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FRIDAY DRINKS: The Gender Pay Gap & The Patriarchy · She's On The Money

• 0:00
  Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
• 0:04
  Speaker 1: the Order, Kernie Whoalbury and a waddery woman. And before
• 0:08
  Speaker 1: we get started on She's on the Money podcast, I
• 0:11
  Speaker 1: would like to acknowledge the traditional custodians of the land
• 0:14
  Speaker 1: of which this podcast is recorded on a wondery country,
• 0:18
  Speaker 1: acknowledging the elders, the ancestors and the next generation coming
• 0:22
  Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing
• 0:27
  Speaker 1: and the storytelling of you to make a difference for
• 0:30
  Speaker 1: today and lasting impact for tomorrow.
• 0:33
  Speaker 2: Let's get into it. She's on the Money.
• 0:36
  Speaker 3: She's on the Money.
• 0:57
  Speaker 2: Hello and welcome.
• 0:59
  Speaker 4: Just She's on the Money the podcast for millennials who
• 1:02
  Speaker 4: want financial freedom my friends. Today, unsurprisingly is Friday, which
• 1:07
  Speaker 4: means it is time to sit back with the girls
• 1:09
  Speaker 4: with a bev in hand, to unpack our favorite moments
• 1:12
  Speaker 4: of the week and of course to always celebrate you
• 1:16
  Speaker 4: ow incredible. She's on the Money community. As always, we're
• 1:19
  Speaker 4: going to be sharing our favorite money wins. We're going
• 1:21
  Speaker 4: to discuss what's making news in the finance world, and
• 1:24
  Speaker 4: this week we're going to be helping to answer a
• 1:26
  Speaker 4: juicy money question. This week all about the first Home
• 1:29
  Speaker 4: Super Savor scheme, but before we get there, it is
• 1:33
  Speaker 4: time to recap the week that was. As always, Miss Jizigerichi,
• 1:37
  Speaker 4: what happened on Monday.
• 1:39
  Speaker 5: This week's diarist was kind of an interesting look at
• 1:43
  Speaker 5: the experience from both sides. So she grew up in
• 1:45
  Speaker 5: a really privileged family. However, in her I think it
• 1:49
  Speaker 5: was her teenage years, they lost their income, they lost
• 1:53
  Speaker 5: their success, and she found herself on the other side
• 1:56
  Speaker 5: of things where she was all of a sudden going
• 1:59
  Speaker 5: from being really privileged to living a much more difficult life.
• 2:03
  Speaker 5: And as it was very interesting to hear from her
• 2:05
  Speaker 5: how that impacted her money story because now she says,
• 2:08
  Speaker 5: as an adult, her career and her stability is something
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  Speaker 5: that she really really valued, which I thought, you know,
• 2:14
  Speaker 5: sometimes we talk about how when you grow up with privilege,
• 2:17
  Speaker 5: sometimes you don't see the value in things, and so
• 2:19
  Speaker 5: that experience kind of had the opposite impact where she said,
• 2:23
  Speaker 5: you know, sometimes that's what she's thinking about, is the
• 2:26
  Speaker 5: security and making sure that she's set up because she
• 2:29
  Speaker 5: never wants to find herself back in that position that
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  Speaker 5: she first was in when she was younger.
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  Speaker 3: That sounds juicy j Rix so interesting hearing from both sides,
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  Speaker 3: like having been through both.
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  Speaker 2: It was really interesting.
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  Speaker 5: And as an adult, she works as a work cover
• 2:43
  Speaker 5: case manager, so it really came through how empathetic she
• 2:46
  Speaker 5: was and how much she cared about ensuring the security
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  Speaker 5: of the people she was helping as well because she
• 2:52
  Speaker 5: kind of knew what it was like to be in
• 2:53
  Speaker 5: a tough spot, which I thought was really special on
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  Speaker 5: that Jess.
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  Speaker 3: In a couple of weeks time, we actually have a
• 2:58
  Speaker 3: deep dive coming up all of financial trauma, so I
• 3:01
  Speaker 3: feel like that could kind of be a nice complimentary
• 3:03
  Speaker 3: piece to that money diary.
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  Speaker 2: Oh, I'm excited to listen coming up. Speaking of Wednesday episodes,
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  Speaker 2: Miss Georgia King, Yes, what happened.
• 3:12
  Speaker 3: We spoke about the very exciting theme of recession, which
• 3:17
  Speaker 3: was terrifying, but I think we bashed it out. We
• 3:21
  Speaker 3: understood that it's not that scary. It's a little bit scary,
• 3:24
  Speaker 3: but that's.
• 3:25
  Speaker 2: Scary, Georgia King.
• 3:26
  Speaker 4: We've been doing this for so long, it's not scary.
• 3:29
  Speaker 4: We just don't have enough information.
• 3:30
  Speaker 3: Yet exactly right. So hopefully that kind of gave people
• 3:33
  Speaker 3: some clarity. And then next week on the show, we're
• 3:36
  Speaker 3: actually talking about preparing your finances and yourself for the
• 3:40
  Speaker 3: looming recession. We think it's looming. It's not confirmed because
• 3:43
  Speaker 3: we can't actually predict these things.
• 3:44
  Speaker 2: Am I right for you?
• 3:46
  Speaker 4: But some really smart economists are saying it's coming, But
• 3:49
  Speaker 4: in saying that, our politicians are like, no, no, no,
• 3:52
  Speaker 4: don't worry. Don't worry, guys. So who are we going
• 3:54
  Speaker 4: to believe? The politicians or the economists.
• 3:57
  Speaker 3: I'd go with the economists, yeah, but.
• 3:59
  Speaker 4: Like unbiased because I just like stats in facts and
• 4:02
  Speaker 4: data and not people pleasing so strange.
• 4:05
  Speaker 3: So just to make that really clear, guys, the best
• 4:08
  Speaker 3: way to listen to the episodes we have coming up
• 4:10
  Speaker 3: is to start with this week's because that explains what
• 4:12
  Speaker 3: a recession is, what the GFC was. It provides that context,
• 4:15
  Speaker 3: got the base. Next week we're going to be telling
• 4:17
  Speaker 3: you exactly how you can navigate the rocky waters ahead
• 4:21
  Speaker 3: rocky waters that's right expression.
