Episodi
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How (and what) we teach kids about money can make a big difference in setting them up for financial decision making later in life.
In this episode, guest Lacey Filipich discusses the importance of teaching kids about money and the inspiration behind her Maker Kids Club program, the importance of teaching kids about saving and the benefits of experiential learning. Lacey provides tips for adults on how to help kids build good money decision-making skills, including talking about money, allowing them to make mistakes, and providing tangible experiences with money.
About Lacey:
Lacey Filipich helps people become financially independent and reclaim their lives. Thousands around the world have used her â Money Schoolâ courses to liberate themselves from debt, start saving and raise financially capable kids.
Money School is also the title of â her international award-winning book, out now with Penguin Life.â
Lacey graduated as valedictorian from the University of Queensland with an Honours degree in Chemical Engineering (if you want to find out how a chemical engineer ends up teaching people about money, â check out her TEDx talk.)â She is the winner of a 2019 Business News '40 under 40â Award and a LinkedIn Top Voice in Finance.
Takeaways
Experiential learning, such as starting a business, can teach kids valuable lessons about money.Teaching kids about saving at a young age can set them up for financial success in the future.Allowing kids to make mistakes and learn from them is an important part of their financial education.Tangible experiences with money, such as using cash or tracking balances, can help kids understand the value of money.Parents, educators, workplaces, and institutions all have a role to play in challenging and managing gender biases.Financial education should be reinforced at home and supported by schools to create lasting impact.Repetition and practice are essential in teaching financial literacy and changing behaviours.Systemic changes, such as regulation and addressing systemic biases, are necessary to create a more equitable society.Sound Bites
"If I can teach them to save, the rest can come later"
"It's got to be done everywhere."
"Closing the gender pay gap is not simply about the money, but about addressing underlying gender stereotypes."
"We have to have systems in place to avoid biases and take responsibility when we find them."
Keywords
money education, financial literacy, teaching kids about money, entrepreneurship, saving, experiential learning, money decision-making skills, gender pay gap, biases, stereotypes, financial inequality, education, workplaces, families
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Did you know there is a growing political ideological divide between Generation Z men and women?
In this bonus episode of It's Not About The Money (Australia), Dr Rachel Hogg discusses some of the underlying causes, the potential implications for our society, and approaches to address this issue.
About Rachel
Dr Rachel Hogg is a psychology academic whose work focuses on human-animal interaction, social psychology, gender and feminism, mental health, and the psychology of work. Her PhD research examined horse-rider relationships in elite equestrian sport. She now conducts research on animal-assisted therapy, sustainability in farming, Aboriginal and Torres Strait Islander experiences of mental health services, neurodiversity, social media, and the gendering of mental health diagnoses and systems.
Rachel has contributed to academic and media discourses around wellness culture, sex education and consent, and domestic violence reforms, and is regularly sought after as a researcher and public commentator. Rachel grew up on a wheat and sheep farm in south-eastern Australia and this upbringing has infused her work, alongside her engagement with literary and performing arts.
Rachel delivered a presentation on 'Disordering distress: Womenâs experiences of domestic violence, self-empowerment, and psychology' as part of the TEDxWaggaWagga event in 2023
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Episodi mancanti?
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Join the conversation as Grace Mugabe, CPA, an award-winning financial literacy educator, money coach, and accountant, shares her work with Financially Empowered to dismantle the financial knowledge gap as well as support CALD women in business, and discusses the importance of genuine inclusion in financial services (and our communities).
About Grace
Grace Mugabe (CPA GAICD) is an award-winning Financial Literacy Educator, Money Coach and Accountant with a dash of personality and sass
Her organisation, Financially Empowered, specialises in dismantling the financial knowledge gap, particularly impacting marginalised women. Through interactive, transformative workshops, programs and tools, she equips women in business to build financial confidence, boost their earning potential and secure their future.
