We don’t need to tell you that the gender pay gap is an undeniable force that dictates the finances (or lack thereof) of every Australian woman throughout their careers.
The Association of Superannuation Funds of Australia recently found that the average superannuation balance at the time of retirement is $292,500 for men and $138,150 for women. This means that men receive more than double the superannuation of women.
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Other research, from Monash University, has found that 34 per cent of single women over 60 are living in permanent income poverty, compared to 27 per cent of men.
While we’ve taken many steps forward to help breakdown structural gender barriers over the last century, a recent study by RateCity has shown that, even today, this inequality still trickles down into the household finances
Around two thirds of men (65.9%) are more likely to take the reins for household financial decisions, compared with less than half of women (47.2%). And, in news that shocks no one, only 4.6% of men think their partner is the financial “boss”.
Money is power, and men still seem to have it all, even when it comes to the home. So, what can we do to help make those figures more balanced? It’s time to take control.
The family mortgage is the biggest financial commitment many Australians will make in their lives.
One way we can help to make these figures more balanced is by examining whether you and your family could be paying less on your home loan.
While we’d never say that refinancing a home loan is the key to solving the gender pay gap; it is an important aspect of your household finances that could see you saving thousands every year if you take control of it now.
A lot of women are interested in refinancing, but keep putting it off, either because it seems too hard or will take too long.
RateCity has now made the refinancing process easier with the Switch & Save Sale, which is giving families the power to refinance to a cheaper rate.
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If you have a mortgage with the four big banks, you could save up to $39,000 over 15 years by refinancing during the Switch & Save Sale.
RateCity arrived at that figure after calculating how much borrowers would save if they switched from an average-sized mortgage from the average discounted variable rate offered by one of the big four banks to the lowest variable rate in the Switch & Save Sale.
RateCity then factored in the discharge fees, application fees and ongoing fees to work out the savings over a 15-year loan term.
This article is a submission via RateCity.