• 4:23
  Speaker 4: But we know what I mean, I know what We're
• 4:25
  Speaker 4: gonna take it all right, Moving on from the week
• 4:28
  Speaker 4: that was in the She's on the Money Office, I
• 4:30
  Speaker 4: want to know about that She's on the Money community.
• 4:32
  Speaker 4: Can you share with us some of your budget direct
• 4:34
  Speaker 4: money wins.
• 4:35
  Speaker 2: What have you got this way?
• 4:36
  Speaker 3: Because I can some absolute crackers as usual, ladies. The
• 4:39
  Speaker 3: first win of the week it comes from Sarah money Win.
• 4:42
  Speaker 3: I was cleaning out my cupboard and found an old
• 4:45
  Speaker 3: going out bag I'd forgotten about and it had two
• 4:48
  Speaker 3: hundred dollars cash.
• 4:49
  Speaker 2: Hundred dollars. It comes home from a night out with
• 4:51
  Speaker 2: two hundred dollars in impressive. It's very impressive. Nobody does that.
• 4:56
  Speaker 3: What a money win, huge money mean and the bonus
• 4:58
  Speaker 3: wit of finding your old going out bad we I
• 5:00
  Speaker 3: love it. The next wind comes from Selini. I found
• 5:03
  Speaker 3: a huge monsteria plant hidden at the back of the
• 5:05
  Speaker 3: nursery for less than half the price of what it
• 5:08
  Speaker 3: usually is for for that size.
• 5:10
  Speaker 2: Twenty five dollars for a monster hot deal. Very nice,
• 5:15
  Speaker 2: very nice.
• 5:16
  Speaker 3: The next wind comes from Gemma money Win. I entered
• 5:18
  Speaker 3: a competition to try, review and keep a Barista coffee
• 5:22
  Speaker 3: machine worth nearly one thousand dollars, and I completely forgot
• 5:26
  Speaker 3: about it and came home from working a thirteen and
• 5:29
  Speaker 3: a half hour nursing shift to a large delivery. I
• 5:32
  Speaker 3: thought maybe I had a secret Admira, but turns out
• 5:35
  Speaker 3: I won the competition.
• 5:37
  Speaker 4: How is that.
• 5:39
  Speaker 2: Got to be in it to win it?
• 5:40
  Speaker 3: That's it, Well done to you, Gemma. The next wind
• 5:43
  Speaker 3: comes from Rachel. I found no limit street parking seven
• 5:46
  Speaker 3: hundred and fifty meters from my work. That means I
• 5:48
  Speaker 3: saved twelve dollars fifty a day and I'm getting some
• 5:51
  Speaker 3: extra steps in.
• 5:52
  Speaker 2: That's huge. That is huge.
• 5:54
  Speaker 4: I love when you get extra steps. I make my
• 5:56
  Speaker 4: team get extra steps by walking places. But since we
• 5:59
  Speaker 4: went overseas, Jess, I reckon, we need to use those
• 6:02
  Speaker 4: line scooters more often.
• 6:04
  Speaker 5: They were very fun.
• 6:05
  Speaker 2: I don't need steps if I'm on a scoop.
• 6:06
  Speaker 3: Did I tell you guys that Harperbroke is wrists on
• 6:08
  Speaker 3: one of those.
• 6:09
  Speaker 1: No?
• 6:10
  Speaker 3: Yeah, but he was drunk and it was two thirty
• 6:12
  Speaker 3: as kind deserved it four half, very harp. The next
• 6:17
  Speaker 3: weeing it comes from a net money win. I got
• 6:19
  Speaker 3: a free bus ride to my book club's dinner as
• 6:21
  Speaker 3: the Mikey readers were all broken. How good is that?
• 6:24
  Speaker 2: We love a.
• 6:24
  Speaker 4: Broke We love tore the money on our Mikey cuds
• 6:27
  Speaker 4: as well. So I feel like it drains all the time.
• 6:29
  Speaker 4: I feel like it's every second day. I have automatic
• 6:32
  Speaker 4: like top ups on right, and I feel like I
• 6:34
  Speaker 4: get a notification from Mikey like daily being like I
• 6:37
  Speaker 4: have tapped.
• 6:38
  Speaker 2: Stop it, stop taking my money.
• 6:42
  Speaker 3: The next wind comes from Audrey money whin. I landed
• 6:45
  Speaker 3: a full time job. Well done, Audrey. The next one
• 6:49
  Speaker 3: comes from Amara. I started door dash this weekend. I
• 6:52
  Speaker 3: worked six hours on and off and I earned almost
• 6:55
  Speaker 3: three hundred dollars forty four dollars an hour, She's said,
• 6:58
  Speaker 3: and she was really proud of herself.
• 7:00
  Speaker 2: I was really proud of her. I didn't know it
• 7:02
  Speaker 2: was lush.
• 7:03
  Speaker 4: I mean, I'm pretty sure it's all about like capacity,
• 7:06
  Speaker 4: like if you're doing a few deliveries, but you might
• 7:08
  Speaker 4: like sign in sometimes and like not be able to
• 7:11
  Speaker 4: get that many because people aren't ordering that many burgers.
• 7:13
  Speaker 2: So I think it's dependent. But like that's pretty good, and.
• 7:16
  Speaker 4: On average that would equal out to a nice amount
• 7:18
  Speaker 4: of money, especially as.
• 7:19
  Speaker 2: Little side hustle side hustle.
• 7:22
  Speaker 3: The final win slash loss today comes from Jade Guys.
• 7:26
  Speaker 3: It is a loss, but it is very wholesome money loss.
• 7:29
  Speaker 2: I paid for a.
• 7:29
  Speaker 3: Stranger's Uber because he was an elderly gentleman who was lost.
• 7:33
  Speaker 3: I gave him my number, so he could call me
• 7:35
  Speaker 3: if he needed me. But I made a friend out
• 7:37
  Speaker 3: of it, so I'm going to count it as a win.
• 7:40
  Speaker 4: That's so bad and what goes around comes around exactly,
• 7:43
  Speaker 4: it's a good karma coming your way.
