Related Research & Reports

  • Share:
  • Text Size:
  • A
  • A
  • A

International Women's Day 2018

Posted to Financial Capability on 08-03-2018

Diane Maxwell 2018 Int Womens Day Latitude talk web 1

Women need to be less compassionate when it comes to finances and more hard-nosed about money, said Retirement Commissioner Diane Maxwell at a speech to mark International Women's Day on March 8, 2018.

Speaking to women and men staff members of Latitude Financial Services in Auckland, Maxwell says women often fall into a trap of feeling sorry for someone in financial strife and going guarantor for friends, family and colleagues. If the borrower defaults the guarantor is left with the debt.

"Men, on the other hand, will say `Yeah, nah, I’m not going to go guarantor for you on that.' Women need to lose the compassion and think about their own financial future. You can't trust karma to pay the bills down the track."

This extended to a tendency for some women to believe that "the universe will provide" and not planning for bumps in the financial road, or retirement. New Zealand's ageing population meant that in 20 years the cost of superannuation will have more than tripled from $13 billion today to $42 billion, and there will be significantly fewer workers to pay for it – there are currently 4.4 people aged 15-64 for every person 65+, and by mid-century that is projected to fall to about 2.4

"The brutal truth is that we don't want today's young women, daughters and granddaughters, to reach retirement with nothing. They need to own their financial future."

Asking for a pay rise was an example of how women treated their worth differently to men. "I've had a lot of men over the years ask for a pay increase, but women hardly at all. You need to know your market value, plan an explanation of why you're worth more than you’re getting. Then you can walk into that meeting confident, prepared and self-aware."

Women are more likely than men to say that money doesn't matter to them "but what it buys you does matter. It buys you a car that won't break down, life insurance to protect your whanau, or that holiday with the kids that means so much."

Maxwell advised women to read widely to improve their baseline knowledge. "That will improve your employability, your market value, and your pay."


Next: 68 in 2038 - how to be financially secure

Related News

65 plus woman generic thumb

68 in 2038 - how to be financially secure

01-08-2018

Investment scams generic thumb

Investment scams - a cautionary tale

25-07-2018

Stuff photo TrueCall story thumb

Scam-call blocking device to be trialled by CFFC

11-07-2018

logo Defence Force

CFFC helps Defence Force get fighting fit financially

10-07-2018

Diane Maxwell 1 thumb

KiwiSaver law changes adopt Retirement Commissioner’s recommendations

02-07-2018

ActNowAgeLater thumb 2

Ageing workforce white paper highlights the need to act

29-06-2018

New vacancy: Kaitakawaenga – Student Financial Capability

27-06-2018

Bronwun Groot 300px thumb

Elder Abuse Awareness Week

19-06-2018

Summit 2018 videos thumb

Video stories from Summit Workshops

18-06-2018

CFFC Summit Minister 1 thumb

NZ Financial Capability Summit 2018

13-06-2018

New vacancy: Operations Manager

07-06-2018

New vacancy: Programme Administrator - Full Time

31-05-2018

ANZ research launch 2018 thumb

Diane Maxwell helps launch ANZ research report

20-04-2018

David Boyle thumb

KiwiSaver fees - are you getting your money's worth?

15-04-2018

New vacancy: Learning and Development Manager

28-03-2018

KiwiSaver fees to be shown in dollar figures for first time

27-03-2018

Alexander by Tef6

A train ride conversation about wills

17-03-2018

New vacancy: Research Analyst

16-03-2018

New KiwiSaver glossary released

07-03-2018

Why endings can equal new (financial) beginnings

15-01-2018

New vacancy: Programme Delivery Coordinator

10-01-2018

rsz efks graduation 1

Pacific pride and joy at financial capability graduation

15-12-2017

KiwiSaver and why 'blah, blah, blah' can end in tears

24-10-2017

Five easy steps to foil the scammers

04-10-2017

Confusion reigns on member tax credits

30-08-2017

diane event

The juggling’s over

18-07-2017

barbie ken hub

A double win for CFFC at 2017 IPANZ Awards

10-07-2017

Music to your ears or singing the blues?

