It’s Equal Pay Day again and today women can do more than be affronted by the 17.9 per cent gender pay gap.
This year eS4W has launched a website to inspire women, especially younger women, to do what they can to overcome the long term impact of the gender pay gap: the gender wealth gap.
‘Today we are pointing to steps women can take towards their improved financial independence’ said Ms Sandra Cook, the chair of economic Security4Women.
‘The gender pay gap contributes to the gender wealth gap and results in women retiring with less superannuation and fewer assets than men and sadly, at a higher risk of poverty in their old age’.
This website encourages all women to think about their financial security and lists actions they can take now to maximise their savings and retirement incomes.
‘The actions, for example, of starting your superannuation savings with your very first job, are offered by other women, based on their own experience, in a short, easy to read, ‘letter to a younger self’.
‘We know that women are very good at their day-to-day budgeting; but many of us have been less successful saving and investing for our retirement; less likely to seek financial advice or to have a financial plan.
The advice in the letters has the benefit of hindsight, of a woman looking back at a decision she made and its longer-term impact on her economic well being, within that environment.
‘There are structural causes of our lower superannuation balances: the gender pay gap, time out of the workforce to care for family and friends, and earlier retirement and eS4W remains committed to changing such structures’.
‘We encourage every woman to take some time to write a letter to her younger self about a major decision you made when you were her age’.
‘This is an opportunity to share your knowledge about the impact that decision had on your financial position, now and/or then or in-between.
Click here for a copy of the Media Release
Including related documents about the Letter to my younger self website and Equal Pay Day and related links.