#MeTooForTheMoney – Open Letters to the Federal Minister and Shadow Minister for Women

My recent report “#MeTooForTheMoney – How to Beat the Gender Wealth Gap” had over 25 recommendations on how to beat the Gender Wealth Gap.

A large number of them require action by the Federal Government.  So I sent letters to both the Federal Minister for Women, the Hon Kelly O’Dwyer MP, and the Federal Shadow Minister for Women, the Hon Tanya Plibersek MP highlighting what the  Federal Parliament can do to help get financial equality for women.

You can access a copy of each letter below but in summary here are some of the changes that the Federal Government can make in order to help women beat the Gender Wealth Gap.

The key Changes the Federal Parliament can make include

• Changing superannuation legislation to:
  • Create couples joint superannuation accounts.
  • Pay superannuation on paid parental leave.
  • Remove the $450 monthly superannuation threshold.
  • Get rid of the contrived term of ordinary time earnings and pay superannuation on all income.
  • Put in place controls around insurance in superannuation to stop superannuation balances eroded by inappropriate and excessive insurance charges. In particular, insurance should be “opt in” and not “opt out”.
  • Remove the controls that see some people still not have a choice of fund over 10 years after legislation to do this was introduced.
  • Force the Superannuation industry to improve reporting by changing superannuation statements so they show what the dollar balance of superannuation held actually means as a monthly sum in retirement.
• Granting the Workplace Gender Equality Agency (WGEA) the powers to force both industries and employers with large gender pay gaps, to actually do something about it and not just have a token policy. The WGEA should name and shame the worst offenders.
• Work out cheaper and alternative child caring options.
• Get better fee and independence disclosures in place in the financial services sector.
• The Australian Taxation Office needs to step up and take a proactive role around reducing the number of people with multiple superannuation accounts and ensuring those lost and unclaimed superannuation accounts return to their rightful owner.
• Develop and deliver better financial literacy programs.
• Improving communication about the various incentives available to increase superannuation like the super co-contribution and salary sacrifice.

What can you do

Change does not happen without putting pressure on the right people.  That’s why I have sent these letters and I have copied in my local Federal Member.  if you too feel strongly about this issue, I recommend that you too send an email or letter to your federal member asking them the help.

That’s the only way we will get change not dominated by vested interests.

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Do you and your family a favour and start taking steps so you can improve the health of Your Wealth and get off the treadmill of working till you drop.

Wayne Wanders

The Wealth Navigator

wayne@thewealthnavigator.com.au

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