Path to financial power

Women have come a long way on their money journey, but much more needs to be done before they achieve the rewards they deserve. We’ve spoken to a range of experts to find out the best ways for them to reach their goals.

- NICOLA FIELD

In March, the world celebrates International Women’s Day. Yet in the money stakes, women are still behind the eight ball in many areas, and there is a long way to go before they reach financial equality with men.

The latest Financy Women’s Index (FWX)suggests that financial outcomes for women have improved during the pandemic. However, it’s a cautionary tale. Women under 25 years remain the hardest hit from the impacts of Covid-19 on the labour force.

More broadly, women of all ages can face significant hurdles. The FWX suggests it will take 40 years for women’s superannuation savings to catch up to those of men. As a result of the gender pay gap, which currently stands at 14.2%, women earn on average $261.50 less than men each week. The FWX estimates it will take two decades to close this gap.

Remedying these shortfalls isn’t just about improving women’s financial wellbeing. As the federal government’s women’s budget statement 202122 points out, everyone benefits when women are economically secure – from individuals and families to the business community and the broader economy.

The glacial pace of change bridging the financial gap between genders isn’t something women have to accept. There is plenty every woman can do to take control of her financial future right now – regardless of being single, partnered or separated.

And it’s never too late to get started. We spoke to the experts for simple steps women can take across every age to get more from their money, nurture personal financial wellbeing and start kicking serious financial goals.

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