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Take charge of your financial wellbeing.

Money matters
4 November 2019 | clock 5 min read 


Being financially empowered means managing your money - rather than your money managing you.

Shes on Q 

Regardless of how much you earn, being financially empowered is about taking control of your money.

It is about the confidence to invest in yourself, and conquer feelings of anxiety about spending and saving.

Financial empowerment allows you to take control of your finances, your choices and goals, as well as making sure you have the room to make mistakes and deal with life’s surprises and curve balls.

Looking after your financial wellbeing means you can enjoy today, feeling confident that you will be right later.

What women may need to be financially empowered

For many women, financial empowerment may mean overcoming stress or discomfort talking about money.

Many Australians find dealing with money stressful and overwhelming, although more women (41%) report being stressed and overwhelmed than men (28%).1

Financial empowerment may also mean gaining confidence to make financial decisions and improving financial literacy.

Women in Australia have been found to have lower levels of financial literacy than men, which is judged on the knowledge and understanding of financial concepts and risks. The recent Household Income and Labour Dynamics in Australia (HILDA) found about 50% of men in the survey could correctly answer five financial questions, compared with only about 35% of women. The study also linked lower financial literacy with poorer financial wellbeing.

Financial literacy and financial wellbeing of Australian women falling behind men also presents as an international concern - the gap between Australian women and men in financial literacy is one of the largest in Organisation for Economic Co-operation and Development (OECD) countries.2

The facts on women and money

Gaining knowledge and confidence about your finances may help overcome some factors stacked against women’s financial wellbeing. These factors include the gender pay gap, women’s greater contribution to unpaid and caring work, and that women live longer than men but retire with only around half the superannuation.

In Australia:

  • 48% of women do not feel confident in managing their finances, and 33% find managing their finances very stressful
  • 38% of women have avoided thinking about their finances as they find it too upsetting
  • 45% of women are concerned or extremely concerned about funding their retirement
  • 76% of women do not feel in control and confident about the future

Source: Online survey of 3,554 QSuper members conducted by Ipsos on behalf of QSuper, August 2019

6 simple ways to financially empower yourself

Set your goals

Determine your top financial priority right now. It doesn’t matter what it is. It may be providing for your family. It may be saving for the car or holiday. The important thing is to be clear about your goals, so you can take steps to get there.

Build your confidence

ASIC’s MoneySmart3 says the first step towards building confidence with money is to take stock of how much you have and track where it's going. Armed with this information, you may make a budget, manage your debts and consider your spending decisions.

Prepare for surprise expenses

Boost your financial empowerment by knowing you can deal with whatever life sends your way. When you have money set aside for life’s surprises, they no longer have the power to send your budget into a tailspin.

Learn the basics of investing

You don't need a lot of money to invest - some people start with just a small amount. The key is to know the fundamentals and start with an amount you feel comfortable investing. MoneySmart says basic knowledge of investing helps you start thinking about ways to grow your money.

Keep track of your super

Women tend to live longer but, on average, retire with half the super balance of men.

Invest in your own future by thinking about ways to accumulate more super to enjoy your retirement. Here’s 5 easy actions to ensure you’re getting the most out of your super and help you feel in control.

Build your team

Know when and who to turn to for support. Financial advice can be sought from many sources: from friends, family, and from professional financial advisers. Women often have demands for an adviser that are different from men,4 such as was wanting holistic advice on financial matters and preferring to see an adviser face-to-face, so find the right adviser for you. These are some of the financial advice hot topics that Australians seek support from financial advisers on.


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1. 1. Australian Securities and investment Commission, March 2018, Australian Financial Attitudes and Behaviour Tracker, Wave 6, at www.financialcapability.gov.au
2. Hasler, A and Lusardi, A, 2017, The Gender Gap in Financial Literacy: A Global Perspective, Global Financial Literacy Excellence Centre, George Washington University School of Business at www.gflec.org
3. ASIC MoneySmart, August 2019, Women’s money goals, at moneysmart.gov.au
4. Hannon, Kerry, 13 May 2018, What Women Want in a Financial Advisor, forbes.com