At the beginning of September, Money Smart dedicated a week to promote financial literacy to encourage Australians, like you and me, to take action in becoming financially smart.

Don’t worry if you missed out on this initiative; the important point is that you can start now! Why not think of it as a financial spring clean, a way of cleaning out those financial dust mites.

Hey ladies

Super’s your money after all and a little time now can have big results in the long run. Plus, everything’s so much easier to maintain after you’ve had a big spring clean.

Did you know that, on average, women retire with 43% less super than men? ¹ Women have unique challenges in saving for retirement due to taking extended career breaks and having higher rates of part-time and unpaid work. But, there are some simple strategies to overcome these hurdles­­ – you just need to bite the bullet.

As a profit-for-member industry super fund we want to encourage everyone, particularly women, to take charge of their finances and superannuation.

Here’s how to get started:

14% of females have never checked their super balance according to a recent study²

1. Look at your annual super statement (in the mailbox soon) and check how your super is doing – you may even have more than one account! If you do, we can help you consolidate. Next, visit the government’s Money Smart website and use the handy calculator to assess your position and make positive changes.

26% of females said ‘I feel like I know almost nothing’ about super³

1. Get the right advice. We offer you general and personal advice relating to your StatewideSuper investments, insurance and contributions. So, if you don’t think you’re able to make those tricky super decisions, we can help. And the great news is that it’s provided as part of your membership, so there’s no additional cost to you. Remember, we’re always working to do more for you.

Women (still) earn less than men for equivalent jobs and they’re more likely to have a career break to raise children⁴

1. To combat this (and add that finishing sparkle), consider asking your employer how you can pay a little bit more into your super each week before your pay even hits your account (salary sacrificing). Super’s favourably taxed, so it’s a great way to save. Or, see if you qualify for the government co-contribution.

Make a positive difference to your financial health today with these simple steps.

Visit our website www.statewidesuper.com.au or call our friendly Client Services team today, on 1300 65 18 65, to find out how we can do more for you.

Statewide Superannuation Pty Ltd ABN 62 008 099 223 (AFSL 243171) Trustee and RSE Licensee of Statewide Superannuation Trust ABN 54 145 196 298

The information provided is of general nature. It does not consider your specific needs nor is it intended to be financial product advice. You should obtain independent financial advice, and consider the applicable product disclosure statement before making an investment decision.

Financial information and advice may be provided by representatives of the Fund’s Administrator and wholly owned company, Statewide Financial Management Services Limited, ABN 69 092 109 209 AFSL No. 239063 or by authorised representatives of Quadrant First Pty Ltd ABN 78 102 167 877 AFSL No. 284443. Fees may apply for financial planning advice.

References

¹Financial Literacy Foundation, Financial Literacy: Women Understanding Money, 2008, www.financialliteracy.gov.au

²Commonwealth Bank News, Disengaged Aussies still struggling to understand Super, 8 September 2014, <https://www.mywealth.commbank.com.au/superannuation/disengaged-aussies-still-struggling-to-understand-super-news20140908>

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