• 7:45
  Speaker 5: I would say that's not a loss. I would say
• 7:47
  Speaker 5: that's just a nice thing to do.
• 7:48
  Speaker 2: Absolutely, I agree. I agree, not a loss. That's a win.
• 7:51
  Speaker 4: I'm celebrating that one this week, Georgia King. As always,
• 7:53
  Speaker 4: it has been great celebrating some of your budget Direct
• 7:57
  Speaker 4: money wins. Budget Direct winner of Canstars in Shue of
• 8:00
  Speaker 4: the Year Award twenty twenty two, Budget Direct Insurance solved.
• 8:05
  Speaker 4: All right with that, my friends, how about we go
• 8:07
  Speaker 4: to a very snappy break and on the flip side,
• 8:09
  Speaker 4: we're going to talk about the first Home super Saver
• 8:12
  Speaker 4: and we have some gender pay gap starts to share
• 8:14
  Speaker 4: with you.
• 8:15
  Speaker 2: Don't go anywhere, all right, guys.
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  Speaker 5: The ATO recently shared some information around the top paid jobs,
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  Speaker 5: or specifically the top paige jobs for men, and then
• 8:30
  Speaker 5: alongside that, they shared a comparison of how much women
• 8:34
  Speaker 5: in the same role were making, which I thought was
• 8:36
  Speaker 5: really interesting because historically, when we have spoken about the
• 8:40
  Speaker 5: gender pay gap, it's.
• 8:41
  Speaker 2: Not real, I don't know what you're talking about. Yeah,
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  Speaker 2: it wasn't this debunked years ago.
• 8:46
  Speaker 5: We get met with a lot of resistance, I would say,
• 8:49
  Speaker 5: And I thought, you know, the ATO is obviously the
• 8:52
  Speaker 5: Australian Taxation Office, so they would have the best, most accurate,
• 8:56
  Speaker 5: most up to date information when it comes to income
• 8:59
  Speaker 5: in these roles.
• 9:00
  Speaker 4: So absolutely, it's August now and all of your employers
• 9:02
  Speaker 4: submitted your income information at the end of June, so those.
• 9:06
  Speaker 2: Stats are pretty up to date. Guys. Yeah, so seems
• 9:09
  Speaker 2: pretty legit.
• 9:10
  Speaker 5: And so I thought maybe I could run you through
• 9:12
  Speaker 5: the top five or so and then give you the
• 9:15
  Speaker 5: interesting insight into just how significant some of the gaps
• 9:19
  Speaker 5: are in those industries.
• 9:21
  Speaker 4: The thing that annoys me most we were talking about
• 9:22
  Speaker 4: this off air before we got here, is I know
• 9:25
  Speaker 4: you're about to take us through it, but there was
• 9:27
  Speaker 4: not one area on that top paying role where a
• 9:31
  Speaker 4: woman out earned a man.
• 9:32
  Speaker 2: Yeah, what the hell, guys, it is.
• 9:35
  Speaker 5: It's pretty wild to think about, And if you want
• 9:37
  Speaker 5: to have a look, definitely head to the AHO website
• 9:39
  Speaker 5: because they put it all together in a nice little graph.
• 9:41
  Speaker 5: For those of us who are visual learners, maybe we'll
• 9:42
  Speaker 5: pop link in the show notes.
• 9:44
  Speaker 4: Yeah, and we'll pop some stuff on socials as well,
• 9:46
  Speaker 4: because I think it's really important to talk about this.
• 9:48
  Speaker 5: Yes, So, starting at the tenth highest paying job for men,
• 9:51
  Speaker 5: financial investment advisors or managers. We love to see it.
• 9:56
  Speaker 5: Number nine you had mining engineers. Number eight were barrassed,
• 10:00
  Speaker 5: seven were judicial or other legal professions. Sixth was psychiatrists.
• 10:06
  Speaker 5: Fifth was other medical practitioners. So just I guess general
• 10:10
  Speaker 5: people who maybe didn't make this list. Fifth were finance
• 10:14
  Speaker 5: dealers VD.
• 10:15
  Speaker 4: I don't know what a financial dealer is, I want
• 10:17
  Speaker 4: to say. I looked at that list and I was like,
• 10:19
  Speaker 4: do you mean like mortgage brokers?
• 10:20
  Speaker 2: Like finance brokers.
• 10:21
  Speaker 4: But like, I don't know what a finance dealer is.
• 10:25
  Speaker 4: It's very suspicious and there's not enough information on the
• 10:27
  Speaker 4: ATO website to give me a job outline.
• 10:30
  Speaker 2: So leave it with me, guys, leave it with me.
• 10:32
  Speaker 5: I feel like I might have got my numbers mixed up.
• 10:33
  Speaker 5: But the next on the list was internal medicine specialists. Okay,
• 10:38
  Speaker 5: Then second highest were anethetists. That right, Oh, I thought
• 10:42
  Speaker 5: they would have been number one. I've always thought that
• 10:44
  Speaker 5: they were the number one paid doctor. It was very
• 10:47
  Speaker 5: very close, So just over ten thousand dollars between them
• 10:50
  Speaker 5: and the top spot who this year went to surgeons. Okay, alright,
• 10:55
  Speaker 5: doesn't seem super surprising now right at the top, if
• 10:57
  Speaker 5: we're looking at surgeons, the average, which I believe this
• 11:01
  Speaker 5: graph is showing for the income for men was four
• 11:04
  Speaker 5: hundred and forty five thousand dollars, which is an absurd
• 11:08
  Speaker 5: amount of money.
• 11:08
  Speaker 2: That's so much money.
• 11:09
  Speaker 5: I was very much money for women though, the average
• 11:13
  Speaker 5: income only came out at two hundred and.
• 11:15
  Speaker 2: Fifty five thousand.
• 11:16
  Speaker 5: That's not on so a huge gap, not quite half,
• 11:20
  Speaker 5: but getting pretty close. And you know, the argument that
• 11:23
  Speaker 5: we hear a lot from people when we're talking about
• 11:25
  Speaker 5: the gender pay gap is people say, oh, it's because
• 11:28
  Speaker 5: women take lower paying jobs.
• 11:30
  Speaker 2: You know, women are like female surgeon.
