ASIC is the Australian government agency with responsibility for financial literacy. This includes leading the National Financial Literacy Strategy 2014-17 which has a particular focus on women.
Research shows that many women are the family’s key money manager and often have to deal with a range of specific financial challenges.
In response to these challenges – as a result of variable workforce participation, longer life expectancy and lower average superannuation balances – we developed the Women’s Money Toolkit.
The toolkit is a free online resource designed to help Australian women manage their finances, make money decisions at key life stages and enhance their financial wellbeing.
This includes tailored and impartial financial guidance for life events such as having a baby, caring for others, buying a home, illness and disability, and family breakdown. The toolkit also has online tools to help women work out the financial impact that taking time out of paid work has in the short and longer term, and helps women manage that impact.
This year we will be adding new resources to the toolkit, including practical money guidance for women experiencing separation or divorce, and also budgeting assistance for women from a culturally and linguistically diverse background.
This work is part of ASIC’s objective to empower all Australians to manage their personal finances effectively, and to promote confidence and trust in the financial system.
The Women’s Money Toolkit is available on ASIC’s MoneySmart website at moneysmart.gov.au.
by Amanda Westcott, ASIC Senior Manager, Financial Literacy