ASIC has launched a ‘Women’s Money Toolkit’, a free online resource designed to help Australian women manage their finances, make money decisions at key life stages and enhance their financial wellbeing.
The toolkit was developed in response to the particular needs of women who face financial issues and challenges as a result of factors such as their greater likelihood of variable workforce participation, longer life expectancy and on average lower superannuation balances. Research suggests there are differences in the way that women and men generally interact with finances, indicating the need for a tailored approach to financial education.
The Women’s Money Toolkit is available on ASIC’s MoneySmart website at moneysmart.gov.au.
Relevant facts and figures that informed the development of ASIC’s Women’s money toolkit:
- 46.1% of women in employment work part time hours, compared to 16.8% of men.
- In 2013, the life expectancy of Australian women was 84.3 and the life expectancy of men was 80.1
- At age 60-64, women have on average $104,734 in their super balance while men have $197,054).
The ANZ’s Survey of Adult Financial Literacy in Australia revealed differences in the financial attitudes and behaviours of Australian women and men including:
- Women aged 28 to 59 had higher scores than men on keeping track of finances
- Women of all ages were more likely than men of all ages to agree that ‘money dealing is stressful’
- Women of all ages had lower scores than men on impulsivity.