• 11:32
  Speaker 5: Yeah, so through the start, so you know, the roles
• 11:34
  Speaker 5: that historically, you know, have been helped by women are
• 11:37
  Speaker 5: caregivers or teachers or nurses, and so people like to say, oh,
• 11:41
  Speaker 5: but men are surgeons and laborers and all of these things,
• 11:44
  Speaker 5: which is a flawed argument in and of itself, and
• 11:46
  Speaker 5: I'm not even going to touch it right now. However,
• 11:49
  Speaker 5: we're directly comparing here people doing the exact same job,
• 11:52
  Speaker 5: and there's you know, almost a two hundred thousand dollar
• 11:54
  Speaker 5: disparity between people just because of their gender, and I
• 11:59
  Speaker 5: really can't see any good reason why that might be
• 12:01
  Speaker 5: the case.
• 12:02
  Speaker 4: It actually really upsets me purely because I look at
• 12:05
  Speaker 4: it and I just go, this is insane to me
• 12:07
  Speaker 4: to think that women are not earning as much as men.
• 12:11
  Speaker 4: But then we go into it, right, and we go,
• 12:13
  Speaker 4: all right, well, there's obviously so much more to it,
• 12:15
  Speaker 4: and I think we need to take a little bit
• 12:17
  Speaker 4: of a step back and actually just talk about what
• 12:19
  Speaker 4: the difference is. So there's pay gap, and then there's
• 12:21
  Speaker 4: gender pay gap, and then there's equal payday and all
• 12:24
  Speaker 4: of this other stuff, But specifically, when we talk about
• 12:26
  Speaker 4: gender pay gap, we're specifically talking about the difference between
• 12:30
  Speaker 4: the average earnings of women and men in the workforce.
• 12:33
  Speaker 4: And the gender pay gap is essentially an internationally established
• 12:37
  Speaker 4: measure of women's position in the economy compared to a man.
• 12:41
  Speaker 4: So we're not talking about like, oh, are they putting
• 12:44
  Speaker 4: in more time, energy and effort, or just that argument
• 12:47
  Speaker 4: of like, oh, women take on more caregiving roles. We're
• 12:50
  Speaker 4: just doing like, for like, if a woman is a
• 12:52
  Speaker 4: surgeon and a man is a surgeon. On average, female
• 12:56
  Speaker 4: surgeons at the same level get paid less, and it
• 12:58
  Speaker 4: just it really rough my feathers. And you guys have
• 13:01
  Speaker 4: probably seen it recently on social media when I post
• 13:04
  Speaker 4: about the gender pay gap or anything to do with
• 13:06
  Speaker 4: women's rights and pay, men jump down my throat and
• 13:09
  Speaker 4: they're like, this was debunked. This is because women don't
• 13:12
  Speaker 4: want to work.
• 13:13
  Speaker 2: No, no, no, The.
• 13:14
  Speaker 4: Gender pay gap is quite literally like for like roles,
• 13:18
  Speaker 4: and we now have some hard and fast statistics straight
• 13:21
  Speaker 4: from the ato proving that fact. And like, Jess, you're
• 13:24
  Speaker 4: putting them on the table like it is what it is.
• 13:26
  Speaker 4: We're not talking about, Oh, women on average get paid less.
• 13:30
  Speaker 4: They do, and there are a lot of factors at play,
• 13:32
  Speaker 4: but the stats you're bringing to the table, Jess, are
• 13:34
  Speaker 4: really just like for like jobs, women are earning less
• 13:37
  Speaker 4: than men for doing the same job. I thought that
• 13:39
  Speaker 4: was illegal though it absolutely is illegal. And that's why
• 13:43
  Speaker 4: we need to be talking about these things because what
• 13:45
  Speaker 4: plays into the gender pay gap, And Jess, you talk
• 13:48
  Speaker 4: about this a lot. Women aren't as confident to negotiate
• 13:52
  Speaker 4: for themselves. Women aren't as likely to be given the
• 13:55
  Speaker 4: promotion when a man is there. Because you know, Jess,
• 13:58
  Speaker 4: you and I were talking about unconscious bias yesterday, and
• 14:00
  Speaker 4: it exists for everybody. However, a man is just in
• 14:04
  Speaker 4: general going to be more likely to be picked for
• 14:06
  Speaker 4: a pay rise because that is seen as a better option.
• 14:10
  Speaker 4: It doesn't mean it is the right option. It is
• 14:13
  Speaker 4: just underlyingly from our unconscious bias the right decision to make.
• 14:17
  Speaker 4: Like women are never seen as being as capable in
• 14:20
  Speaker 4: roles like that as men, even though it's unequivocally untrue.
• 14:24
  Speaker 3: Isn't a big part of the gender pay gap as well?
• 14:27
  Speaker 3: The way that society is structured. So we have roles
• 14:31
  Speaker 3: like teaching nursing for example, they're the two easiest that
• 14:35
  Speaker 3: spring to mind. They're grossly underpaid for what they contribute
• 14:38
  Speaker 3: to society, and we saw that through the pandemic, no
• 14:41
  Speaker 3: one worked harder than those people. Yeah, agreed, and compared
• 14:44
  Speaker 3: to more male dominated fields. So surgeons, for example, they're
• 14:49
  Speaker 3: just there is more male surgence is in it.
• 14:51
  Speaker 2: You are not wrong, Jooria King.
• 14:52
  Speaker 3: So isn't it kind of valuing male dominated roles above
• 14:57
  Speaker 3: female dominated industries more so than just a likeful like
• 15:01
  Speaker 3: comparison that's what I thought the gender pay gap is.
• 15:03
  Speaker 5: It also, I think goes beyond that, and it starts
• 15:08
  Speaker 5: when we're young. Like if you think about the toys
• 15:10
  Speaker 5: that kids are typically given. I was in came out
• 15:13
  Speaker 5: the other day one of my beautiful friends, her baby
• 15:15
  Speaker 5: just turned one, little gordous baby boy, and we were
• 15:17
  Speaker 5: looking for gifts, and you know, when you're looking for girls,
• 15:20
  Speaker 5: it's dolls and babies and costumes and little outfits or kitchens.
