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How can women still be earning less than men in the 21st century?

Announcement posted by The Audacious Agency 07 Mar 2017

Take your wealth creation into your own hands

Founder of Create A Wealthy Life, Melbourne’s Deb Smith wants to know why despite all the information saying it is so, women still earn less than men and it is taking so long for big business to act with more haste.

“Australian women face so many financial challenges men do not,” she said. “It boggles the mind that in the 21st century with all we have witnessed about the capabilities of women, that we are still paid less and financially hindered by having a family.”

“Our country has such a long way to go until this is no longer an issue.

“Let’s explore some more stats … yes they are out but I think we need reminding - an Australian woman’s full-time average weekly earnings are 16.2 per cent less than a man’s and her super is 52.8 per cent lower (Workplace Gender Equality Agency (WGEA)). That is mind blowing given women still live longer than men).

“Almost half of women work part-time around family obligations, whereas only one in six Aussie men work part time (Australian Securities and Investments Commission).  The Australian Institute of Family Studies found the incomes of women post-divorce or separation are impacted more significantly than those of men.”

Where does that leave women? According to Deb, while it looks dire financially for women, it is not all doom and gloom.

“First things first – take responsibility for your financial literacy. Understand your mortgage works, how to budget and save, find out tools that can help you learn about money management. Everyone is scared of a budget but if done right it is not going without everything, it is modifying the way you spend your pennies. I review my clients Home Loans every 12 months on their behalf and sometimes they are amazed at how we can negotiate better rates and this can save thousands of dollars in interest,” Deb said.

“Then you need to address your belief systems around money. Look at why you say “I’m scared of money”, or “I never touched money, I don’t know what to do with it.”  Or” Money is the root of all evil.”. There are emotional reasons why you think that way. I love money and I think this is a healthy attitude, it allows it to flow my way.

“Connect with successful women through networking groups or MeetUps; find out what they do to grow their wealth and financial security.

“Seek out expert advice from professionals who can help you set up a savings strategy (while still leaving some money to have fun). If you are in business, understand your cash flow and numbers.  It is not enough to leave it up to someone else; you must keep your finger on the pulse.

“Finally, get rid of your bad debt.  Credit cards, Personal loans. Buy now, pay later. All of these eat into your savings and affect your borrowing capacity.”

Deb said as women, we do face additional challenges. “It may be some time before all of the reasons many struggles financially are resolved.  Blaming others is the easy way out. To be truly wealthy in life, you have to take responsibility for what happens to you,” she said.

 www.createawealthylife.com.au