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Financial fitness may be the key to females' future.

Money & life
14 May 2021 | clock 5 min read 


Australian women might benefit from upping the ante on their financial fitness by building a regular regime that will serve them through every life stage.

woman with child pointing 

Financial Advice Matters financial adviser Sonia Muller,1 who spent 20 years as a financial planner, said the four most common questions she received from both men and women were:

  • Will I have enough money?
  • How much will I need?
  • Is it in the right place?
  • Can I save tax using super?

“Most questions remain similar but more and more women are becoming aware of the disparity of their super balances, particularly if they look at their male counterparts or partners,” Ms Muller said.

According to latest figures from Industry Super Australia,2 three in four women are unlikely to retire having received a full 40 years’ of super contributions during their working life.

“The questions are coming to us from something significant that’s happening in their life or a turning point,” Ms Muller said.

The major things include a relationship breakdown, a major accident or illness, or they become empty nesters.

“As their working lives wind down and their child raising years pass, some mature-aged women have a little more time on their hands to dedicate to reviewing their financial position.”

Different life stages

Ms Muller said while empty nesters were the most likely to seek the assistance of a financial adviser, it was an important step to consider during the many different stages of life.

“There are many strategies out there particularly when you are just starting out. Start small and make sure you are not being overcharged or undercharged,” she said.

“In mid-life, when thinking about a family or buying a house and getting ahead, cash flow may become more of a priority and adjustments may need to be made to cater for time off work to care for families and study. Budget discipline is typically paramount during this phase.”

Try the QSuper budget planner calculator.

“For empty nesters/pre-retirees, typically this is a time when debt is reduced and cash flow increases, which provides you with opportunities to invest more and boost your wealth in preparation for retirement. Maximising salary sacrifice and tax-effective strategies could help you significantly improve your retirement savings during this period of life.”

“For retirees, or those approaching retirement, financial advice may be an option. Setting up your super to consider strategies to reduce risk, maximise benefits such as Centrelink, health care cards and protecting your hard-earned wealth, may help your money last as long as possible.”

Different money personalities

Ms Muller said financial advisers encountered different money personalities regularly, with women likely to be one of two extremes.

“You’ll find the spenders who are overspending and the hoarders who like to protect their cash and are scared of risk and investing,” she said.

“You’ll find someone who is very Excel spreadsheet-oriented and then you’ll see a lot of women, and this is a common theme, who are somewhat naïve about money and looking for help.”

Simple actions you might consider taking

  • A budget could help you understand where your money is being spent, most banks have apps or websites to assist with this
  • Consider a budget framework – a common split is 50% towards essential items; 30% towards living or lifestyle; and 20% towards savings
  • Ask yourself when was the last time you reviewed your overall financial position, including your superannuation?
  • Think about the protection you have in place – does it still match your needs?
  • Take steps to increase your financial literacy to increase your confidence

Another consideration could be personal financial advice. A financial adviser can help you make financial decisions and plan for the future. They will also take into account your personal circumstances.

How to choose a financial adviser

Ms Muller said it was important to choose a financial adviser with whom you had a connection.

“It is about your personal goals and what you are trying to achieve and what drives you, she said.

“Work with an adviser you relate to. It is extremely important to have that connection. A good adviser will take the time to understand what it is you are wanting to achieve.”

“Make sure you are on the same page and that you feel comfortable.”

Top tip

“The sooner, the better, especially if you’re thinking about retirement, to take the time to get to know your finances,” she said.


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1. Sonia Muller, Financial Adviser Sub Authorised Representative No. 300996 | Authorised Representative of Financial Advice Matters Group Pty Ltd ABN 11 605 631 598 Corporate Authorised Representative No 1234989 of Alliance Wealth Pty Ltd AFSL 449221 ABN 93 161 647 007 | Credit Representative No 480095 of Centrepoint Lending Solutions Pty Ltd ACL 377711 ABN 40 100 947 804 | www.centrepointalliance.com.au/AW.
2. Media Release, 8 March 2021, Industry Super Australia, Crucial government retirement modelling fails to reflect women’s interrupted careers, at www.industrysuper.com/media/category/media-releases.

General advice in this article has been provided by Sonia Muller of Financial Advice Matters Group Pty Ltd, Corporate Authorised Representative No 1234989 of Alliance Wealth Pty Ltd AFSL 449221. It has not considered your financial circumstances, needs or objectives. You should consider the appropriateness of the advice. You should obtain and consider the relevant Product Disclosure Statement (PDS) and seek the assistance of an authorised financial adviser before making any decision regarding any products or strategies mentioned in this communication. Whilst all care has been taken in the preparation of this material, information provided by Sonia Muller is based on her understanding of current regulatory requirements and laws at the publication date. As these laws are subject to change, you should talk to an authorised adviser for the most up-to-date information. No warranty is given in respect of the information provided and accordingly neither Alliance Wealth Pty Ltd not its related entities, employees or representatives accepts responsibility for any loss suffered by any person arising from reliance on this information.