In 2015, Grace pivoted from her finance role in an industry-leading multinational corporation to redirect her expertise to financial literacy education. Since then, she developed the award-winning Migrant Money Matters program and partnered with local governments, schools, community organisations, and the private sector to deliver impactful financial education programs.
A passionate advocate for community impact, Grace leverages her financial expertise to by serving on various boards, and works with CaLD women in business.
Takeaways
There is a lack of research and measurement regarding the financial inequality experienced by migrant and CALD women.Financial education and services need to take into account different lived experiences and needs to meet people where they are at.Diversity and inclusion in boardrooms are important for bringing different perspectives and improving problem-solving.Accounting skills can be valuable in financial decision-making and strategic thinking.Advocacy, mentorship, and allyship are important for creating opportunities for marginalised communities.The Migrant Money Matters program provides culturally sensitive financial education and support to CALD women. Financial empowerment is a lifelong learning process that requires patience and persistence.Tailoring financial programs to meet the specific needs of migrants is crucial.Creating inclusive and culturally safe environments is important for CALD women to feel comfortable engaging with financial concepts.Understanding the multiple social identities that shape a person's experiences with money is essential for financial educators.Celebrating small achievements along the journey to financial security is important.The perception of migrants as an economic burden or lacking communication skills needs to be challenged.Educating oneself about scams and celebrating cultural diversity are also important.Keywords
financial inequality, migrant women, CALD women, financial education, diversity and inclusion, boardrooms, advocacy, mentorship, allyship, Migrant Money Matters program, financial empowerment, inclusive financial experiences, social identities, cultural diversity
Disclaimer
It's Not About The Money provides factual information only and is not intended to be financial advice, legal advice or tax advice, and should not be relied upon as such. The information is general in nature and may omit detail that could be significant to your particular circumstances. The information is provided in good faith and derived from sources believed to be accurate and current at the date of publication. While all care has been taken to ensure the information is correct at the time of publishing, legislation can change from time to time and we are not liable for any loss arising from reliance on this information, including reliance on information that is no longer current. We recommend that you seek appropriate professional advice before making any financial decisions.
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Did you know that fewer than 25% of financial advisers in Australia are women? This conversation with financial adviser Trish Gregory explores the challenges and opportunities in the financial advice industry, particularly for women both as professionals and clients.
It highlights the need for good financial advice and the barriers that make it seem out of reach for many people. The conversation also touches on the importance of finding the right financial adviser and the value of personalised advice, the lack of diversity in the industry, the need for systemic change to make it better, and why women need to be included in policy and product development to ensure their financial security.
About Trish
Trish is a CFPÂź certified millennial financial adviser with more than 7 years of formal experience, a Masters Degree, three school-aged children and a military veteran partner. With an abundance of life experience prior to commencing her financial planning career, Trish intimately understands the challenges the younger generation face which can thwart their financial goals. Having previously worked in a more âtraditionalâ advice role supporting pre-retirees and retirees as well as clients holding a Defined Benefit pension, she now spends her days in the weeds of budgets, projections, goal planning and trade-off conversations with Millennials and Gen Z.
Trish is a strong believer in supporting women to enter and grow in the financial planning profession and knows that systemic change is needed before weâll reach gender parity.
Takeaways
Getting good financial advice can make a big difference throughout our lives and especially in retirement.Finding the right financial adviser is crucial for a successful financial journey.There are increasing numbers of women who are challenging the traditional stereotype of the financial adviser but the financial advice industry needs more diversity and systemic change to better serve women.More education and accessibility are needed to make financial advice more understandable and affordable. In male-dominated professions, the lack of parental leave and childcare options is a significant issue for women. Providing childcare at conferences is a key element to enable women to continue their professional development and networking.Unconscious bias in the advice provided to women clients is a problem in the financial services industry.The gender pay gap in the financial services industry is a significant issue that needs to be addressed.Women need to be included in policy and product development to ensure their financial security.Disclaimer
It's Not About The Money provides factual information only and is not intended to be financial advice, legal advice or tax advice, and should not be relied upon as such. The information is general in nature and may omit detail that could be significant to your particular circumstances. The information is provided in good faith and derived from sources believed to be accurate and current at the date of publication. While all care has been taken to ensure the information is correct at the time of publishing, legislation can change from time to time and we are not liable for any loss arising from reliance on this information, including reliance on information that is no longer current. We recommend that you seek appropriate professional advice before making any financial decisions.
