Supporting Women’s Economic Progress
AMP Financial Planning practices are showing their support for women’s economic progress through a new sponsorship of the Financy Women’s Index.
The Financy index is a unique gauge of women’s economic progress in Australia. It incorporates many of the key statistics on women’s wealth and employment into an overall measure of their economic well-being that can be tracked over time.
As a group, women still have a long way to go to reach the level of economic security of men.
The September 2018 quarter instalment of the Financy index showed that while the disparity had reduced, the gap between the life-time retirement savings of men and women was still 28 per cent.
Similarly, the difference between male and female average weekly earnings was 14.6%, making it harder for women to catch up on their superannuation and more important that they start saving early.
Financial advice can play an important role in redressing these imbalances by helping women to make good financial decisions and follow a tailored plan to build their wealth.
According to a recent survey by CoreData for the Association of Financial Advisers, more than half (54.9 per cent) of survey respondents say that as a result of receiving advice they now save more; and 60 per cent say that since receiving advice they’re better equipped to handle sudden, one-off costs.
More than half (50.2 per cent) of clients who receive financial advice say they could cover living expenses for six months or longer if they were suddenly unable to work, while only about half as many (26.2 per cent) unadvised clients can say the same thing.
To improve women’s financial well-being and give them greater peace of mind about their future, we want more women to enjoy the benefits of financial advice.