Today is International Women’s Day, a global day celebrating the social, economic, cultural and political achievements of women. This year’s campaign, #PressForProgress, is a call to action for accelerating gender parity. And this new partnership ticks all these boxes.
FlexCareers is changing the way careers work by redefining success, rewriting talent management and realigning workplace expectations with the workforce of today. And we choose to showcase this by partnering with businesses making a difference. Businesses, where women are given equal opportunities to men and the gender equality debate, is tackled head-on. This is why our partnership with Human Super is a big deal for us.
Have you ever thought about your retirement and what it may look like? I admit I really haven’t but I would like to think it would be an extension of my life today – minus the little kids and money worries. A life of travelling when I feel like it, having a nice apartment to lock up when I do, visiting the kids wherever they are, shoes, clothes, remaining active, chilling with friends … all the good stuff that makes my life meaningful today.
Yet for many women, achieving financial independence and maintaining a reasonable standard of living can be a concern, as women generally earn less than men. And despite experience with household budgets, women can still doubt their ability to manage money and have trouble finding trusted independent financial information. And for many young women, not only can lower financial literacy be a hurdle for young women wanting to make the most of their super, superannuation can be an abstract concept with saving for retirement, not a priority.
The 2015 ANZ Survey of Adult Financial Literacy found women were more likely than men to find dealing with money stressful, and from age 28 were less financially knowledgeable and less well-informed than men. More than a third of women under 35 were uncertain when it came to assessing the performance of their superannuation account. In addition, women face unique challenges when it comes to retirement savings. Lower pay, time out of the workforce to raise children, or running a single-parent household, can make it challenging to build a reasonable amount of super.
What if it didn’t have to be that way? What if there was a company whose mission is to help women become financially educated and help close the gap between men and women’s retirement plans?
There is! Human Super is a super fund crafted for women. They are helping women minimise the superannuation gap, recognising that women make-up 51% of the Australian population and retire with 58% as much as men. Human Super uses customised data-driven information to encourage women to contribute more, more often.
The company, headed by their CEO Pascale Helyar-Moray, was established after the birth of her twins – a boy and a girl. Why? Pascale realised that at some point she would need to sit down with her children and explain to her daughter that not only is she going to earn 85% of what her brother earns but she will retire with significantly less than him too ($290,000 to his $500,000).
And that just doesn’t make sense, at any level. I have not one, but two daughters, for whom I need to try and level the playing field. And every member of Human Super has their ‘why’ – for their wives, sisters, mothers and themselves.’
Pascale has put together a strong team at Human Super who all share the belief the status quo needs to be changed. That must be done by empowering women to minimise their superannuation gap while working with businesses and government to change it.
What does this mean for our FlexCareers community? It means that we will be sharing lots of great resources, access to workshops, tips and information about superannuation, spending habits and blogs to help all of you feel empowered and equipped to make the changes you want to make. Help you create a better future!
About Human Super
Human Super is a company in female-focused superannuation services. We recognise the fact that women are different (e.g. they live longer), have different needs (e.g. different risk preferences) and operate in a different context (they face gender pay gap and take career breaks when they have kids). Those differences need to be taken into account when designing a superannuation product.