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Have you ever told yourself that you're not good with the money stuff because you're not good with numbers? There's a very common stereotype that women aren't great at maths, yet research tells us that's not true, and we're are often better at numbers than society gives us credit for. But in a twist, you don't necessarily have to be good at maths to be great with money.
In this episode of "It's Not About the Money," we explore the fascinating dynamics of gender stereotypes, maths and money with guest, Peita Diamantides.
About Peita
Peita Diamantidis is a new form of âgeekâ hybrid - maths and finance nerdiness combined with a passion for communication that has her on a mission to empower the public to take charge of their finances.
With over 20 years in the financial services industry, and the last 15 as a practising financial adviser, Peita has worked with international conglomerates right through to young couples looking to buy their first home. No matter the size of the financial transaction, she has been most valued for her ability to take complex financial situations and break them down to their fundamentals. This culminated in the release of her first book, 'Finance Action Hero, Book 1: Basic Training' in May 2014, followed by 'Finance Action Hero, Part 2: Mission Possible' in September 2016.
Utilising a background in Actuarial Studies (financial mathematicians that make accountants look hip and groovy), Peita has developed a keen interest in the science of Applied Innovation - the adoption of innovative business and service models, the development of innovative products and technologies, and the engagement of the public in more innovative ways.
The combination of her passion for communicating and her interest in applied innovation has led her on a never-ending journey to find ideas, widgets, and newfangled ways of bringing the financial advice industry and the Australian public closer together. With a quirky sense of humour and a deep and abiding love of movies, Peita is in the unique position of being able to use humour and storytelling to empower her fellow Gen Xers, helping them rediscover their fierce zest for life - It's not just about managing finances; it's about mastering them to fuel our forgotten dreams and adventures.
Peita can be found in the wild empowering future explorers as an adviser and coach, along with presenting to corporate teams on how to confidently finance their future without forfeiting todayâs fun.
Links: https://solo.to/peitamdLinkedIn: https://www.linkedin.com/in/peitamd/ Instagram: https://www.instagram.com/genxadventurefunds/
TakeawaysResearch shows no significant difference in the mathematical performance of men and women in more gender equal countries.Mathematical prowess is not the ultimate determinant of financial wellbeing.The narrative that women are not good at maths starts at a young age and is reinforced in high school.Being good at maths is not necessary to be a good financial decision-maker; it is more about understanding behaviors and making connections. Girl math started as a joke among women but became hurtful when used dismissively or to absolve responsibility.Financial education should be more inspirational and aspirational, and storytelling and communication skills are crucial in delivering financial messages.Supportive policies are needed to address the challenges faced by women in caring for ageing parents.Keywordsgender stereotypes, maths, money, financial wellbeing, financial decision-making, girl math, financial decision-making, financial confidence, financial education, storytelling, caring responsibilities, ageing parentsDisclaimer
It's Not About The Money provides factual information only and is not intended to be financial advice, legal advice or tax advice, and should not be relied upon as such. The information is general in nature and may omit detail that could be significant to your particular circumstances. The information is provided in good faith and derived from sources believed to be accurate and current at the date of publication. While all care has been taken to ensure the information is correct at the time of publishing, legislation can change from time to time and we are not liable for any loss arising from reliance on this information, including reliance on information that is no longer current. We recommend that you seek appropriate professional advice before making any financial decisions.
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In this episode, Dr Bronwyn Bruce joins Jenny to talk about superannuation, the relationship between retirement savings and financial wellbeing, why superannuation as it's currently designed doesn't always work as well for women, and why it is important for women of all ages to engage with their superannuation to feel more in control and to build financial security.
