No matter where you’re starting from, small steps can lead to big changes.
Despite progress over the years, women still face greater financial challenges than men. On average, women earn 21.8 percent less than men for the same hours*, leading to lower superannuation balances at retirement. Many also take time off work to raise children, impacting longterm savings and financial security in the event of a relationship breakdown.
However, by taking proactive steps such as seeking advice, budgeting, protecting assets and planning for retirement, you can build financial security and independence. Credit Union SA is committed to supporting you every step of the way, helping you make informed decisions for a brighter financial future.
Here are some of Credit Union SA’s tips to protect your money and build financial confidence…
Have the important conversations
No one enters a relationship expecting it to end, but planning ahead can safeguard your finances. Consider discussing how you will manage your income and expenses, whether you’ll have separate or joint bank accounts (or both), and how you’ll divide assets if the relationship ends. Open conversations early on can prevent stress later
Keep a separate bank account
A joint account can simplify shared expenses, but maintaining a personal account ensures financial independence. Having access to your own money provides security, especially if circumstances change.
Consider a financial agreement
A pre-nuptial or binding financial agreement outlines how assets will be divided if a relationship ends, preventing disputes and ensuring fairness. If you’re considering this option, seek legal and financial advice.
Call on the experts
Consulting a financial adviser or lawyer can provide guidance tailored to your situation. While trusted friends and family can offer perspectives, professional advice ensures you make informed decisions.
Find your supporters
Money conversations don’t have to be awkward — they can be empowering.
Talking with a mentor, a trusted friend, or a financial service provider such as Credit Union SA can build confidence and motivation. Many women face similar challenges and learning from others’ experiences can be invaluable.
Use the right tools
There are plenty of free resources available to help women take control of their finances. Some great places to start include the Moneysmart website for budgeting and investment guides. There are also plenty of books, podcasts and online courses that break down financial topics in an easy-to-understand way.
Take small, consistent steps
Even minor changes can have a significant impact over time. Start by setting up a budget to track your spending and creating a small emergency fund. Taking the time to learn about superannuation and investing will also benefit your long-term financial knowledge.
You don’t need to be an expert to make smart decisions with your money. With the right support, you can plan for the future, protect your assets and work towards financial independence
Credit Union SA is here to help you take control and create a secure future, one step at a time.
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Disclaimer: This article is intended as general information only and has been prepared without taking into account the personal financial situation, objectives or needs of the reader. Before acting on this information, you should consider its appropriateness, having regard to objectives, financial situation and needs. Credit Union SA Ltd ABN 36 087 651 232, AFSL/Australian Credit Licence Number 241066 * https://www.wgea.gov.au/pay-and-gender/ gender-pay-gap-data
