ASIC today 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.
Minister Assisting the Prime Minister for Women, Senator the Hon. Michaelia Cash, said Australian women of all ages could benefit from this new toolkit.
‘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,’ Minister Cash said.
‘Women’s financial literacy plays a vital role in ensuring the economic security of Australian women but also the wellbeing of their families.’
The Women’s Money Toolkit provides tailored and impartial financial guidance for life events such as having a baby, caring for others, buying a home, illness and disability and/or family breakdown. It also contains new online tools to see the impact that taking time out of paid work will have on current and longer term financial situations, and help women manage that impact.
‘ASIC’s objective is to empower all Australians to manage their personal finances effectively, and to promote confidence and trust in the financial system,’ ASIC Commissioner Cathie Armour said.
‘We know that many women are key money managers particularly in the family and often have to deal with a range of specific financial challenges. For example, women aged 60 to 64 have on average $104, 734 in their super balance, while men have $197,734.
‘This new resource, which we have developed in partnership with the Office for Women, will help women plan and make decisions about their finances, and is an excellent addition to our financial literacy program.’
The Women’s Money Toolkit is available on ASIC’s MoneySmart website at moneysmart.gov.au.