About Dr Bronwyn Bruce
Dr Bronwyn Bruce recently completed her PhD which centred on the consumption behaviour and financial wellbeing of Australian millennial women, with a specific focus on superannuation. She is currently working as an academic at RMIT University where she teaches and conducts research in the School of Economics, Finance and Marketing.
Takeaways
Superannuation is about future-proofing your life and making small sacrifices today for a better future.Engaging young people, especially women, in thinking about superannuation is challenging due to hyperbolic discounting and a lack of awareness about the long-term benefits.Financial literacy is about knowing, while financial capability is about taking action and exhibiting the right behaviours.Financial wellbeing encompasses having enough money for today and the future, as well as aligning financial decisions with personal values and priorities.The education system should focus on teaching financial literacy from a behavioral perspective, rather than just a mathematical one, to address the emotional and irrational aspects of financial decision-making.The gender super gap is a significant issue, with women facing systemic disadvantages that result in lower superannuation balances.Financial education and awareness are crucial in empowering women to make informed decisions about their finances, including superannuation.Podcasts and social media platforms can play a valuable role in providing accessible and relevant financial information to women.Resources such as ASIC's MoneySmart website and personal finance podcasts can provide valuable information and guidance.Keywords: superannuation, finance, financial literacy, financial capability, financial wellbeing, retirement planning, predatory lending, financial education, awareness, women, superannuation, gender super gap, systemic disadvantages, accessible financial advice, podcasts, social media, informed financial decisions, financial advice, self-efficacy.
Disclaimer: It's Not About The Money provides factual information only and is not intended to be financial advice, legal advice or tax advice, and should not be relied upon as such. The information is general in nature and may omit detail that could be significant to your particular circumstances. The information is provided in good faith and derived from sources believed to be accurate and current at the date of publication. While all care has been taken to ensure the information is correct at the time of publishing, superannuation and tax legislation can change from time to time and we are not liable for any loss arising from reliance on this information, including reliance on information that is no longer current. We recommend that you seek appropriate professional advice before making any financial decisions.
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This conversation between Jenny Rolfe-Wallace and Hannah Moreno explores the topics of advocacy and leadership in achieving gender equality.
Jenny and Hannah discuss the importance of dismantling rigid gender stereotypes, the harmful effects of patriarchy, and the need for men to speak up and be allies to achieve gender equality. They also touch on intersectionality and the importance of diversity and inclusion, and the challenges of confronting unconscious biases and the discomfort that comes with it.
Throughout this episode, Hannah highlights the significance of speaking out and advocating for change, as words can inspire action and create real impact.
About Hannah Moreno
Hannah Moreno is a leading feminist advocate and author, writing on issues related to sexual assault, domestic violence, leadership, workplace dynamics, and trauma for publications such as the AFR, The Australian, Womenâs Agenda, and Stockhead.
She is also founder & Managing Director of specialist climate, tech, and finance PR agency Third Hemisphere where she has authored and placed hundreds of editorials on behalf of clients in tier-1 media. This has included ghostwriting at the Australian Financial Review, which directly resulted in one client becoming an official âAFR Columnistâ.
Hannah holds a Bachelor of Commerce (USYD & UniversitĂ Bocconi), a Masters of Strategic Public Relations (USYD), and a Diploma of Investor Relations (AIRA).
Note: This episode contains explicit language and discusses sexual assault and violence against women.