20-06-2017

Life, lyrics and longevity

14-06-2017

How much will NZ Super cost in the future?

24-04-2017

Buying A Home guide

Buying a home?

28-03-2017

Ageing well

21-03-2017

Have your say on financial advice legislation

17-02-2017

hey sorted bot robot

New babybot takes on KiwiSaver

16-02-2017

RV 2016

Forum addresses retirement village issues

21-11-2016

Maori Moneyweek 1 Shilling

Māori Language Awards finalists

15-11-2016

banner 1090827 1920

KiwiSaver myth busters roadshow rolls into town

08-11-2016

Commission for Financial Capability facilitators

Mission Possible: Helping New Zealanders get sorted

05-10-2016

guide investing

Financial advice review

18-07-2016

CFFC RV Booklet 2016 thumbnail

New-look Retirement Villages Guide

04-07-2016

nat strat ladies

How older people can protect their finances

15-06-2016

Changes for SuperGold public transport fares

02-06-2016

piggy bank 1270926 640

KiwiSaver hits and myths

29-04-2016

hm show me money

KiwiSaver – what would you do?

27-04-2016

boat 825110 1280

Bach, boat & BMW dream gone wrong

06-04-2016

i gave away a ferrari

'I gave away a Ferrari'

05-04-2016

mouse on shell with ukulele

Why the mouse had to go

01-04-2016

cflri16

Police improve their financial know-how

12-02-2016

NZ Retirement village

Retirement Villages Dispute Panel chosen

10-02-2016

Wellington Central 3

Join our survey

05-02-2016

help

Getting over the barriers to financial advice

10-12-2015

wine 504494 180

A wine cellar or a hoverboard?

04-12-2015

coins 948603 180

Have your say on financial advice laws

04-12-2015

vt

National award for Pasifika programme

27-11-2015

duncan garner cffc

Don't wait for tomorrow: Duncan Garner

20-11-2015

carly head

Carly Flynn's recipe for retirement

17-11-2015

mike chunn

Save it Strange: Mike Chunn

09-11-2015

ingrid hipkiss tv3 for cffc headshot

Weather woman Ingrid Hipkiss' forecast for the future

03-11-2015

IMG 1541

Regional workshop for retirement village residents

30-10-2015

road sign 63983 180

Retirement village disputes

20-10-2015

NZIFA logo

Survival Kit Challenge - are you prepared for retirement?

16-10-2015

SuperSeniors NZ logo

SuperSeniors website launched

18-09-2015

Commission for Financial Capability

Commission teams up with NZ Defence Force to build financial capability

04-09-2015

Tamaki - Sorted community financial capability programme

Little steps that lead to lifelong changes

03-09-2015

invested.co.nz launch

Invested in the future: helping New Zealanders get to grips with investing

02-09-2015

Older couple at the ocean

KiwiSaver and beyond – turning a lump sum into a smooth income

01-09-2015

cffc summit front line panel

CFFC Summit videos: From the front lines

27-08-2015

savvykiwi imagery

Get savvy about switching

26-08-2015

elaine kempson cffc summit

CFFC Summit videos: Elaine Kempson and Deborah Battell

18-08-2015

news survye thumb

Life after work - ready or not

12-08-2015

header ladies

Forum to address Retirement Villages Disputes Process

10-08-2015

news summit videos

Catch up on videos from the CFFC Summit 2015

30-07-2015

summit image stage

CFFC Summit 2015 documents available for download

06-07-2015

govt statement cover

Government endorsement for financial capability

03-07-2015

NEWS RVSeminars

New Association for Retirement Village Residents

26-06-2015

NEWS INVESTORED

Turning retirement savings into income

26-06-2015

summit news

Financial Capability Summit

04-06-2015

news rv teaser

Seminars rapidly filling up

25-05-2015

news comp teaser

View From The Top

20-05-2015

Our call for catchy names

04-05-2015

Commission provides KiwiSaver information at HomeStart roadshows

22-04-2015

Kiwis urged to pick up their big five hundy

14-04-2015

Interest rate rises will squeeze some household budgets

13-03-2014

Related Research & Reports