Page 3334 - Week 11 - Tuesday, 21 October 2014
Next page . . . . Previous page . . . . Speeches . . . . Contents . . . . Debates(HTML) . . . . PDF . . . . Video
showed that one in two mothers reported experiencing discrimination in the workplace at some stage during their pregnancy, which caused 22 per cent of those mothers to give up on the workplace altogether.
We need to address and rethink some of the norms around work for women and parents in general, and those adults with caring responsibilities, in a way that will improve women’s financial independence and set them up for their retirement.
It is possible to become financially secure through other forms of hard work, based on advice and knowing where to find it. Some women, for example, invest in property. While this takes a great deal of perseverance and detailed research, it is not impossible. Once the first deposit is saved or borrowed, the property is bought and a tenant moves in, a woman can be on the path to financial success and over time, hopefully, accrue a reasonable sum of money. Property for women is not talked about enough; it should be discussed more by women, as should work which pays well per hour and can be undertaken from home, such as accounting or bookkeeping.
In the debate around women’s financial security, we absolutely must improve the workplace and how women fare in the nine to five work model. We should also talk about alternative options which for some women will be even better, will be more financially beneficial and may fit in better with their other life goals.
In the meantime we have a number of structural issues which we have to keep tackling. Upon retirement women very often leave work at a disadvantage compared to men. Women suffer financial loss while out of the workplace raising children and have less superannuation savings on retirement. As well, there is the financial impact of divorce when it occurs and the huge toll that takes on women and their economic strength and independence.
The ABS figures show us that 30 per cent of women aged 55 to 64 in Australia still have no superannuation, while the figure is just under 20 per cent for men in the same age bracket. A study undertaken in 2010 by the Australian Institute of Superannuation Trustees shows that for those who do have superannuation, the average balance for men aged 58 to 62 was $210,000, while for women of the same age the figure was only $95,000. Women are still being disadvantaged.
According to research conducted by the Australian Institute of Family Studies, the ANU and the University of Queensland, those women aged 55 to 64 who have faced divorce have assets of $335,000 on average compared to their married counterparts, who had in excess of $1 million in assets between the couple, making the woman’s share worth around $500,000. We need to discuss the financial impact of separation and divorce more with younger women, so that they will be more aware of the benefits and losses they will experience in such a situation. Forewarned is forearmed, as they say.
Typically, women take time out of the workforce or in part-time work while having children. One of the significant impacts of such time out is not only loss of income but, as I mentioned, loss of superannuation. I have often thought that it would be wise to acknowledge this issue by allowing couples to combine their superannuation.
Next page . . . . Previous page . . . . Speeches . . . . Contents . . . . Debates(HTML) . . . . PDF . . . . Video