Some listeners may feel emotional distress or discomfort during this episode, and if you or anyone you know needs help, please reach out to services including:
AskIzzy.org.au1800 RESPECT (1800 737 732)1800 ELDERHelp Line 1800 353 374Menâs Referral Service 1300 766 491MensLine Australia 1300 789 978NSW Domestic Violence Helpline 1800 656 463Womenâs Domestic Violence Court Advocacy Service 1800 938 227QLife 1800 184 527NSW Sexual Violence Helpline 1800 424 017National Disability Abuse and Neglect Hotline 1800 880 052Takeaways
Advocacy and leadership are essential in achieving gender equality and dismantling rigid gender stereotypes.Patriarchy is harmful for everyone who is not at the centre of power.Men need to speak up and be allies in the fight for gender equality.Intersectionality must be considered in the pursuit of gender equality.Everyday conversations and collaboration have the power to create change.Amplifying marginalised voices and educating oneself on different perspectives is crucial. Actively include people from different backgrounds and perspectives in organisations and everyday life.Diversity benefits businesses and helps prevent reputational risks.Speaking out and advocating for change can create real impact.Confronting unconscious biases can be uncomfortable but is necessary for personal growth.Self-care and surrounding oneself with like-minded individuals are important for sustaining advocacy efforts.The fight for gender equality and financial security is ongoing.Sound Bites
"Choices cannot be divorced from the circumstances or the environment in which they're made."
"We need men to speak up particularly on topics of gender equality."
"The number of times I've seen brands put out like an advertising campaign or something, and it's very, very clear that the entire team responsible for that was 100% white."
"Sitting in my discomfort and realising the discomfort I feel is nothing compared to the discomfort of people who are experiencing racism, ableism, discrimination on a daily basis."
Chapters
00:00 Introduction
06:55 Personal Journey and Unpacking Gender Stereotypes
08:41 The Impact of Patriarchy on Men
11:02 Advocacy and Leadership for Gender Equality
13:03 Vision of a Gender Equal World
17:03 Confronting Unconscious Bias and Stereotypes
19:43 Advocacy and Leadership in Social Justice Issues
23:48 The Power of Conversation and Collaboration
25:25 The Role of Men in Advocacy and Leadership
27:27 Amplifying Marginalised Voices
29:41 The Importance of Speaking Out
35:42 Learning from Mistakes and Authenticity
39:38 Creating Change and Being an Ally
40:56 Practical Tips for Advocacy and Leadership
47:24 Speaking Out and Self-Care
50:50 Supporting Each Other in Advocacy
51:34 Inspiring Women
53:27 Gender Equality as Prime Minister
55:12 Legislation and Social Change
58:26 Connecting with Hannah Moreno
Keywords: advocacy, leadership, gender equality, rigid gender stereotypes, patriarchy, intersectionality, amplifying voices, diversity, inclusion, organisations, everyday life, speaking out, advocating, change, unconscious biases, discomfort, self-care, financial security
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In this episode, Jenny Rolfe-Wallace interviews Kate McCallum about the challenges faced by midlife women in building financial security, covering topics such as gender inequality, ageism, health, and relationships.
About Kate McCallum
Kate is a professional financial adviser â and financial storyteller and expert voice in the media when it comes to money.
With more than 30 yearsâ financial services experience in investment, superannuation and financial advice, Kate held executive roles with leading organisations including Westpac/BT Financial Group, State Street, and Commonwealth Bank.
Kate holds post-graduate qualifications in Commerce, Applied Finance & Investment, and Financial Planning. She is also an SMSF Specialist Advisor. She was awarded AFAâs 2014 Female Excellence in Advice Award and Multiforte was a top three finalist in the AFA 2018 Practice of the Year Award.
Kate has two amazing boys (who both work in financial services) and two wonderful dogs. She is a Board member for the Central Coast Conservatorium of Music and an active member of Gosford Sailing Club. She enjoys swimming, skiing and yoga; and loves good music, fiction, film, fashion and finance.
Kate is co-author of The Joy of Money: The Australian Womanâs Guide to Financial Independence - winner of the 2020 Australian Business Book Award for Personal Finance.
Takeaways
Midlife women face challenges in building financial security due to gender inequality, ageism, and uncertain work environments, family dynamics, changing self-identity, and the impact of menopause on work and financial planning.Women are often underestimated as investors, but research shows that they exhibit characteristics that make them great investors.Relationship breakdown can have significant financial implications for women.Women need access to good quality resources that reflect their lived experience to build awareness, understanding, and confidence in financial matters.Take it slowly, seek good advice, conduct a financial stocktake, understand cash flow, and have regular conversations about money.Podcasts, the ABC radio show, and books are valuable resources for financial education.Sound Bites
"The fundamental difference that I have in people's lives... I've got peace of mind and I sleep at night."
