Many Australians are feeling the impact of increased living costs and interest rates, underscoring the importance of financial resilience. In a recent Life Insurance Pulse Report* conducted by NobleOak with 1000 Australian participants, 41% of respondents expressed concerns about their financial situation, with 35% feeling less than fully in control of their personal finances.

Interestingly, females are less likely to feel in full control of their finances than males (38% compared with 31%), which correlates with recent findings* reflecting broader gender disparities in financial literacy.

We’ve all heard of the gender pay gap, but what is just as problematic is a ‘confidence gap’. Typically, women don’t have as much confidence managing money as men do. Women also need to feel 110% certain or knowledgeable before acting compared with men, who are often more comfortable taking action (or higher risks).

So, how do we increase women’s financial empowerment?

Tip 1: Seek out financial knowledge

There are many reputable financial educators in Australia who can help build women’s financial knowledge – whether it be via books, newsletter subscriptions, blogs or podcasts. Look for and recommend sources in the business of financial education. Superannuation funds can also provide a valuable resource when it comes to learning about investing and long-term retirement planning.

Tip 2: Confidence comes through action

Women need to take those first few small but significant steps to manage their money. This may involve logging onto their super account and learning how it’s invested, setting up a share broking account, researching exchangetraded funds (ETFs), downloading a budgeting tool, analysing current spending, reviewing their insurance needs and what cover they currently have, and setting financial goals.

Tip 3: Face those financial fears

We all have them and, as humans, we tend to catastrophise our fears in our head. Getting financial fears out onpaper can help women look at them from a different perspective. They can also share these fears with a trusted friend or advisor, and brainstorm alternative outcomes and strategies to put in place to mitigate the risk of them eventuating. We should be focused more on what we want financially, rather than focusing on and putting energy into what we don’t want. I highly encourage women to speak regularly and openly about the topic of money and finances: that’s how we learn and grow.

Navigating financial goals can be akin to a fitness journey, requiring commitment, regular effort and guidance. With the right strategies and a step-by-step approach, we can help women to strengthen their financial fitness and secure a stable financial future for themselves and their families.

_{*Research conducted on behalf of NobleOak by The Market Intelligence Co., December 2023, with more than 1000 Australian citizens or residents.}

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Australian CA ANZ members qualify for discounted life cover rates with NobleOak**. To get a quote today, visit: www.nobleoak.com.au/charteredaccountants

Important information: Please note, cover is available to Australian residents only. NobleOak Life Limited ABN 85 087 648 708 AFSL No. 247302 (NobleOak Life) issues the products.
General advice: The information contained in this document is of a general nature only and does not take into consideration your objectives, financial situation or needs. Before making a decision to purchase or continue with a product you should read the relevant Product Disclosure Statement (PDS), Target Market Determination (TMD) and Financial Services Guide (FSG) found at nobleoak.com.au and consider this information having regard to your own objectives, financial situation and needs. If you are considering replacing an existing life insurance policy you should consider your circumstances, including continuing the existing cover until the replacement policy is issued and cover confirmed.
**CA ANZ discount: CA ANZ members are entitled to a 10% lifetime discount on NobleOak Life’s standard Premium Life Direct premium rates for its term life cover (10% discount applies to term life cover only). The offer(s) are available for new customers only and can be used only once. Not able to be used in conjunction with another advertised offer.
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Karen Eley (AR000458264) is an Authorised Representative of NobleOak Services Limited ACN 112 981 718 AFSL 286798.
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