• 15:27
  Speaker 5: And when you're looking at the toys for boys, there
• 15:29
  Speaker 5: were medical kids and tool kids. And it starts so
• 15:34
  Speaker 5: young where we're kind of setting up this concept of
• 15:37
  Speaker 5: gender roles, and you know, women are in those caregiving
• 15:40
  Speaker 5: roles and men are in those you know, more complex
• 15:43
  Speaker 5: or quote unquote skilled roles. And it starts really young,
• 15:48
  Speaker 5: you know. And it's when a boy says, oh, I
• 15:51
  Speaker 5: want to be a princess when I grow up, and
• 15:53
  Speaker 5: they're told, oh, no, you can't be a princess, that's
• 15:55
  Speaker 5: not a thing.
• 15:56
  Speaker 3: But when don't put on a skirt, yeah, But.
• 15:58
  Speaker 5: When girls say the same thing, absolutely, you know, you're
• 16:01
  Speaker 5: so pretty at it. It starts at such a young age.
• 16:05
  Speaker 5: I think that by the time where adults that unconscious
• 16:08
  Speaker 5: bias is really present, but also so deeply ingrained in
• 16:12
  Speaker 5: us that we're really not aware that it's there. And
• 16:15
  Speaker 5: so that's why these industries are dominated by men rather
• 16:19
  Speaker 5: than women. It's not even necessarily always about women not
• 16:22
  Speaker 5: asking for the pay rise. Maybe they do ask and
• 16:24
  Speaker 5: they don't get it, but it's you know, when people
• 16:27
  Speaker 5: leave school, we have programs to encourage females to study
• 16:30
  Speaker 5: in industries like tech women in STEM because they just
• 16:34
  Speaker 5: never thought that they could, because they were never encouraged
• 16:38
  Speaker 5: to do it. That goes for a multitude of industries
• 16:41
  Speaker 5: where it's more socially acceptable or more common for men
• 16:44
  Speaker 5: to go out to be trades people, or for men
• 16:46
  Speaker 5: to go out and be lawyers or surgeons or these
• 16:49
  Speaker 5: high paying roles. And it comes back to all of
• 16:53
  Speaker 5: those little microaggressions or micro habits that we have all
• 16:57
  Speaker 5: throughout our formative years that by the time we get
• 16:59
  Speaker 5: there go, oh, of course, like men are taking on
• 17:02
  Speaker 5: these roles because they're better at it, but it's not
• 17:05
  Speaker 5: And then I guess not to go on to be grand.
• 17:07
  Speaker 5: But if you zoom out again, that's what being in
• 17:10
  Speaker 5: a patriarchy is, right, Like, there's so many factors in play,
• 17:13
  Speaker 5: and it's that concept of you know, women are going
• 17:15
  Speaker 5: to be the child bearers and at a certain age
• 17:17
  Speaker 5: we're going to step out of the workforce and we're
• 17:18
  Speaker 5: going to raise the babies because that's what we were
• 17:20
  Speaker 5: born to do. But at the same time, men are
• 17:23
  Speaker 5: working on that career trajectory and getting years under their
• 17:25
  Speaker 5: belt and taking it further. And the whole thing, the
• 17:29
  Speaker 5: whole society, and we've spoken about this before, is really
• 17:32
  Speaker 5: structured to be a man's world, and that's what we're
• 17:34
  Speaker 5: working to break. But the statistics show that we're definitely
• 17:38
  Speaker 5: not quite there yet.
• 17:39
  Speaker 4: Like, there's so much to it, jes Like, I like
• 17:41
  Speaker 4: the rand. I'm going to continue the rant. It's a
• 17:43
  Speaker 4: good place to be. There's just so much to it.
• 17:46
  Speaker 1: Right.
• 17:47
  Speaker 4: Like we talk about, you know, men and women earning
• 17:49
  Speaker 4: different amounts of money, I actually don't mind that we
• 17:53
  Speaker 4: earn different amounts of money if we're choosing that, Like,
• 17:55
  Speaker 4: if you want to stay at home and do that,
• 17:57
  Speaker 4: you do you.
• 17:58
  Speaker 2: What I actually.
• 17:59
  Speaker 4: Want for our community, and what I actually want for
• 18:01
  Speaker 4: women in general, is equal opportunity. I want my friend
• 18:04
  Speaker 4: to go and work as a surgeon in a hospital
• 18:06
  Speaker 4: and be paid for what the role demands, not necessarily
• 18:08
  Speaker 4: what they think they should pay a female. And inherently,
• 18:12
  Speaker 4: that to me, is what we're fighting for. We're not
• 18:15
  Speaker 4: fighting for women to earn the same as men. We're
• 18:17
  Speaker 4: actually just fighting for women to earn what that job demands.
• 18:21
  Speaker 4: And I think that's a really fair position to be in.
• 18:23
  Speaker 4: But going back to the stereotypes and stuff, Jess, like,
• 18:26
  Speaker 4: I look at my industry and it being twenty twenty
• 18:29
  Speaker 4: two and we're trying to push it forward, and financial
• 18:32
  Speaker 4: advisors have always been men. I think if we look
• 18:35
  Speaker 4: at it, the average financial advisor is a forty five
• 18:37
  Speaker 4: year old male who lives in Melbourne, And like that's
• 18:40
  Speaker 4: fine and well and good, but there's just this narrative
• 18:43
  Speaker 4: that still that is a manned space. I go to conferences,
• 18:47
  Speaker 4: I go to talks, I talk to people, and it's
• 18:49
  Speaker 4: just so male dominated. Like the other day I got
• 18:52
  Speaker 4: an invitation in my inbox for a networking event on
• 18:56
  Speaker 4: a golf course. Is that where we're at still? Is
• 18:59
  Speaker 4: that what we're doing? There are only twenty two point
• 19:01
  Speaker 4: five percent of women in my industry like that are
• 19:05
  Speaker 4: authorized accredited financial planners in Australia, Like what on earth
• 19:09
  Speaker 4: is going on? Because this industry, if you actually know
• 19:12
  Speaker 4: it deeply, I feel like women thrive in it, like
• 19:15
  Speaker 4: we do so well, but we've been consistently told this
• 19:18
  Speaker 4: isn't really a man's space. And growing up, I didn't
• 19:21
  Speaker 4: think i'd be in finance, Like I didn't think that
• 19:23
  Speaker 4: that was even in a career that I was interested as
• 19:25
  Speaker 4: a boy's job. And I know that that's not a
• 19:28
  Speaker 4: good thing to say, but it's just.
