Wealth Creation through Superannuation

May 22, 2024

Women Wisdom and Wine – 21 May 2024

A small but invested group gathered to hear BPW’s own Deb Johnson present for the May “Women, Wisdom and Wine” event of the series. This month saw the first in our series of events specifically aimed at empowering women to secure their financial futures! 

By the end of the presentation the message was heard loud and clear – it is never too late for women to make a significant difference to what they will have to retire on. The biggest “ah ha” moment from everyone in the room was just by investing that little bit more into Superannuation now will render a massive difference at retirement age.

For those that missed out, Deb has generously pulled together some of the key lessons and resources she talked about which will help you master the basics of personal finance, including budgeting, saving, investing, managing debt and financial planning:

  1. Start with the basics: Begin by learning the fundamentals of personal finance, such as budgeting, saving, and managing debt. The MoneySmart website, run by the Australian Securities and Investments Commission (ASIC), is an excellent resource that offers a range of tools and information to help individuals improve their financial literacy.  The best bit, there is no advertising or sales pitch as it’s run by the government.
  2. Read books and listen to podcasts: There are many excellent books, blogs and podcasts on personal finance that can help you improve your knowledge and skills. Here’s a few to get you started:
    1. Finance Books: Barefoot Investor by Scott Pape, Master the Money Game by Tony Robbins, Mindful Money by Canna Campbell, Girls Just Wanna have Funds by Molly Benjamin.
    2. Australian personal finance blogs include Money Magazine, Barefoot Investor, and My Millennial Money. 
    3. Money Podcasts include She’s On the Money, Small Change,The Pineapple Project, Fireplay, Financial Feminist and Money Please.
  3. Attend financial literacy classes and workshops: Many community organisations, such as BPW, and financial institutions offer free or low-cost financial literacy classes and workshops. Check out local community centres or libraries, or contact your bank to see if they offer any financial literacy programs. Otherwise there are private organisations like SkilledSmart, Rask Media and the Greenhouse that run online financial literacy courses.
  4. Use financial tools and apps: There are many financial tools and apps available that can help you manage your money, track your spending, and set financial goals. Some popular options include ANZ Financial Wellbeing, WeMoney, Frollo, MoneyBrilliant, YNAB, MoneySmartCars, and Splitwise.
  5. Seek advice from financial professionals: Put the experts to work! Who you should talk to will vary depending on what you’re doing but experts that you may want to consult include financial planners, money coaches, mortgage brokers, insurance brokers, lawyers and accountants.
  6. Stay informed: Keep up-to-date with financial news and developments by reading reputable news sources and staying informed about changes to laws and regulations that may impact your finances. Some of these include the Australian Financial Review (AFR) and Money Magazine.

Deb emphasised how financial illiteracy has disadvantaged women everywhere, in so many different ways, and how working on improving our own financial literacy is a wonderful act of self care. Why? Because of the profound impact it has on your overall wellbeing and quality of life. It leads to better financial decisions, more prosperous financial outcomes, greater security and more agency and autonomy in your life

Wealth Creation through Superannuation

May 22, 2024

BPW Coffs Coast Stands Strong for Equal Pay Day

On Monday 19th August, BPW Coffs Coast proudly marked Equal Pay Day with an event that was not only informative but also engaging and thought-provoking. Where better to host such a significant event than at one of Coffs Harbour’s most iconic landmarks—the Big Banana, a beacon along the Pacific Highway between Sydney and Brisbane. It was a night designed to spark curiosity, provoke conversation, and raise awareness about the persistent gender pay gap in Australia.

To kick off the evening, Lindsay Russell, Marketing Manager at the Big Banana, along with Ed Martin, made sure we captured stunning photos and videos of the Banana bathed in a bold shade of red. The red lighting was chosen by the Equal Pay Day Alliance to symbolize the call for urgent action on closing the gender pay gap. It made for a powerful backdrop as attendees gathered to shine a light on this critical issue.

The evening’s agenda moved forward with a quiz led by Sofia Ellington and Deb Johnson, testing participants’ knowledge of the key facts surrounding Equal Pay Day. This interactive segment opened up lively discussions as attendees were confronted with the hard realities behind the gender pay gap. By the end of the session, everyone had learned a sobering fact: despite Australia’s laws mandating equal pay for over 50 years, women still face significant barriers to financial equality. In fact, due to the gender pay gap, women worked an additional 50 days for free by the close of the 2023-24 financial year.

But the night wasn’t just about numbers and policies. Deb Johnson guided us through a powerful exercise that brought the issue closer to home. Participants reflected on how the gender pay gap had personally impacted their lives, highlighting how factors such as child-rearing, lack of parental leave, and unpaid superannuation have created lasting financial disadvantages for women—both now and into retirement. The collective realisation was clear: the pay gap doesn’t just affect women, it impacts society as a whole.

The event also attracted the attention of professionals keen to address the issue head-on. The Human Resources Manager from the Big Banana was in attendance and was astounded by the stark pay disparities that exist in large corporations, especially within the finance sector. Meanwhile, a younger staff member from the Big Banana expressed her gratitude for the newfound awareness she gained about equal pay and how she can navigate her career with this knowledge in mind.

Prominent local executive coach Blyde Neser spoke on the importance of equipping both men and women with the skills to negotiate salaries effectively, emphasising the need to instill confidence in the process. Financial literacy advocate Nicole K. Martin also raised concerns about the widespread lack of knowledge, particularly among women, when it comes to personal finances and planning for the future.

As part of an international organization advocating for women’s rights in the workplace, BPW Coffs Coast remains resolute in its commitment to closing the gender pay gap. As founders of the Equal Pay Alliance and hosts of Equal Pay Day, BPW Australia continue to push for change through education, advocacy, and mentorship.

Sign up to hear about our ongoing activities to bridge the gap and ensure that future generations of women are empowered to achieve the financial equity they deserve.

Joining BPW Coffs Coast is a great way for women to meet, network and socialise with other women who want to see gender equality and work positively towards this aim through projects, research and informative meetings and workshops.

We are a community of women who focus on finding ways to end gender inequity. Our members share an interest in the issues that affect women who are working or aspire to work in Australia and around the world today. Sign up and connect with us. 
Facebook Instagram Linkedin Envelope

M: 0403 068 169 (Personal) | E: hello@bpwcoffscoast.com.au | W: www.bpw.com.au/CoffsHarbour | F: Facebook.com/BPWCoffsHarbour |. T: @bpwcoffsharbour