In the December 2008 edition of ‘The Deal’, I found an article about the financial confidence of women and the glum future ahead for many.
The article refers to a recent ANZ survey that showed the 40% of women older than 50 years are single and will likely be responsible for managing their own financial affairs for the rest of their lives – which is likely to be 30 or more years! Though most of these women surveyed were comfortable managing their day to day finances, unfortunately only 23% were comfortable making investment decisions. What shocked me was of these 2,000 plus women surveyed, 60% worried they would not have enough money to live comfortably in retirement!
I realize that the financial market is not looking overly good for anyone at the moment however this should not stop women for becoming more financial literate and thus financially confident. It is a great time to look at your financial picture and your knowledge, and make steps to fill in these gaps. Being comfortable beyond our day to day finances is essential. As this survey shows, women really need to be able to make investment decisions that will enable us to have financial freedom and look forward to an enjoyable retirement.
An article worth reading to direct you to the right places for Financial Advice can be found on Australian Women Online, ‘How to get good advice about money’
If you are lacking in financial knowledge, skills and confidence, I recommend that you start to address this today. It is never too late to start. Susan McDonald, co-author of ‘A Super Investment’ started when she was 50 years and is today a very successful Financial Advisor and Property Developer.
Being financial savvy is essential for women of all ages and there is not excuse or reason for us to avoid it any longer. It’s time to take financial control of your present and your future.

Some of the issues that contribute to wage inequality will not be easily resolved and will take time before we see real changes. However, there are a few areas women can take control of to assist in addressing the imbalance. These all revolve around negotiation of salary; be that for full time or part time work, a bonus, added benefits or asking for above award wages.