• 19:29
  Speaker 2: The way we grow up. But it's the stories we
• 19:31
  Speaker 2: get told.
• 19:32
  Speaker 4: And I'm so grateful to have parents who were like, oh,
• 19:35
  Speaker 4: you want trucks, you want lego great, Like I had
• 19:38
  Speaker 4: those things, and I had the doctors set and I
• 19:40
  Speaker 4: was just pushed to do whatever I wanted to do.
• 19:42
  Speaker 4: But that's not the narrative that was forced on my parents.
• 19:45
  Speaker 4: That's a narrative my parents genuinely chose for me. And
• 19:48
  Speaker 4: I've had that conversation with my mum. She's like, no, no, no.
• 19:51
  Speaker 4: Growing up, I wanted you to know that you could
• 19:53
  Speaker 4: do whatever a boy could do, and that's a choice
• 19:56
  Speaker 4: she made and that's so beautiful.
• 19:57
  Speaker 2: But you know, we just get fed it like we
• 19:59
  Speaker 2: get f did it, KMA, right?
• 20:01
  Speaker 5: Yeah, and it's hard because, like I said, I could
• 20:04
  Speaker 5: and I did buy a kitchen for my friends when
• 20:06
  Speaker 5: year old little boy, but it was in the aisle
• 20:09
  Speaker 5: that was for the girls.
• 20:11
  Speaker 2: And that's where such a joke, right.
• 20:13
  Speaker 3: For anyone who wants to learn more about this huge topic,
• 20:18
  Speaker 3: and we could talk about it all day, but we
• 20:19
  Speaker 3: have other things to chat about, head to the WGEA website.
• 20:23
  Speaker 3: We're going to link it in the show notes, but
• 20:25
  Speaker 3: all of the starts and figures are there. It provides
• 20:27
  Speaker 3: a lot more context as to why the gap exists,
• 20:30
  Speaker 3: and it goes into a lot of details, so I'd
• 20:31
  Speaker 3: really recommend a read of that after this chat. Shall
• 20:34
  Speaker 3: we now listen to our money dilemma ladies?
• 20:37
  Speaker 2: Let's do it.
• 20:40
  Speaker 5: Hi there, have you got.
• 20:41
  Speaker 3: Up money dilemma you just can't solve that. She's on
• 20:44
  Speaker 3: the Money Team is here to help. Every week, we
• 20:46
  Speaker 3: tackle your dilemmas, both big and small, to answer your
• 20:49
  Speaker 3: most burning money, career and life questions. To get involved,
• 20:53
  Speaker 3: simply head to our website and leave us a quick
• 20:55
  Speaker 3: voice recording and you may just find yourself on the show. Now,
• 20:58
  Speaker 3: let's take a listen to today's money dilemma.
• 21:01
  Speaker 6: Hi, there, I'm looking to buy a property in the
• 21:04
  Speaker 6: next couple of years, and I was thinking about using
• 21:06
  Speaker 6: the first home super Saver scheme and Seleary Sacrifice to
• 21:10
  Speaker 6: build up my savings in my superannuation account. But I'm
• 21:14
  Speaker 6: just wondering, given the current state of the market, what
• 21:16
  Speaker 6: are the implications of using that to build up savings
• 21:20
  Speaker 6: and would I be better just keeping my money in
• 21:22
  Speaker 6: a regular based savings account.
• 21:24
  Speaker 2: Thank you?
• 21:25
  Speaker 4: Ooh, this is a good question one I can't answer
• 21:28
  Speaker 4: because I can't say, hey, you should do this instead
• 21:31
  Speaker 4: of this.
• 21:32
  Speaker 2: But do you know what we can do? Guys? What
• 21:34
  Speaker 2: stats and facts and numbers.
• 21:36
  Speaker 4: But before we get to the stats and facts and numbers, Jess,
• 21:40
  Speaker 4: you're on the first home buying journey. Is this this
• 21:43
  Speaker 4: scheme that you're considering using or using or planning to
• 21:45
  Speaker 4: or what what are your thoughts as a first home buyer.
• 21:48
  Speaker 5: So I have put money into utilize the fastation, done it? Yeah,
• 21:52
  Speaker 5: So I maxed out because obviously we've discussed these in
• 21:54
  Speaker 5: more detail previously. But I've maxed out for the last
• 21:56
  Speaker 5: financial year and I probably will do the same this
• 21:59
  Speaker 5: financial year. And the reason that I did that was
• 22:02
  Speaker 5: because there are significant tax benefits. So you know, when
• 22:05
  Speaker 5: you put it in, you get it charged at the
• 22:08
  Speaker 5: fifteen percent tax rate that SUPER is generally taxed at,
• 22:12
  Speaker 5: rather than your marginal tax rate. So for me, that
• 22:14
  Speaker 5: was close to a fifty percent saving on tax.
• 22:17
  Speaker 2: Which so you make good money. Yeah when shares on
• 22:20
  Speaker 2: the money must be good employeers. Yeah, she just went
• 22:22
  Speaker 2: wow wow. Yeah.
• 22:24
  Speaker 5: So for me it made a lot of sense. And
• 22:25
  Speaker 5: obviously I looked at the bigger picture. I'm not salary sacrificing,
• 22:29
  Speaker 5: so that wasn't something that I considered. But I understand
• 22:32
  Speaker 5: where she's coming from because like, for example, my superannuation
• 22:36
  Speaker 5: is down a little bit from where it was, say
• 22:38
  Speaker 5: a year or two ago, because the market is down, but.
• 22:41
  Speaker 2: You don't have less shares. It's just currently valued it less,
• 22:44
  Speaker 2: which is which is fine. We love that correct.
