Hey Verve, why do we need a women’s super fund?

Author Lily Spencer
Posted on 30 November 2018
Hey Verve, why do we need a women’s super fund?

It’s nearly 2019.

We all want women to be paid the same as men and ensure no one has to retire in poverty because they took time out to raise babies or care for loved ones. We want to have our money invested in great companies we can celebrate, and we don’t want to be funding the industries harming our community or planet. And we don’t believe women should have to rely on a partner for a secure and comfortable retirement.

But the stats aren’t great. Women are still being paid substantially less than men over the course of our working lives (more than 20% on average, like working one day per week for free). Women then retire with just under half the superannuation of men, but live an average of five years longer *1. And today, the fastest growing demographic of people experiencing homelessness in Australia are women over the age of 55 *2.

Women face an uphill battle towards sufficient retirement savings. We’re also less likely to seek out financial advice, in part because we collectively distrust our financial services more than any other industry. As the Banking Royal Commission has shown us, we’re not wrong to distrust them; the system is in bad shape.

At Verve, we know that the reasons behind the retirement savings gap are complex. That’s why we believe it will take a dedicated effort to solve. We saw the need for a super fund with trust, community and service at the core. A fund that could speak with women, not at them. We wanted a super fund that had Verve.

Here are the reasons why it’s time for Verve Super.

    1. We’ve reclaimed our social power, now it’s time to build our financial power. Australian women have over $1 trillion in superannuation. That’s an enormous amount of money, that if invested collectively could grow the companies and industries building a bright future for women, our community and planet. It’s time we had a vehicle for financial power, in the form of a women’s super fund, to make our distinct mark and influence over the financial sector and the world we build. As one social impact investor says: “The data is overwhelming that investing in, by, and for women accelerates social change and drives return. *3
    2. Designed by women, for women. Men lead 93% of financial service companies. Australia’s superannuation system was designed decades ago by men to meet the needs of their primary customers – also men. ‘Gender neutral services’ developed by the industry still often fail to understand and meet the needs of women. As a result, women are too often poorly served and disengaged.Verve aims to tackle engagement as one of the greatest barriers to women’s financial knowledge and confidence. Through tailoring our services to women, including free financial coaching, resources, webinars and online dialogue through our Facebook group, “Women with Verve Talk Money and Life,” Verve is getting women involved and in control of their financial health like never before.
    3. A real voice to fix the super problem.It shouldn’t be on women to fix a financial system that wasn’t designed with our lives in mind. We need fairer super policies for women, both from government and industry. Solutions include national legislation, better pay equity and rethinking how we structure and reward work (including raising children, running households and caring for our loved ones).Verve brings a strong and dedicated financial voice to the table, on behalf of our members and women everywhere. Together with our members we’re meeting with politicians, engaging with companies and promoting real solutions to shift our economic policies and our thinking. Women already do incredible work, both inside and outside the home. Together, we’ll drag our financial system into the 21st century.

It’s time for super that’s designed for you.

Our team have spent their careers growing women’s financial power and equality. We only work with industry partners who share our vision and ethics. Our diverse fund management team have a strong track-record of high performance in ethical investment. Our promise to you: we will continue listen, learn, serve and provide radical transparency. We are your financial partners for life.

 

*1 – Women retire with 47% less super than men – A 2017 Australian Services Union/Per Capita Report
*2 – https://streetsmartaustralia.org/seventy-and-homeless-for-the-first-time-the-rise-of-older-womens-homelessness/
*3 – https://ssir.org/articles/entry/mainstreaming_gender_lens_investing