Poor Financial Literacy...
Updated: Sep 7
We can’t ignore the trend.
In light of statistics that reveal the number of Australian women over fifty facing homelessness has doubled since 2013, I want to delve into some reasons why.
Susie is a mother of three adult children, and at 60 years old, has been a stay-at-home mum since the birth of her first child 35 years ago. Her last child has since moved out, and Susie and her husband have decided to go their separate ways.
The problem is, Susie hasn’t had consistent employment for almost four decades. She worked casually for a couple of years at a jewellery store; however, has since given this up as she gets older and has begun to battle with movement and sight issues.
Susie’s husband has always been the breadwinner of the household. So, with no recent experience, qualifications, or knowledge of finances, Susie must move out, find accommodation at an affordable price, and secure employment in a drastically evolved workforce.
It’s not hard to picture how she ends up in a homeless shelter.
Where Susie went wrong is that she failed think of the future. She spent her life turning a blind eye to money matters, dependent on a man to manage the household finances.
This is one of the most common causes of homelessness. And it’s certainly not hard to see why women now dominate the homelessness statistics.
Susie, it seems, has become the trend for older women over 55.
Women who have dedicated their lives to raising their children and as a result, have had inconsistent employment, are among those who find themselves in severe economic crisis down the track. This trend is seen especially when marriage or relationship breakdowns occur, leaving them with insufficient finances to support themselves.
Imagine trying to secure a full-time, sustainable salary job with little to no qualifications and prior experience. Imagine trying to compete with a generation of young people entering the workforce with freshly minted degrees and all the latest technology know-how.
This is why every woman should empower herself through financial literacy and independence. It’s self-care and self-responsibility, ensuring you’re prepared for any curve ball that could be thrown your way in later life. Eventually, you have to start thinking about yourself, an incredibly hard thing to do when we spend so much of our lives worrying about our children and other loved ones.
After all, nothing is certain, nothing is set in stone. If circumstances leave you in the position of having to care for yourself, would you be able to manage?
If you’re feeling stressed by this point, there’s certainly actions you can take. I’d love for you to get in contact with me here, where I can personally recommend how you can best improve your financial management and literacy skills.
In the meantime, make an act of self-care and enrol in one of our subsidized financially literacy events in Melbourne or Sydney here!
It’s one small step like this that can be the beginning of a whole new way forward.