Happy International Women’s Day! Annually, on the 8th of March, we celebrate all women in their diversities and endeavour to address the inequality they continue to face on a daily basis.
Undoubtedly, there is a gender gap within the Australian workforce, as men continue to earn 18% more than women in full time work. At Transform, our strong independent and capable team of women (and men!) are dedicated to working together to help close the gap.
On average, women currently retire with 47% less super than men, yet live five years longer. This has led to 44% of women relying on their partner’s income as the main source of their retirement fund. This raises problems for older single retired women, 40% of whom live in poverty and with economic insecurity in their retirement. In addition to these alarming statistics, the 2020 Global Gender Gap Report identified that gender parity won’t be achieved for 99.5 years.
The year 2020 saw ramifications from the COVID-19 Pandemic that pose many different economic and social challenges for every Australian, regardless of gender. However, due to women being disproportionality represented in industries such as retail, hospitality and education, the effect of COVID has had devastating implications on many women’s economic stability.
The number of older homeless women in Australia increased by over 30% between 2011 and 2016 to nearly 7,000. One of the main reasons for this is due to a significant gap in wealth accumulation between men and women across their lifetimes. The gap doesn’t just pertain to the workplace or super, it is an issue that needs to be addressed from a Federal level. Without innovative solutions, changes from the Government, and a promise to stand for change, this problem will continue to increase. Policies must be put in place to end the inequalities between men and women, which will have rolling effects on improving the quality of life overall for all Australians.
That being said, super funds are uniquely positioned to help women take control of their finances on a micro level. This can be achieved by developing and utilising effective and innovative communications – such as personalised and targeted campaigns to women; salary sacrifice, spouse contributions, utilising webinars and financial literacy programs. We’ve worked with a number of clients to support them with their women in super communications, developing a number of initiatives including; personalised videos, targeted personalised digital and print campaigns and integrated financial literacy programs to help educate women across a range of financial topics, which cover budgeting, debt management, planning for retirement and super to name a few.
While marketing and communication strategies and campaigns may seem small, they’re an effective way super funds can help support their female members to close the gap. As a female-led agency, we are incredibly passionate regarding all gender equality issues. With a predominantly female team, it is an issue close to our hearts that we seek to evoke impact and change through the work that we do.
1 Women in Super ‘The Facts About Women and Super’ – https://www.womeninsuper.com.au/content/the-facts-about-women-and-super/gjumzs
2 Women in Super ‘The Facts About Women and Super’ – https://www.womeninsuper.com.au/content/the-facts-about-women-and-super/gjumzs
3 Women in Super ‘The Facts About Women and Super’ – https://www.womeninsuper.com.au/content/the-facts-about-women-and-super/gjumzs
4 Women in Super ‘The Facts About Women and Super’ – https://www.womeninsuper.com.au/content/the-facts-about-women-and-super/gjumzs
5 International Women’s Day ‘It will still take more than a lifetime to make equality a reality’ – https://www.internationalwomensday.com/Missions/14537/It-will-still-take-more-than-a-lifetime-to-make-equality-a-reality