Women’s Financial Literacy – Facts and Figures
Why have information tailored for Women?
Financial security is a significant issue facing Victorian women of all ages. It can often be a challenge for women to establish and maintain financial security throughout their lives, particularly in retirement. Research has shown that:
- the average retirement payouts for women in 2006 was $63,000 compared with $136,000 for men - yet a woman's average life expectancy is 83 years, compared to 77 years for men;
- women are particularly vulnerable to “transmitted debt”, that is, taking on debt from a spouse or partner because they have guaranteed a loan or are encumbered in a partner’s business dealings or company;
- 52% of women say that dealing with money is stressful and overwhelming; and
- 42% of women say that thinking too much about their long-term financial future makes them uncomfortable.
In the 2007-08 State Budget the Government allocated $1 million over four years towards providing practical information that encourages and assists women to think and plan for their financial future.
The Women’s Financial Literacy Project builds on a successful pilot held between October 2005 and April 2006. More than 500 women aged 40 and over attended a total of 20 workshops across the state called 'Women and Money – workshops for a financially fit future'.
It utilises findings from the research undertaken by the WIRE Women’s Information on the barriers experienced by women in achieving financial literacy in 2007. Read the Women's Financial Literacy research report on the
The initiative will also draw on the Commonwealth, States, Territories and New Zealand Ministers' Conference on the Status of Women's (MINCO) discussion paper.
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