Clare Payne

Reshaping super to simple finance tips

Clare Payne is one woman to take some financial tips from. Here, she shares some simple basics.

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For a highly respected woman working in finance Clare Payne has helped reshape the superannuation industry for the better, but two of her best personal money calls are not what you might think.

Payne specialises in the field of ethics in banking and finance and is recognised for her work in advocating the creation of Tobacco Free Portfolios in Australia’s superannuation system.

But she’s also someone who has prioritized parenthood over short-term financial gains. Indeed she cites comprehensive insurance and an early investment in education as two of her best investments.

In this interview with The Constant Investor Success Stories podcast, Clare shares why following ethics are important and diversity is about more than just gender.

Clare is risk adverse but when she set up her superannuation investments initially, she hadn’t realised her portfolio was “absolutely risky” in terms of the way it was structured.

Paying attention to your superannuation and understanding what you are actually investing in plays an important role in carving out a secure financial future for retirement.

Clare is working with colleague Dr Bronwyn King to eliminate tobacco investment in superannuation and highlights the social, as well as economic, impact of understanding how your money is invested in your super portfolio.

Clare knows building a strong financial foundation lies in the ability to save and take a habitually disciplined approach to personal finance.

At 24 years old, shortly after entering her first finance role on around $57,000 a year, Clare immediately began saving for a deposit on her first apartment.

She believes the advice her father gave her that “the discipline of a mortgage is a good thing” is absolutely true.

Having spent periods of her life with and without a mortgage repayment she can see the benefits of having to set aside money to pay off a home loan.

Whether it is saving, paying down a mortgage or investing, having a disciplined approach to finance is crucial when it comes to building a secure financial future.

Financial empowerment also plays a role in romantic relationships.

This decision to purchase her own home at a young age has provided her with immense security and financial independence says Clare, particularly now she is a single mother.

Having always had complete control of her finances and capability to earn money, she doesn’t feel reliant on anyone and “would purely have a relationship for companionship and love, I don’t need anyone to come into my life for a financial reason” says Clare.

One of the most important steps Clare has taken in her journey to financial empowerment is investing in comprehensive insurance across every part of her and her daughter’s life. She is also a big believer in investing in your own education.

As a single parent, investing in insurance and a plan for her daughter, should something happen to Clare, has brought her peace of mind and security.

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