‘Money can’t buy you happiness’ said absolutely no one.
Let’s face it, money determines every single choice we make every day. From eating out to shopping, buying a car or even putting down a deposit for home.
Used well, money can create a sense of comfort, empowerment and long-term security. For women and femme-identifying persons, this is particularly important.
But historical inequalities have created financial hurdles for women and gender diverse people. Some of these challenges are:
- Gender pay gap – data shows that on average women earn less than men for comparable work.
- Societal expectations and traditional gender roles – leading to career breaks, reduced working hours and slower career progression.
- Investing – women on average tend to invest less than men which can mean missing out on potential wealth growth and compounding returns, further widening the wealth gap.
- Gender-based violence – experiencing abuse can lead to significant financial hardship through things such as job loss, legal fees and housing instability which affecting earning capacity.
Here are some steps women can take to avoid or mitigate these issues:
- Educate yourself : Seek out financial literacy resources designed for women and femme-identifying individuals. Understand the basics of budgeting, saving, investing and superannuation.
- Advocate for equal pay: Support initiatives and policies that aim to close the gender pay gap. Talk openly about salary expectations and negotiate for fair compensation.
- Value unpaid care work: Recognise the economic contribution of caregiving and advocate for policies that provide support and recognition for caregivers.
- Build financial independence: Having your own financial resources provides security and autonomy. Even small consistent savings can make a big difference over time.
- Seek support: If you are experiencing financial hardship or financial abuse, please reach out. As financial counsellors at La Trobe University, we are here to provide confidential and non-judgmental support and connect you with relevant resources. For support related to family violence, contact 1800RESPECT.
Navigating the financial landscape can feel complex, but you don’t have to do it alone. If you need help, reach out to the financial counselling team for a confidential discussion.