Women. Are. Awesome.
In case you need it, here’s proof.
- When it comes to endurance sports like marathon running or swimming, it’s been found that while men may be quicker, women are far more efficient and can therefore go for longer.
- As leaders, women outperformed men in four out of five categories studied, concluding that women are better leaders than their male counterparts.
- Women really are better at multi-tasking, according to an experiment that tested what happened when males and females were asked to perform two tasks that used the same side of the brain at the same time.
- Across a pool of 8 million investors, women outperformed men by 0.4 percentage points in 2016, and have also outperformed men over the past decade according to 2016 research.
On top of it all, we work, cook, clean, shop, chauffeur, pay bills – often all simultaneously. You do it, I do it, together we kick some serious butt!
Unfortunately, despite how awesome women are… we still tend to pass the buck on important money matters.
Research has shown that women are less confident in their ability to manage finances compared to men. In fact, less than 64% of women feel they understand financial language and 41.7% of women feel uncomfortable thinking about their long term financial future.
And it comes at a serious cost for us
Divorce, which is becoming more common, has a greater negative financial impact on the incomes of women than men. In a study by the Australian Institute of Family Studies, they found that in the year immediately after divorce, women’s incomes declined while men’s stayed the same. And four years after divorce, women experienced only a 2.9% increase in income compared to 12.5% for men.
ABS life expectancy rates say that women will outlive men by around four years, yet there is a significant gap in the retirement savings of women compared with men. The Association of Superannuation Funds of Australia (ASFA) showed the average superannuation balances in 2015 of those around retirement age (60 to 64) were $292,500 for men and only $138,150 for women.
Women with lower financial literacy have worse emotional health and worse overall satisfaction compared to women with higher financial literacy.
So, all you awesome women, what are we going to do about it?
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The information provided by Women with Cents is general in nature. It doesn’t take into account your objectives, personal financial situation or needs. Think of it as educational material in which to help you make more-informed decisions. We recommend you obtain financial, tax and credit advice specific to your situation before making any investments or financial decisions.
Sova Financial Pty Ltd Trading as Women with Cents. ABN 71 163 435 836 | Sova Financial is an authorised Credit Representative Number 443432 of Finsure Finance & Insurance Pty Ltd, ACL 384704, ABN 72 068 153 926| Sova Financial is a corporate authorised representative no 468977 of Shartru Wealth Management, AFSL 422409, ABN 46 158 536 871