Free Financial Guidance For Women Over 50

27 August 2019

The Andrews Labor Government is helping improve the financial security of older women by supporting a free financial wellbeing kit which will be available across the state.

Minister for Women Gabrielle Williams this week launched the My Money Conversation Kit, created by the Women’s Information Referral Exchange (WIRE) – the only state-wide free information and referral service for Victorian women, nonbinary and gender-diverse people.

The Labor Government provided WIRE with $200,000 to develop and pilot workshops across Victoria to better understand the financial needs of older women. The My Money Conversation Kit was developed as a result.

The Kit includes a Guide with questions to uncover individual attitudes to money, tips on having difficult conversations, and advice on financial abuse as well as links to useful financial and government services. It includes an Organiser to bring all financial information together in one place.

Building confidence in money management helps reduce economic inequality. These skills are particularly important for women as they tend to live longer, earn less than men and face financial hardship as they age.

Financial hardship can be an obstacle to leaving an abusive relationship and women can also experience financial abuse, a form of family violence where perpetrators seek to control or remove someone’s financial resources.

Despite increasing workforce participation older women are paid less due to the gender pay gap of 9.3 per cent in Victoria and are more likely to be in casual or insecure work, increasing their risk of homelessness.

Women spend almost twice as much time as men in caring roles, reducing their workforce participation in Victoria to 12.5 per cent less than men. On retirement, the superannuation gender gap in Victoria is 44 per cent.

The My Money My Conversation Kit aims to help build women’s confidence to have conversations about money with family and friends, build financial literacy and grow more financially secure.

The Kit is funded under Victoria’s gender equality strategy, Safe and Strong. It is available on the WIRE website at Link or by calling WIRE on 1300 134 130.

Quotes attributable to Minister for Women Gabrielle Williams

“This toolkit is a simple but powerful tool to help women build financial skills and confidence – because you need to fully understand your own financial circumstances before you can change them.”

“Empowering women to create a more positive and informed attitude to money can have significant outcomes – such as creating the economic safety to leave financially abusive relationships.”

Reviewed 19 August 2020

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