Becoming a financial superwoman

We all hope that when we've finished our working life, we can retire in comfort. However, the reality for many people, especially women, is very different.

While women's participation in the workplace has never been greater, women are still well behind when it comes to wealth and financial security.

We all know only too well that women earn less than men, commonly known as the gender pay gap. Women typically retire with around half as much savings as men, and one in three women retire with no super at all, leaving them more vulnerable to financial insecurity, poverty, housing stress and even homelessness.

Many women rightly feel concerned - perhaps even outraged - that the odds are stacked against them because of their gender, and yet they may feel powerless to change their situation.

Subjects such as superannuation and investing can be challenging to tackle, but the advent of new services and technology are starting to simplify some of those areas.

Six Park's ambition to improve women's financial confidence and control is heightened by the fact that research has found that women make better investors than men, partly because they have a long-term focus and the persistence to save more up-front.

In this paper, we look at the reasons women are lagging financially and outline steps women can take to have better control over their financial wellbeing and set themselves up for a more secure future. The solution revolves around three key pillars: savings, investment and superannuation. Get these right, and you'll be well on your way to becoming the superwoman of your own finances. 

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