Our superwomen struggling
MOST mums would agree they often feel like they're juggling too many balls in the air. And now it's been confirmed by a new report.
According to the latest AMP.NATSEM Income and Wealth Report: Race against time - How Australians spend their time, 40% of Australian women revealed they often or always feel rushed or pressed for time.
Women are finding there isn't enough time in the day because they are not only shouldering the bulk of the domestic duties but also working longer hours.
The report showed average full-time hours for women have increased from 36.4 in 1985 to 38.6 hours in 2011, while part-time hours have also risen steadily over this period from 16.4 to 17.8 hours.
In addition to that, the 'nine-to-five' working week is no longer the status quo, with many women being forced to do early starts, late finishes and weekend work.
Australian women are also doing the lion's share of the work around the home, spending an average of three hours each day on domestic duties compared to 2.5 hours for men.
They also spend 59 minutes a day caring for children, while men dedicate just 20 minutes to this.
Almost a quarter of women are not satisfied with how much housework their partner does and 11% are actively dissatisfied.
About 25% of women are also not happy with the amount of time their partner devotes to looking after the children.
So it's clear many women are taking on the role of 'superwoman' as they struggle to balance work, family and social life.
However, few women ever stop to think just how much they do every day, and whether their families would cope financially without them.
This is especially the case if they couldn't work or care for their kids due to injury, illness or death.
According to new research, 62% of Australian mums do not have any life insurance.
Unfortunately it is often put in the too hard basket, or perceived as too expensive.
If cash flow is tight, an affordable way for women to get life insurance, total and permanent disability insurance (TPD) and income protection is through their superannuation, as the premiums come out of the super fund instead of their own pocket.
Income protection inside super has become more attractive in recent years, as more funds are offering a benefit payable to the age of 65.
This means a person can receive 75% of their salary up to the age of 65 in the event they can no longer work due to illness or an accident.
Previously, it was perceived that only a two-year benefit inside super was possible.
*Duane Potter is an Authorised Representative of AMP Financial Planning Pty Ltd. Any advice given is general only and has not taken into account your objectives, financial situation or needs. Because of this, before acting on any advice, you should consult a financial planner to consider how appropriate the advice is to your objectives, financial situation and needs.