Tania Tonkin always knew that when it came to superannuation and financial planning, women often took a back seat.
But it wasn’t until she separated from her partner a few years ago, that it really hit home.
“I saw how important it was to stand on your own two feet,” she says. “I knew this, of course. I had been an accountant for years, but it was only after I went through it myself, and I had two teenage children to raise, that I realised just how important it is for women to be across their finances.”
Tonkin used to work chiefly as an accountant, but about 10 years ago she extended her reach into financial planning. She is particularly passionate about educating women on financial affairs.
“I think women these days still get married and maybe their husband handles their finances and they don’t really think about it,” she says. “But things happen and people do get divorced, and women often find themselves having to organise their finances and they have no idea what to do.”
As Tonkin points out, women can often find themselves at a considerable disadvantage in retirement, compared with their male counterparts.
“Women will take time off to have children so their super balances are lower and they still earn less than men,” she notes. “So when it comes to retirement, they often have one-third of what their male partner has and it’s often not enough to retire on.”
Recent figures from AMP and the National Centre for Social and Economic Modelling show that super balances for divorced mothers are 68 per cent lower than for married mums. On average, a divorced mother has 37 per cent less super than a divorced father.
“Women…often have a particularly difficult time because they are living longer,” Tonkin says. “More women will end up living in poverty in old age because we are not addressing some of the inequality that exists in our community and our workplaces.”
Tonkin, however, is doing her part.
In a bid to plug the gap, she will host free quarterly workshops in Adelaide featuring keynote speakers, to help women manage their superannuation and take control of personal finances.
She describes her role as more of a coach than a financial adviser and says women often suffer from a confidence gap when it comes to money.
“Sometimes it’s just about them actually believing that they can do it,” she says. “I have a client, for example, whose husband died a year ago and he used to handle all of the finances.
“A year later and she is shocked at how across everything she is.”
She finds, too, that women are more likely to seek advice from other women.
“The industry is changing, but I think many women think of men in suits when they think of financial advice,” Tonkin says.
Many women also bury their head in the sand when they reach their 60s, afraid to face the miserable state of their super.
“My advice if you’re in that situation is to seek professional advice,” she says. “There are things you can do and ways you can unlock money with assets.
“As for younger people, my advice is to start early. You don’t need to do much when you’re young, but the difference from putting extra money away and watching [the interest] compound is a big one.”
Tania Tonkin will address dmca’s ‘Creating your financial future’ workshop, alongside lawyer and dispute mediator Alison Shaw, on Thursday, November 2, at the Gilbert Street Hotel, in Adelaide, from 5.15pm. Attendance is free. For bookings, call dmca on 8272 5620.
| Tania Tonkin
Name of firm: dmca advisory Name of licensee: Lonsdale Financial Group Time in the industry: More than 25 years Academic qualifications: Bachelor’s degree in accounting, Diploma in financial services (financial planning) Accreditations: fellow chartered accountant, chartered tax analyst, registered tax agent Professional association memberships: Tax Practitioners Board, Chartered Accountants Australia and New Zealand (CANZ) Other memberships: SMSF Association. |
