POWERED BY MOMENTUM MEDIA
Structural issues and societal norms create the gender inequality
Removing the structural barriers which contribute to growing numbers of women retiring into poverty and homelessness will be a key element in ending women’s economic insecurity, according to First State Super.
Deanne Stewart, First State Super’s chief executive, said that despite pleasing advancements over the past 20 years, women were still facing significant cultural and structural barriers on their way to achieve long-term financial wellbeing as women still retire with, on average, 42% less superannuation than men.
“That is 42% less savings to pay for their basic needs such as housing, healthcare, energy costs and food,” Steward stressed.
Also, the mentioned structural issues and societal norms combined contributed to creation of greater gender inequality which resulted in more than 40% of Australian women reliant on their partner’s income as their main source of funds in retirement.
“While society has made great strides forward, we will never truly achieve gender equality until we respond to the structural issues that place women at a disadvantage,” she said.
“While women face some significant financial challenges, there are simple, practical things we can all do to try to shift the dial on this issue.
“It also means breaking down the gender stereotypes that persist as young girls reach puberty and beyond and support all Australians to be their best no matter their gender.”
Recommended for you
Peri and menopause training founder and TV journalist Shelly Horton has hit back at calls for businesses to introduce menopause leave.
Former federal MP Julia Banks insists that all women can use their personal power to advocate a more inclusive workplace and support other women.
After a successful inaugural event last year, the Women in Finance Summit is returning in 2024 with more business insights and networking opportunities.
Super Review is now accepting nominations and submissions for the Women in Finance Awards, to be held in November 2024.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.71 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.27 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
27.22 3 y p.a(%)
