woman in gray long sleeve shirt and black pants sitting on black chair

Aussie women -Stressed But Surviving

Financial stress affects most Australians, regardless of age, background, or gender. However, Australian women are feeling the pinch more than their male counterparts. In AMP’s 2022 Financial Wellness report, it was revealed that the number of financially stressed working Australian women has significantly increased from 19% in 2020 to 27% in 2022.

The Stressed Survivors: Women Feeling the Pressure

Australian women, as the report suggests, are often Stressed Survivors. They struggle to make ends meet, spend time worrying about finances at work, and feel unprepared for the rising cost of living. They feel tired, wiped out, and weary all the time, while men tend to be more satisfied and less worried about their financial situation. Despite their stress levels, women tend to be more productive at work

Retirement blues: Women’s Concerns for the Future

When it comes to planning for the future, women tend to expect a lower standard of living in retirement compared to men. Almost one in three women lack confidence in achieving their desired lifestyle in retirement. Women worry about not having enough money to retire, having to work longer than expected, not knowing how much money they need for retirement, maintaining their desired lifestyle, coping with unexpected expenses, relying on the Government to make ends meet, being able to help others, relying on others financially in retirement, and leaving a legacy.

Retirement Blues: Women’s Concerns for the Future

When it comes to planning for the future, women tend to expect a lower standard of living in retirement compared to men. Almost one in three women lack confidence in achieving their desired lifestyle in retirement. Women worry about not having enough money to retire, having to work longer than expected, not knowing how much money they need for retirement, maintaining their desired lifestyle, coping with unexpected expenses, relying on the Government to make ends meet, being able to help others, relying on others financially in retirement, and leaving a legacy

Taking Control of Your Finances: Tips for Women (and Men)

If you’re feeling overwhelmed by financial stress, there are ways to start taking control of your finances. Here are some suggestions:

Short-term Strategies:

  • Set targets for budgeting and saving.
  • Reward yourself for achieving financial goals.
  • Create feasible steps to manage your budget and write them down. This can help you prioritize and focus on your financial priorities.

Long-term Strategies:

  • Determine how much you need to maintain your standard of living in retirement and break it down into monthly payments.

    The Importance of Superannuation:

    • Your super could be your biggest asset after your family home, so it’s important to plan for it.
    • Start by getting closer to your super and understanding your current balance.
    • If you’re earning less than usual, take advantage of tax benefits like the low-income super tax offset and spouse super contributions.
    • Consider making extra contributions to your super if you have spare cash, taking advantage of super’s tax-friendly environment.

    Ask for help

    If you’re feeling overwhelmed or unsure where to start, seek guidance from financial experts. They can provide valuable advice and set you on the right path.

    Remember, taking control of your finances may be challenging, but it’s a step towards improving your financial well-being.

    Similar Posts