Women need better access to advice
There is a growing need for women to become better educated about money management matters and for them to get better access to information on preparing for retirement.
Wednesday, May 17th 2000, 12:00AM
James, a senior executive with BT Funds Management in Sydney, has just released the second edition of her highly popular book, The Woman's Money Book. She says that although women are doing better in the workplace, and in some instances have broken through the glass ceiling, they haven't kept up with men in their money management skills.
"Money management is a vital skill which women haven't mastered as well as men yet," she says. "I believe it's an essential tool for all women to be able to manage their money."
Research done in Australia that delved into how women prepared for retirement revealed some interesting information about their attitude to invest.
While it is universally accepted that on average women spend less time in the work force, they earn less than men and have a longer life expectancy, they also have are risk adverse.
That is they tend to put their money into income earning assets, rather than growth assets like shares.
Meanwhile in New Zealand, Anne Else and Susan St John say in their book A Super Future: The Price of Growing Older in New Zealand that there is anecdotal evidence that women do not receive the same quality of financial advice as men, and they warn that women should "watch out for patronising advice from male investment advisers."
They also suggest that women have impeded access to housing as an investment.
"Their incomes are generally lower, and their credit rating may be poor or non-existent, so obtaining finance...can prove difficult."
For more on Women and Money see the features section Special Offers
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