Description

In this episode, Dr Bronwyn Bruce joins Jenny to talk about superannuation, the relationship between retirement savings and financial wellbeing, why superannuation as it's currently designed doesn't always work as well for women, and why it is important for women of all ages to engage with their superannuation to feel more in control and to build financial security.

About Dr Bronwyn Bruce

Dr Bronwyn Bruce recently completed her PhD which centred on the consumption behaviour and financial wellbeing of Australian millennial women, with a specific focus on superannuation. She is currently working as an academic at RMIT University where she teaches and conducts research in the School of Economics, Finance and Marketing.

Takeaways

• Superannuation is about future-proofing your life and making small sacrifices today for a better future.
• Engaging young people, especially women, in thinking about superannuation is challenging due to hyperbolic discounting and a lack of awareness about the long-term benefits.
• Financial literacy is about knowing, while financial capability is about taking action and exhibiting the right behaviours.
• Financial wellbeing encompasses having enough money for today and the future, as well as aligning financial decisions with personal values and priorities.
• The education system should focus on teaching financial literacy from a behavioral perspective, rather than just a mathematical one, to address the emotional and irrational aspects of financial decision-making.
• The gender super gap is a significant issue, with women facing systemic disadvantages that result in lower superannuation balances.
• Financial education and awareness are crucial in empowering women to make informed decisions about their finances, including superannuation.
• Podcasts and social media platforms can play a valuable role in providing accessible and relevant financial information to women.
• Resources such as ASIC's MoneySmart website and personal finance podcasts can provide valuable information and guidance.

Keywords: superannuation, finance, financial literacy, financial capability, financial wellbeing, retirement planning, predatory lending, financial education, awareness, women, superannuation, gender super gap, systemic disadvantages, accessible financial advice, podcasts, social media, informed financial decisions, financial advice, self-efficacy.

Disclaimer: It's Not About The Money provides factual information only and is not intended to be financial advice, legal advice or tax advice, and should not be relied upon as such. The information is general in nature and may omit detail that could be significant to your particular circumstances. The information is provided in good faith and derived from sources believed to be accurate and current at the date of publication. While all care has been taken to ensure the information is correct at the time of publishing, superannuation and tax legislation can change from time to time and we are not liable for any loss arising from reliance on this information, including reliance on information that is no longer current.  We recommend that you seek appropriate professional advice before making any financial decisions.