: The Impact of a Sustained Gender Pay Gap on the Economy paper. This paper provides a comprehensive and detailed account of the impact of the gender wage gap to economic growth.
You will also notice a range of publications and papers on significant issues for women.
http://fahcsia.gov.au/sa/women/progserv/research/Pages/default.aspx#10
Resources
Where to start?
Centrelink's Financial Information Service
The Financial Information Service is an education and expert information service available to everyone in the community. FIS assists people to make informed decisions about investment and financial issues for their current and future needs. FIS is independent, free and confidential and provides a service by phone, by appointment and through seminars. FIS officers are not financial planners. They do not give or sell advice or purchase investment products.
