International Bulletin - December 1998
Money Management For Women
PPSEAWA Australia Inc received an invitation from the Office of the Status of Women, Dept of the Prime Minister and Cabinet, to an information seminar "Money Management for Women" in Sydney on Monday, 20 April 1998, and National Vice President Kaylin Simpson Lee attended as PPSEAWA'S representative.
The purpose of the seminar was to raise the awareness and understanding of financial issues facing women and to encourage women to plan for retirement. The participants came from all parts of Australia representing a wide range of women's non-governmental organisations, the financial industry and government. Organisations were encouraged to consider running similar seminars and/or disseminate information to their own members with support available from OSW and other agencies, and the superannuation and financial industries.
The Seminar was conducted jointly by the Office of the Status of Women and the Association of Superannuation Funds of Australia Ltd. The speakers included the Hon Judi Moylan MP, Minister for the Status of Women and Pru Goward Head of OSW; Phillipa Smith CEO of ASFA; Rosemary Vilgan, ASFA President and Executive Director of the Government Superannuation Office, Queensland; Merran Kelsall Consultant, BDO Nelson Parkhill; Libby Koch, Finance Columnist; Kerry Flanagan, First Assistant Secretary, Department of Social Security.
Speakers emphasised that despite the commitment of Government to maintain the Age Pension at 25% of average weekly earnings and compulsory occupational superannuation, these should be considered a "safety net" and need to be supplemented by voluntary savings.
The changing role of women in society, the increase in their life expectancy, the impact of higher education, the pattern of the working life of women - with breaks in continuity, part-time and casual employment, divorce, sole parenthood, widow-hood, taxation and superannuation - portability, flexibility, superannuatioh as property in divorce settlement, in a two income family and the recently introduced low income spouse rebate - were some of the comprehensive range of topics discussed at the seminar.
Women's organisations were enjoined to play an active role in establishing the culture of money management of women and girls. Teaching should begin in the schools, illustrating the benefits and rewards of financial planning, voluntary savings and regular investment. "It's never too early to start saving".
Last Modified: November 29, 2002