Bridging the gender wealth gap

The gender wealth gap remains a significant issue for our society. On average, women earn less than men and often face barriers to accessing financial resources and opportunities. Women also tend to live longer than men, meaning they need to save more to ensure financial stability in retirement. The gender wealth gap can be compounded by societal expectations, which often place the responsibility of caregiving and domestic work on women, leaving them with fewer opportunities to build financial security.

For many women, these societal norms, gender roles, and financial inequalities have played a part in keeping them from pursuing their financial goals with the same assertiveness as their male counterparts. Women are often conditioned to put the needs of others ahead of their own, especially in areas such as family, relationships, and caregiving. This mentality can significantly impact a women’s ability to plan for their own future.

International Women’s Day is an opportunity to challenge these disparities and advocate for systemic changes that support women in achieving financial independence.

It is also a time, when I encourage women to assess their own financial wellbeing.

There are elements within our circle of control that can help us improve our financial health and future.

And empowering women’s financial knowledge through financial literacy and coaching programs are helping to bridge the economic inequality gap.

Financial literacy education arms women with the ability to use and understand financial skills, strengthening them to better manage their personal finances, and create plans to achieve financial goals.

Financial coaching takes these foundational skills a step further – through understanding your money mindset, and your money relationship barriers that are holding you back from improving your financial outcomes and future. Financial coaching plays a crucial role in helping women break the cycle of under-earning and undervaluing their skills, encouraging them to ask for raises, negotiate better terms, and invest in their futures. It’s about fostering a culture where women are comfortable taking financial risks and confidently stepping into leadership roles in the financial space.

When women are financially empowered, they can make choices that are aligned with their values, pursue their passions, and create the future they desire for themselves and their families. Financial independence is more than just having money—it’s about having the freedom to live life on your terms.

The Financial Wellbeing Collective delivers an award-winning financial coaching service and provides financial literacy education programs for the community and corporates. Find out more about these programs by getting in touch at contact@thefwc.org.au

Helena Jakupovic is General Manager of the Financial Wellbeing Collective. She has over 30 years’ experience in the financial services sector in executive roles, and over 10 years in the not-for-profit sector.