Nearly half (47%) of Australian women don’t feel in control of their finances.
Among their top concerns are their savings and missing out on valuable opportunities to boost their superannuation.
The findings are part of new research by MLC, which surveyed 1,000 women across Australian in October 2017.
It also revealed that 32% of respondents said they have less than a month’s worth of savings to live off if they needed it.
While many women feel comfortable financially, there is a lack of support for them to make their future financial interests a priority.
“What we often see is that women put the interests of others before their own, and at key moments in life – divorce, death, illness, or job loss – they are severely impacted,” says General Manager of MLC Advice Jasia Fabig.
In a bid to provide Australian women with additional financial support, MLC Advice is offering complimentary general advice sessions to 500 women across Australia who are interested in speaking about their finances with an MLC adviser until the end of January.
Meanwhile, here are MLC Advice’s tips for women looking to gain control over their personal finances.
1. Don’t delay uncomfortable conversations
Divorce, illness, job loss and death all impact women’s wealth, so speak with your partner, family or a financial adviser to ensure you can plan for adverse events and make sound decisions if they occur.
2. Get to know your super
How much do you have? How much will you need? How can you benefit from voluntary contributions? All this will have a huge impact when you retire.
3. Be independent and become an expert on your money
Know your money inside out and – debt, savings, investments, and super – and how all of it works for you.
4. Prioritise your financial goals as well as your life and career goals
The decisions you make in work and your personal life will all impact your finances.
5. Your salary matters
Your paycheque and super are vital to your financial security. Don’t undersell yourself, negotiate your pay, and be aware of your worth at work.