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Future Group's submission to the Parliamentary Joint Committee on financial abuse highlighted how vulnerable SMSFs can be to manipulation.
Christina Hobbs explains: “Virtually anyone, regardless of their financial acumen, can shift their entire superannuation savings into an SMSF and out of the regulated environment of traditional funds, often with their partner as a co-trustee”.
The committee has now recommended the government undertake a review of the intersection between financial abuse and the superannuation system, particularly concerning SMSFs.
Absolutely delighted that the Anthony Albanese Government has passed legislation today to provide superannuation on paid parental leave today. It is something that Verve Super has been strongly advocating for to help close the gender super gap.
But there's also reason to pause, while the Coalition supported the concept of the bill, it was disappointing to see 'release' amendments that could have exposed women to financial abuse and even risked their safety at a time when the risk of domestic violence is already heightened.
We need to learn lessons from the 70,000 people (mostly women) who were coerced to withdrawal their super during COVID-19 and we need to listen to the evidence being presented to the ongoing Senate Inquiry into Financial Abuse and Financial regulation.
Delighted by the progress, but it's clear that much more needs to be done to ensure that every piece of new financial regulation proposed is viewed through the eyes of financial abuse.
Senator Deborah O'Neill, Louise Pratt, Zaneta Mascarenhas#FinancialAbuse#WomensEquality#Superannuation
*trigger warning, domestic violence, suicide.**
I had the honour last week of appearing in front of the Senate Committee hearing into Financial Abuse and Financial Regulation.
Despite lots of good work in the industry, every day in this country financial regulation is enabling abusers and harming victims.
Yet, there is surprisingly little known or recorded about how superannuation intersects with financial abuse. When I first started working on Future Group's submission, I was told by some industry colleagues that it was only an issue for the banks, but after digging deeper, speaking to front line workers and piecing together lived experience, it quickly became apparent that superannuation is absolutely being weaponised by perpetrators.
For the next week, I'll shine a spotlight every day on one of those intersections. Starting today, with the issue of domestic violence perpetrators receiving the death benefits of victims when they suicide (I cover the issue in the video clip).
Did you know:
🤔 DV is linked to most suicides by women in Australia (hundreds every year). In most cases the abusers receive their partners super.
👩❤️👩 The incredible Julie Adams, OAM, GAICD in the memory of her beautiful daughter Molly, is advocating fearlessly for this issue.
📃 It's our belief at Future Group that relatively simple legislative changes could solve this problem. You can read more about Julie's story in the comments 👇 .
A thank you to Future Group's board Connie Mckeage, Geraldine Chin Moody GAICD, Simon Sheikh, Peter Gold and Adam Milgrom for supporting this form of bold advocacy.
And a shoutout to Zaneta Mascarenhas for initiating this inquiry and for the thoughtful question of her and her colleagues Louise Pratt and Senator Deborah O'Neill, this is complex regulation but their questioning is cutting through.
Want to apply for the world's worst job?
ICYMI: Verve Super's new campaign for #EqualPayDay is a spoof job ad for the 'world's worst job': being a woman.
The job requirements, according to the post:
"The only qualification you need to earn less than a man is to be a woman. Additional responsibilities such as caretaking and housekeeping must be done outside of work hours—flexibility is not an option." The salary? $0 for a 50 day contract (the number of days that Australian women must work to earn the same, on average, as men did in 2023).
Read the full recap here:
https://lnkd.in/gHEZ-sCm
Equal Pay Day may have passed, but the fight for fair pay is far from over. Closing the gender pay gap takes year-round action. 💰
That’s why we’ve created a powerful toolkit designed to arm you with everything you need to drive real change, starting with your workplace ✍️ Our Equal Pay Day Toolkit isn’t just a resource, it’s your secret weapon to expose pay disparities and demand equality where it matters most: in your workplace.
Ready to take action? Use our email template to hand it to your HR department or senior leaders. It’s time to spark the convo and turn your workplace into a powerhouse of equality. ✨
Don’t just talk about change, make it happen. Explore the toolkit now: https://lnkd.in/gMPemtiU#jointherage#fulltimewoman#equalpayday#genderequality#equalpay