• 22:47
  Speaker 5: And so you can withdraw the same dollar value as
• 22:51
  Speaker 5: what you put in. I believe, so if I count
• 22:53
  Speaker 5: fifteen thousand dollars in in a year or two years,
• 22:57
  Speaker 5: or whenever I finally get to buy a house, I
• 22:58
  Speaker 5: can withdraw fifteen thousand dollars out. And so theoretically, and
• 23:04
  Speaker 5: I don't know if I'm getting this wrong, please correct
• 23:06
  Speaker 5: me if I'm wrong, but theoretically, like I'm getting out
• 23:08
  Speaker 5: what I'm putting in. If those shares are valued at less,
• 23:12
  Speaker 5: it takes a little bit of a hit. But what
• 23:16
  Speaker 5: I already had in super so my superannuation that's actually
• 23:19
  Speaker 5: being in played my actual retirement fund. Yes, those shares
• 23:23
  Speaker 5: shouldn't really have changed too much. Like, even if they're
• 23:26
  Speaker 5: valued it less, I'm not withdrawing those shares specifically, they
• 23:29
  Speaker 5: will sit there and hopefully with time they will recover.
• 23:32
  Speaker 5: But the money that I'm pulling out unless the market
• 23:36
  Speaker 5: fully tanks and goes completely bally up, which.
• 23:39
  Speaker 4: Is not going to because I've looked at your super
• 23:42
  Speaker 4: my love, you're you're pretty invested in blue chip stocks.
• 23:45
  Speaker 5: Yeah, like unless things go right off the rails. I
• 23:48
  Speaker 5: think for me, ultimately, the amount that I was saving
• 23:50
  Speaker 5: in tax seemed like way more than what I was
• 23:53
  Speaker 5: likely to lose even if the market, you know, did
• 23:55
  Speaker 5: it want ady.
• 23:56
  Speaker 4: Yeah, absolutely so. I think it's interesting because I have
• 24:00
  Speaker 4: been talking to people in our community and some people
• 24:02
  Speaker 4: are like, oh, it's not worth it, you know, it's
• 24:03
  Speaker 4: too much work, it's this, it's that's the other. It's
• 24:05
  Speaker 4: actually not we answered the process question. I think last
• 24:09
  Speaker 4: week or the week before on the show about how
• 24:11
  Speaker 4: you do it and when you need to call your
• 24:13
  Speaker 4: super fund and set it up. When the reality is not,
• 24:15
  Speaker 4: you just start chucking some money in. And Super is
• 24:19
  Speaker 4: actually much easier to contribute to than a lot of
• 24:22
  Speaker 4: people assume.
• 24:23
  Speaker 2: Right.
• 24:24
  Speaker 4: You actually just need the BSB an account number or
• 24:27
  Speaker 4: just a be paid biller code and you just transfer
• 24:29
  Speaker 4: money there.
• 24:30
  Speaker 2: Popula. Yeah, it's actually so easy. That's so weird. It's crazy.
• 24:34
  Speaker 4: Yeah, it's I think that there's just this because Super
• 24:37
  Speaker 4: feels so far away from us and disconnected, we just
• 24:40
  Speaker 4: assume that the process must be really confusing. It's not.
• 24:43
  Speaker 4: You just be pay it over and when bam, thank you, ma'am.
• 24:47
  Speaker 4: I would personally check my account after to make sure
• 24:49
  Speaker 4: that it went through because I'm anxious goal. But at
• 24:53
  Speaker 4: the end of the day, like you just log into
• 24:55
  Speaker 4: your super and they'll give you the deats to transfer
• 24:57
  Speaker 4: it over. There's no complex forms, there's nothing too hard
• 25:00
  Speaker 4: or heavy about it, which I think is it's interesting
• 25:04
  Speaker 4: in saying that we're not talking about additional contributions to
• 25:07
  Speaker 4: Superhero about whether they're a good idea or not. We're
• 25:10
  Speaker 4: talking specifically about the first Home Super Savior scheme. So
• 25:12
  Speaker 4: even though it's really easy to contribute, you need to
• 25:14
  Speaker 4: work out whether that's a good idea for your financial
• 25:16
  Speaker 4: circumstances or not.
• 25:19
  Speaker 2: Because as much as Jess you're.
• 25:20
  Speaker 4: Like, this is a great return and you're able to
• 25:22
  Speaker 4: pull it out for First Home Super Saviors scheme, if
• 25:24
  Speaker 4: you were just additionally contributing to super, you'd need to
• 25:27
  Speaker 4: make sure that that was aligned to your goals and
• 25:29
  Speaker 4: values of it being locked away until age of retirement.
• 25:33
  Speaker 4: So it's not a bad thing, it's just we need
• 25:35
  Speaker 4: to know the semantics of the situation. But I've done
• 25:38
  Speaker 4: some quick maths for you guys and Jess knowing your
• 25:41
  Speaker 4: marginal tax, right, we're just going to use you as
• 25:43
  Speaker 4: an example here, all right, Jess, Let's say that you
• 25:45
  Speaker 4: have an average income, which means that you are earning
• 25:48
  Speaker 4: between forty five thousand and one twenty. This, I reckon
• 25:52
  Speaker 4: is where most of our community falls, so this might
• 25:54
  Speaker 4: be a good example, which means that you are going
• 25:56
  Speaker 4: to be paying five thousand and ninety two dollars in
• 25:59
  Speaker 4: tax plus thirty two point five cents for every dollar
• 26:03
  Speaker 4: that you earn over forty five thousand dollars. So that's
• 26:06
  Speaker 4: just the ato's rules. That's our marginal.
• 26:08
  Speaker 2: Tax rate bracket.
• 26:09
  Speaker 4: So at thirty two point five percent as a marginal
• 26:12
  Speaker 4: tax bracket. If we use ten thousand dollars as an example,
• 26:16
  Speaker 4: because you know that's a nice, round, easy number, If
• 26:19
  Speaker 4: you earned ten thousand dollars pre super and then took
• 26:23
  Speaker 4: it out and put it into your savings account, that
• 26:25
  Speaker 4: would equate after tax to six thousand, seven hundred and
• 26:28
  Speaker 4: fifty dollars in your bank account. Had you put that
• 26:31
  Speaker 4: money into superannuation instead, that would be worth eight and
• 26:35
  Speaker 4: a half thousand dollars. That is a difference of twenty
• 26:38
  Speaker 4: one percent. Ye, you got twenty one percent returns this
• 26:42
  Speaker 4: year on your superest freaking weird. No, did you get
• 26:45
  Speaker 4: it in your investment portfolio? Where else can you get
• 26:48
  Speaker 4: a return of twenty one percent? That's basically guaranteed?
