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As this is a financial blog, on International Women’s Day perhaps it is appropriate to highlight some of the financial disadvantages many women face, even here in Australia, for well…simply being women.

Women and Money 

It’s not necessarily a sexist situation, but rather circumstantial. The reality is women are more likely than men to take time off when a new family member arrives. Also women are more likely than men to work part time for more of their working life, often because they are also a mother and have to balance school pick ups, mammoth grocery shops and looming laundry. There are plenty of men who contribute in many wonderful ways to family life, and there are some men who choose to be the ‘stay at home’ dad or the part time worker so the mum can pursue her career. But the stats still favour men and their earning capacity and their super savings when compared with women. Statistically too women are more likely to live a few years longer than men, meaning more years requiring money to pay for food and shelter.  So that's quite a few reasons for women to be extra savvy when it comes to their finances.  

Here is a handy infographic from ASIC’s MoneySmart website highlighting some of the unique challenges women face financially.  

Infographic from MoneySmart 

moneysmart infographic for women and money

Men and women deserve to feel financially empowered.  And while circumstance may offer additional challenges for the average Australian woman, there are ways to keep ahead financially. One simple way to avoid getting into financial strife is to budget to avoid spending beyond your means.  Equally as important is to have a simple but effective savings strategy.  Even on a limited income, it is possible to put aside a small amount each pay. Even $10-20 per pay is something, it might mean less take away coffees or impulse buys at the shops, but over time it will gradually grow, giving you peace of mind and access to funds when you need them. Planning ahead for big changes such as having a family can really help to reduce the fiancial pressure of such an exciting yet daunting life stage (put money aside for a few years before you have a bub if possible).   Aim to make additional contributions to your Superannuation if you can when you can, to help make up for lost contributuons for time spent out of workplace or on a lower income.    The friendly staff at Endeavour can help with setting up a budgeting account and help you to achieve your savings goals sooner, simply call 1300 13 14 20 or visit your local branch for more information.

For some more information about women’s money challenges visit ASIC's moneysmart website.  

From everyone at Endeavour Mutual Bank, Happy International Women’s Day.  

Alison Gallagher is a freelance writer, resourcefulness expert and entrepreneur. She has been featured in various publications including Stellar Magazine, Australian Health and Fitness Magazine, and Cleo Magazine. Alison is particularly passionate about sharing practical tips on how to live simply, sustainably and seasonally.