Life is busy… regardless of who you are! It’s a constant juggling act of working, cooking, cleaning, emails, being a taxi, negotiating world war three with kids, washing dogs, juggling the wonky-wheeled trolley whilst navigating through desperate work calls, paying bills, making beds, and fitting in an occasional workout at the gym…..whew!!! It’s exhausting.
Despite being the modern day Wonder Woman, the last thing you may be thinking about is money.
But here are 5 staggering stats that you need to be aware of because you could be a women right now who’s falling into the “missing million dollars” camp and that’s not ok.
1. Women’s superannuation
73% of women do not think that their employer funded superannuation will be sufficient
33.9% women have no superannuation at all!
Here are the Superannuation balances ($) stats for 2014 – 2015
Question – what income would you like to have every year to live on? If you said $50,000 then based upon the figures above, how long will your Super last for?? Hmmm? Not very long!
2. Women are living longer
We are statistically living longer these days. A woman aged 45yrs in 2011-13 can expect to live a further 40.4yrs, compared to a woman who was 45yrs back in 1960 – 62 who was only expected to live a further 32.4yrs. Plus we are continuing to out-live men. In other words, there’s a good chunk of our lives where we are living without earning an income through paid work!
Life expectancy (expected age at death in years) at different ages 1960–1962 compared to 2011–2013
3. Women are marrying later, divorce is a statistic and de-facto’s are in
In 1986 there were 7.2 marriages per 1,000 people which has declined to 5.2 per 1,000 in 2014 with more women choosing to live in de-facto relationships. We are getting married later too, increasing from 23.5yrs in 1986 to 29.6yrs in 2014. And sadly, approximately 1 in 3 marriages end in divorce. What does all this mean? Well the notion of the ‘knight in shining armour’ is a fallacy so we need to be independently financially savvy.
4. Women earn less than men.
The Gender Pay Gap is the difference between men and women’s average weekly earnings for ordinary working hours. In November 2015, the wages gap was 17.2% which adds up to a WHOPPING one million dollars over a life time that women are missing out on. **** keep reading because this is important**** This comes from
5. How much do you need?
That MILLION dollars that you are missing out on, well you need it!
Did you know that when you stop working if you want to live on $50,000 per year, you need $1,000,000. That’s right! If you have $1million invested at 5% you will be earning $50k to live on each year in your ’retirement’ without ever eating into your million dollars. This is financial freedom. This means you not only can afford to live the life you dream of, but you are not sacrificing your legacy or what you can leave for your kids (or dogs/cats!!).
So what does this all mean? Well in simple terms, girlfriend, you’ve got to get moving. You cannot rely on your employer or a partner to provide for you. YOU, yes you, are in the driving seat here, WHICH MEANS, you want to get started at building your own nest egg. It all starts with you and, the sooner you start the better. Jump in and learn how.
Time to #GrowYourMoneyWings