• 26:52
  Speaker 5: Yeah?
• 26:52
  Speaker 2: Yeah, look, I think that.
• 26:53
  Speaker 4: You know, I'm not saying, oh my gosh, it'll work
• 26:55
  Speaker 4: for absolutely everybody. But if you're doing the first Home
• 26:58
  Speaker 4: Super Savior scheme and you want to put yourself ahead,
• 27:01
  Speaker 4: you're putting yourself twenty one percent ahead on your savings
• 27:04
  Speaker 4: goals if you use that scheme. So extrapolating that out
• 27:08
  Speaker 4: for different marginal tax brackets, if you were at thirty
• 27:11
  Speaker 4: seven percent, you'd actually be twenty six percent ahead. If
• 27:15
  Speaker 4: you earn more than one eighty, you're doing real well,
• 27:17
  Speaker 4: my friend, you're actually thirty five percent ahead by using
• 27:21
  Speaker 4: this scheme. And Jess, if we then add that up
• 27:24
  Speaker 4: and I know that you're not going to use the
• 27:26
  Speaker 4: full amount, so what are you going to use? You're
• 27:28
  Speaker 4: probably going to use two financial years worth of.
• 27:30
  Speaker 5: Yeah, if I'm able to buy before the end of
• 27:33
  Speaker 5: this financial year, i'll have done two Yeah, two contributions
• 27:36
  Speaker 5: maxed our contributions. Yeah, so you'll be ahead, which is
• 27:39
  Speaker 5: a money win. However, if you're in a circumstance where
• 27:42
  Speaker 5: you're like, I don't know if I should use it
• 27:43
  Speaker 5: or not, the goalposts have recently changed to being fifty
• 27:46
  Speaker 5: thousand dollars instead of thirty, So Jess, in your particular circumstance,
• 27:53
  Speaker 5: I don't know if you've done the numbers yet or not.
• 27:55
  Speaker 5: But by using it for two financial years, which means
• 27:58
  Speaker 5: you're contributing fifteen thousand each year to a total of
• 28:01
  Speaker 5: thirty thousand dollars. When you take that out, Jess, you
• 28:05
  Speaker 5: personally are going to be six thousand, six hundred dollars
• 28:07
  Speaker 5: better off for using that. Extrapolate that out and say
• 28:11
  Speaker 5: Jess has even more time up her sleeve and wants
• 28:13
  Speaker 5: to use that cap of the full fifty grand.
• 28:15
  Speaker 4: That she can put in super. If she had done that,
• 28:18
  Speaker 4: she'd be eleven thousand dollars better off. That's a whole
• 28:21
  Speaker 4: heap of money, like eleven thousand dollars towards your home deposit.
• 28:25
  Speaker 4: If you're using that scheme, that's like basically free money
• 28:29
  Speaker 4: by popping it through your super fund, if you've got
• 28:31
  Speaker 4: the time to do it.
• 28:32
  Speaker 2: So we're not saying yes or no, is it a
• 28:34
  Speaker 2: good idea? Is it not?
• 28:36
  Speaker 4: Do keep in mind that when you put this money
• 28:38
  Speaker 4: into super you don't actually have to take it out.
• 28:41
  Speaker 4: You could leave it there, You could pull it out later.
• 28:43
  Speaker 4: You do need to do a form Go back and
• 28:45
  Speaker 4: listen to last week's Friday Drinks if you want some
• 28:47
  Speaker 4: more info on how, when, and what that actually looks like.
• 28:51
  Speaker 4: But when you look at it just based purely on
• 28:54
  Speaker 4: the numbers, doesn't make sense in the current market to
• 28:57
  Speaker 4: reach for a goal of being able to be twenty
• 28:59
  Speaker 4: one sent better off when buying a house.
• 29:02
  Speaker 2: I don't know.
• 29:03
  Speaker 4: That's up to you, my friend, because I can't say
• 29:05
  Speaker 4: go use it or not. But what I can do
• 29:07
  Speaker 4: is give you some facts and some stats about is
• 29:09
  Speaker 4: it easy to access, is it actually going to put
• 29:12
  Speaker 4: your head?
• 29:12
  Speaker 2: What are the numbers? If you know. We look at
• 29:14
  Speaker 2: Jess as example.
• 29:15
  Speaker 4: I think, Jess, you've decided that works really well for you.
• 29:18
  Speaker 4: But it's again a finance decision, which is a personal
• 29:21
  Speaker 4: decision whether you use it or not. I wish i'd
• 29:24
  Speaker 4: used it, but at the point in buying I just
• 29:26
  Speaker 4: didn't have the ability to do that, so it wasn't
• 29:29
  Speaker 4: an option for me. But do I wish I had
• 29:31
  Speaker 4: an extra you know, six and a half grand?
• 29:33
  Speaker 2: Of course, I do hate to.
• 29:34
  Speaker 3: Put a pin in it. Ladies, very interesting chats today,
• 29:38
  Speaker 3: but we have run out of time, so I'm going
• 29:40
  Speaker 3: to wrap us up with the boring but important stuff.
• 29:44
  Speaker 2: I love that for us.
• 29:45
  Speaker 3: Please remember, guys, that the advice shed on She's on
• 29:47
  Speaker 3: the Money is general in nature and does not consider
• 29:50
  Speaker 3: your individual circumstances. She's on the Money exists purely for
• 29:53
  Speaker 3: educational purposes and should not be relied upon to make
• 29:56
  Speaker 3: an investment or a financial decision. And We promise Tori
• 30:00
  Speaker 3: divine and she's on the money. Are authorized representatives in
• 30:03
  Speaker 3: Focused Securities Australia Proprietary Limited ABN four seven zero nine
• 30:07
  Speaker 3: seven seven nine seven zero four nine A four S
• 30:10
  Speaker 3: two three six five two three. We'll see you on Monday, guys.
• 30:14
  Speaker 2: Fine, next week, guys,