Money Talks: Building Women’s Financial Wellbeing

No matter where you are with your finances, financial wellbeing is an important health issue.

In August & September 2020 Women’s Health East ran free online webinars encouraging women to take action to improve their financial wellbeing. These sessions were sponsored by Manningham and  builds on successful online sessions delivered in June to the Monash community. Money Talks responded to the significant economic impact and financial pressures on women from the Covid-19 pandemic.

Why focus on women & money?

Women in Australia continue to face many challenges in becoming financially secure. Women are paid less than their male counterparts across industries and occupations, and the superannuation gap persists and widens across the lifespan. These structural barriers impact women’s ability to earn, save and be financially well in the long-term and retirement.

Social norms and gender stereotypes also influence how women relate to money and their experience of finances. Differences in the way girls and boys learn about money and harmful stereotypes or false messaging about women and money, impact women’s interest and confidence in engaging with finances.

Women have been significantly impacted economically by the COVID-19 pandemic. Women are at the front in responses to the pandemic and are being hit harder by the economic crisis, particularly in job losses and precarious employment. They are performing far more of the unpaid labour and caring responsibilities (Gender Equity Victoria 2020). Women may also face more significant long-term consequences in retirement if depleting superannuation when withdrawing emergency Covid19 funds (Women’s Agenda 2020).

How do the Money Talks sessions build women’s financial wellbeing?

Money Talks recognises that building women’s confidence and increasing access to credible information and resources plays a vital role in encouraging women to improve their financial wellbeing. To do this, WHE engaged a range of service providers and financial education experts with a strong background in empowering women to speak in online webinars and participate in Q&A on different topics.

Women’s Health East facilitated the webinars using positive and practical messaging to support women to take steps to engage with their finances. Participants were able to attend the webinars live and ask questions or watch a recording of the sessions.

Links to the Money Talks recordings and resources are now available below.

Money Talks Resources & Recordings

Reminder: The information provided in the webinars and resources is general in nature. If you need personal financial advice, you should contact a person who is qualified to provide this.

  • For financial counselling and help with managing debt call the National Debt Helpline 1800 007 007 https://ndh.org.au/
  • If you are thinking about seeking professional financial advice – Read this article on Financial Advice by the government MoneySmart website
  • Women’s Information Referral and Exchange runs a Financial Guidance Clinic: 45 minute one-on-one free appointment on the first Thursday of every month. Phone 1300 134 130 to find out more or book.
  • Financial Information Service (FIS) is a government provided service. You can phone 132 300 and speak to a FIS Officer for general information.

To watch the recordings: Use the passcode Mon3yTalk$

 

Your Money Mindset

Everyone has a story behind how we manage and approach money (WIRE). In our first Money Talks webinar, we unpack the idea of a money mindset and explore ways to develop a positive one.

Speaker: Natasha Janssens, Founder of Women with Cents

Your Money Mindset Webinar Recording

Your Money Mindset Handout

Young women & money

In this webinar, two young women explore what it means to have a sound financial foundation. This includes having a budgeting system, and things we should be thinking about right now in regards to long-term financial health.

Speaker: Paridhi Jain, Founder of SkilledSmart

Young Women & Money Webinar Recording

Budgeting & Saving

Tips for budgeting & saving handout

Please watch the webinar recording ‘Young Women & Money’ if you are interested in additional information on budgeting.

Financial pressures & getting help

In this webinar we look at how financial counselling and community legal centres can help you. It is normal to experience financial pressures at times, most people do. It is important to know what help is available so you can be prepared and take steps to improve your situation.

Speakers: Kylie, Financial Counsellor from Anglicare and Deborah, Managing Lawyer from Eastern Community Legal Centre

Financial Pressures & Getting Help Webinar Recording

ECLC & Anglicare presentation slides

Tips for getting help & other resources handout

Making smart investment decisions

Investment can be an important way to create financial independence for women. Women have been reluctant to take up investing, yet recent research is demonstrating that we make great investors. In this session we discuss top tips for making smart investment decisions with licensed financial planner and founder of Women with Cents, Natasha Janssens.

Making Smart Investment Decisions Webinar Recording

Updated investing handout

Resources mentioned in the webinar

Types of investments:

The basics:

Choosing a financial adviser – Moneysmart article

Mentioned in the webinar:

Vanguard Asset Class Tool – User friendly tool for seeing performance of asset classes

ASX Investment Products Monthly Update – this ASX report has an excellent summary of products like Exchange Traded Funds (ETFs) available on the stock exchange. From here you can start your research there then go look up the Product Disclosure of that company/product for more information.

Micro-investing – Canstar article ‘What is Micro-Investing and is it worth exploring?’ and the example mentioned Raiz App

Reuters Article ‘Why women are better investors’

 

Superannuation

The Superannuation Guarantee was introduced in Australia in 1992 providing employer funded Super to most working Australians. As a result, most women in the generations approaching or in retirement now will not have had their whole working life to accumulate Super. In this webinar, we speak with financial expert and founder of Money Natters Sue West, on understanding Super and maximising benefits through different strategies, no matter what your Super balance.

Super & Retirement Webinar Recording

Money Talks: Understanding your super statement

Resources mentioned in the webinar

General:

Retirement Calculations:

Topic-specific resources from the Australian Taxation Office:

DHHS Centrelink Age Pension Website:

Additional Resources & Reading

Commonwealth Bank Women’s Financial Wellbeing Guide

Women and Financial Security Fact Sheet