Page 3338 - Week 11 - Tuesday, 21 October 2014
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disoriented and disempowered. Many women leave prison with fewer resources than they had before, and some women leave with no money, significant debts and a poor understanding of what help they can receive. Navigating finances and handling economic hardship are just one task amongst many daunting demands and requirements of life on the outside. They face pressures in managing their money and their financial situation and may lack confidence in managing their finances.
The specific “women’s money matters for older women” resource exists because women tend to live longer and the resources they have accumulated need to last for a longer period. We know that most single older women will be poorer than men their age. They are often less able to maintain home ownership or compete in the private rental market. Life events such as the death of a spouse, divorce and separation, a bad health episode or acquiring a disability are more likely to have a different financial impact on older single women than on men. They are likely to have spent less time in paid employment and therefore have accumulated less superannuation than men because they have earned less over their working lives, due to lower wages, a reliance on part-time work or intermittent work combined with caring responsibilities for children or older relatives.
Finally, for migrants or refugee women, as with women leaving domestic violence, women leaving prison or older women, navigating finances can be very overwhelming. There are the everyday challenges to survive in our community, to put a roof over their heads, to secure their next meal and to ensure education for their children—the essentials most of us take for granted. For many migrant or refugee women, their economic security is strongly tied to their partner’s income. They face pressures in managing their money and their financial situation, and they lack confidence in managing their finances, which is something that is completely foreign to them. The resource for migrant or refugee women focuses on specific issues for this significantly marginalised group of women, who may also be dealing with overcoming traumatic experiences from adverse circumstances in their country of origin. Managing cost-of-living expenses can be a challenging task for women who are experiencing financial challenges.
I am pleased that the “Women’s money matters” financial resources will provide ACT women with financial information to ensure their own, and often their families’, economic security. Empowering women with the necessary knowledge and confidence to achieve financial independence is fundamental in addressing disadvantage and contributing to social inclusion.
Ms BURCH (Brindabella—Minister for Education and Training, Minister for Disability, Minister for Multicultural Affairs, Minister for Racing and Gaming, Minister for Women and Minister for the Arts) (10.52), in reply: I would like to thank Mrs Jones and Ms Berry for their contributions to this debate this morning.
Over the past three years, and as Minister for Women, I have provided a statement on ACT women’s economic and financial progress to the Assembly. As I said when I presented the most recent report, economic security and financial independence are fundamental to a person’s ability to participate in and contribute to our community.
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