Hot Issues
spacer
How is your super going, ready for retirement?
spacer
Our 'hardest' SMSF tasks
spacer
Lack of literacy promotes unrealistic goals
spacer
Young investors: Time is on your side
spacer
Is your SMSF retirement-ready?
spacer
Key Economic Indicators, 2017 - updated
spacer
Investors acting their age
spacer
ATO locks in details, addresses panic on real-time reporting
spacer
Government ‘undermines’ tax system in new moves on property expenses
spacer
Multiple super accounts in a 'gig' society
spacer
Why Australian retirees aren't happy and what we can do about it
spacer
Doing a budget is a good idea but ....
spacer
Technical expert flags estate planning strategies for 2017-18
spacer
Government to shut down salary sacrifice loophole
spacer
Items that heat up your depreciation deductions
spacer
‘Tens of thousands’ of SMSFs at risk with ECPI
spacer
Do’s and don’ts of estate planning
spacer
LISTO to help boost women’s super
spacer
Smart ways to stretch retirement money
spacer
Low economic growth likely for years
spacer
Recorded Crime - Offenders, 2015-16
spacer
Adequacy of savings still a concern among Australians
spacer
‘Bank-like heists’ make way for new wave of cyber crime
spacer
Give your children a saving and investing edge - for life
Article archive
spacer
Quarter 2 April - June 2017
spacer
Quarter 1 January - March 2017
spacer
Quarter 4 October - December 2016
spacer
Quarter 3 July - September 2016
spacer
Quarter 2 April - June 2016
spacer
Quarter 1 January - March 2016
Women still in the dark about finances

The gender pay gap and divorce were some of the issues that were stopping women from understanding how to thrive financially, according to AFA Inspire national chair Dianne Charman. 

 

 

Speaking at her first roadshow, Charman said 64 per cent of women “didn’t feel they understood the financial language” and added how rearing kids, carer duties and time away from the workforce were “some of the things that keep her awake”. 

The 20-year industry veteran provided insights from the latest research on the cost of divorce, the retirement gap and the impact of financial bullying. She also made a case for planning during the pre-separation, separation and divorce stages. 

The pay gap remained a key topic of conversation, with Charman saying the gap currently sat at 16 per cent and 33 per cent at an executive level. 

She said women avoided talking about finances at the beginning of a relationship, however, she believed that was the most crucial time to enter into that discussion “as one in three marriages end in divorce and the time from separation to divorce is three-and-a-half years on average”. 

“Wealth took five years to recover from the impact of a divorce, with 66.4 per cent of income going to household necessities,” she said.

A large share of the budget was spent on alcohol and cigarettes to deal with the stress, she added.

The roadshow opened with an address from Association of Financial Advisers chief executive Philip Kewin, who said the aim of the event was to encourage more women to become advisers. 

Kewin said the AFA recognised the success of thought leaders by “bringing to the fore those professionals who lead the way”.

The Inspire program was launched in 2013, with the number of women in the AFA membership increasing by nearly 30 per cent since then. 

In a live poll at the event, guests were asked if they thought advisers could shorten the five-year recovery time frame for clients who were divorcing and if lawyers and advisers could collaborate to achieve the same outcome. Both answers received a majority yes verdict.


By Megan Tran
25 May 2017
www.financialobserver.com.au