Bridging the Wealth Gap: Why Women Must Prioritise Financial Growth

A recent news story about an 84-year-old Australian man with $2.3 million in savings was a huge contrast to the women also interviewed who had between $61K – $100K in savings.

This gap is not just a coincidence—it’s a direct result of systemic challenges that
disproportionately affect women’s financial progress. Women take career breaks for family,
earn less over their lifetime due to the gender pay gap, and often prioritise the financial
wellbeing of their families over their own wealth-building strategies. Over time, these factors compound, leaving many women in a vulnerable position later in life.

But here’s the truth: women don’t just need to play catch-up—we need to take control.
As a mortgage broker, I see first-hand how financial insecurity can impact women’s
confidence, opportunities, and long-term independence. The good news? There are real,
practical steps women can take right now to start building wealth, securing their future, and closing this financial gap.

Why Do Women End Up With Less Wealth?

The numbers paint a clear picture. Research shows that women, on average, have
significantly lower cash savings than men. One study found that women have around
$42,664 in cash savings, compared to $50,479 for men. The gap doesn’t stop
there—when it comes to how much is being saved each month, men are putting away an
average of $854, while women are saving just $617.
Why does this happen?

• The Gender Pay Gap: Women still earn, on average, less than men in many
  industries, meaning they have less disposable income to save and invest.
• Career Interruptions: Many women take time off work to have children or care for
  family members, affecting their earning potential, superannuation, and long-term
  financial security.
• Financial Priorities: Women often prioritise family expenses, household costs, and
  the needs of others over personal financial growth.

These factors accumulate over a lifetime, leaving many women without the financial security they deserve. But this isn’t about dwelling on the problem—it’s about taking action to change it.

5 Key Steps to Take Control of Your Financial Future

The key to wealth isn’t just earning more money—it’s knowing how to structure, manage,
and grow the money you do have. Here’s how women can start shifting the balance in their
favour:

1. Build Financial Knowledge—It’s Your Greatest Asset

Many women shy away from financial discussions, feeling overwhelmed or uncertain about
where to start. But financial education is the foundation of wealth-building.
Understanding concepts like budgeting, investing, loan structuring, and wealth creation will
empower you to make smarter financial decisions.

Start by:

✔️ Reading books or listening to podcasts about money and investing.
✔️ Attending financial workshops or webinars.
✔️ Asking questions—whether it’s with a financial advisor, a mortgage broker (like me!), or
someone who has successfully built wealth.
The more informed you are, the more confident you’ll be in making decisions that set you up
for long-term success.

2. Make Your Money Work Harder

If you’re simply putting money into a basic savings account and hoping for the best, you’re
missing out on real wealth-building opportunities. With inflation eating away at the value
of money over time, it’s essential to find ways to grow your savings faster.

Consider:

✔️ High-interest savings accounts or offset accounts.
✔️ Investment properties that generate rental income.
✔️ Diversified investments like shares, ETFs, or managed funds.

Even small shifts in how you save and invest can make a huge difference over the years.

3. Prioritise Investing—Even If It’s Small

Many women hesitate to invest because they believe they need large sums of money to
get started. This simply isn’t true. Investing is about starting early and being consistent,
no matter how small your initial contributions.

Some options to consider:

✔️ Superannuation: Make additional contributions where possible—it will pay off in
retirement.
✔️ Shares & ETFs: With micro-investing platforms, you can start with as little as $5.
✔️ Property Investment: You don’t need millions—many first-time investors start with equity
in their own home.

The key is to get started. Every dollar invested today can multiply over time.

4. Structure Loans & Debt Wisely

Debt can either be a wealth-builder or a wealth-killer—it all comes down to how you use it.
Women often shy away from debt, but the reality is that smart borrowing can help you
build financial stability and security.

If you have a mortgage, it’s essential to:

✔️ Regularly review your home loan to ensure you’re getting the best rate.
✔️ Consider refinancing to save on interest and reduce repayments.
✔️ Use offset accounts to minimise interest and pay down your loan faster.
If you’re not sure where to start, this is where working with a mortgage broker (like me!) can
help.

5. Seek Financial Advice & Support

One of the biggest financial mistakes women make is trying to figure everything out on their
own. The reality is that seeking professional guidance can fast-track your financial
progress and help you make informed decisions.

Whether it’s working with a mortgage broker to structure your home loan, speaking to a
financial planner about investment strategies, or simply getting advice on savings and
superannuation, professional support is invaluable.

It’s Time for Women to Take Charge of Their Wealth

The financial gap between men and women isn’t going to close on its own—but every
woman has the power to take control of her own financial future.

The first step? Deciding that your wealth matters.

If you’re ready to start making smarter financial choices, whether it’s structuring your home
loan, investing in property, or simply understanding what steps to take next, I’m here to
help. As a mortgage broker, my goal is to help women build their financial security and
create wealth over time.

Let’s have a conversation about your financial future—because your future deserves to be
a priority.