It’s no secret that there’s been a wage gap battle going on for as long as most of us can remember. It’s a topic matter that is frequently in the news, noting that women simply do not make as much money as men do. Due to this, women tend to find that they are fighting their own battle to stay ahead financially, while also having to contend with taking time off of work to care for children or other family members. When this happens, a woman’s super also suffers, making it difficult to not only build current wealth but to also plan for retirement. However, women are finding that they can help close the gap and create wealth by using financial planning.
Before we proceed into how financial planning can close the gap, it’s helpful to look at a few statistics to show that the gap truly exists. According to the Workplace Gender Equality Agency, the wage gap was 16.2% in 2016. What this means is that men tend to earn over $260 more per week than women do! Now let’s take a look at what you can do to close the gap and build your wealth.
- Work with a financial planner and create a plan as early as possible. While a financial planner can help you accomplish financial tasks such as creating a budget and learning how to save, he or she can also look into obstacles that you face – in this case, potential lesser earnings over your lifetime. For example, a good financial planner can offer you tips on how to stay on track when you do have to take time off of work for having children or facing single motherhood.
- Making investing part of your financial plan. Investing is a complex financial matter. While it can lead to wealth, no two people are alike in their financial goals or situations. Due to this, seeking out a financial planner when investing is highly recommended so that investment decisions can be made that apply directly to you.
- Figuring out the best course of action with your super. While women often take time off work to have and care for their children, there are ways that your super can continue to grow. For example, making a salary sacrifice during your working years to make up the gap, splitting your super with your spouse, and making out of pocket contributions can all help fill the gap.
- Close the gap by knowing what you’re worth. In many instances, the wage gap exists because workers aren’t certain of what they should be getting paid for the job that they do. However, a website like Hays can help you determine if you’re getting paid fair wages for your profession.
Closing the wage gap can be as simple as doing a little research and investing in a qualified financial planner. The sooner you start planning, the more time you’ll have to reach the financial goals that you want to achieve.
We are here to help. Contact The Farm Protectors today.