Over the weekend I read the article below by Wendy Tuohy on Mums Still Find It Tough To Thrive In Workplace The reality of life for women, income and super is quite startling (more on that in future blogs and upcoming webinar/s).
We know that women on average have less income and super than men, but overall on average, neither women or men will be retiring comfortably on their super.
In the short-term women returning to work may not have much financial gain, certainly after the very costly childcare fees, and many do question is it worth it? Longer term though, there will be benefits in maintaining and developing your skills, confidence and current pay levels in employment.
Of course everyone’s circumstance is different, but I have seen women who have stayed at home for long periods of time and then struggled to get back into the workforce, due to major industry and role changes and their own confidence (these things though, we can work on). This also leads to lower-income upon their return to work, which ultimately means less super and less ability to invest.
These decisions need to be thought through not just from the short-term financial impact and the minimal income you may earn today. What will the longer term impact on your life choices, including future income, mortgage, investment and super?
How are we educating ourselves and our young adults on the implications of these choices before they happen?