"Women are better investors... They're not chasing the latest, greatest, shiny, shiny thing."
"You do not need to understand the tin-tacks of share markets or investing or maths. What you need to do is make sure that you're comfortable with your own position."
"Take it slowly, be patient, get very good advice along the way."
"Defaulting to wanting to keep the family home... check that that's the right decision."
"Know what your balance sheet is. So as I said before, that's your assets and liabilities, or in very simple terms, what you own and what you owe."
Chapters
00:00 Introduction and Background
05:47 The Role of a Financial Adviser
09:04 Writing 'The Joy of Money'
11:15 Women as Investors
15:37 Challenges Facing Midlife Women
22:59 Impact of Relationship Breakdowns
27:35 Tips for Younger Women
28:04 Minimising Risk and Moving Forward
28:12 Taking a Financial Stocktake
30:50 Utilising Tax-Effective Strategies
31:10 Importance of Savings
31:33 Knowing Your Retirement Lifestyle
33:33 Challenges of Home Ownership and Alternatives
41:30 Shifting the Conversation on Care
50:41 Recommended Resources: Podcasts and Books
Keywords
midlife women, financial security, gender inequality, ageism, uncertain work environments, financial literacy, financial adviser, storytelling, 'The Joy of Money', challenges, menopause, relationship breakdown, divorce, financial advice, family home, financial stocktake, cash flow, conversations about money, savings, tax-effective strategies, retirement goals, affordable childcare, shared housing, women's inspirations, leadership, decision-making, resources for financial education
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Curious about the untold money stories shaping our lives? Join Julia Newbould, an award-winning freelance writer, as she discusses the complexities of finance, gender equality, and demystifying financial jargon. In this episode, Julia reflects on her career in financial journalism, the changes she has seen in the financial services industry, and shares insights into the diverse money stories of women, navigating financial challenges, and the path towards financial empowerment. About Julia Newbould
Julia Newbould is a freelance writer, speaker and thinker. She was recently managing editor at Conexus Financial curating content for events for superannuation chief investment officers, and financial advisers and licensees. Prior to that she was managing editor of Money magazine.
In 2020 she published her first book The Joy of Money, co-authored with financial adviser Kate McCallum. The Joy of Money won the Best Personal Finance and Investment book at the Australian Business Book Awards in 2020. It was also a runner up in the Health and Wellbeing category. Julia has more than 20 yearsâ finance journalism experience and was previously editor of Financial Planning and Super Review magazines at Reed Business Information; managing editor at InvestorInfo and managing editor at Morningstar Australia.
Her passions lay between helping women gain greater equality in all areas of life and supporting financial literacy in all areas of society.
Juliaâs role prior to Money was at BT Financial Group in marketing and communications where she founded the Stella Network, a network group for women in financial advice.
TakeawaysDemystifying financial jargon is crucial for promoting financial literacy and understanding.Women in the financial services industry still face challenges, but there is progress in terms of diversity and support.Creating safe spaces and networks for women in finance is essential for sharing experiences and promoting equality.Financial wellbeing is essential for overall wellbeing, and it is important for individuals to have an understanding of their financial situation.Accessible information and resources are necessary for empowering individuals to make informed financial decisions. Don't dwell on past financial decisions, focus on the present and future.Everyone's financial journey is unique, it's okay to have different financial situations.Open discussions about money are important for financial literacy.Challenges faced by older women in retirement include lack of superannuation and understanding of money.Affordable housing and education are important initiatives to support women's financial security.Maximise income, practice conscious spending, and invest in superannuation to improve financial position. Sound Bites"For me, being a communications person, it's always about getting the message across simply and cutting out the jargon where possible and usually that's everywhere.""Money is such an interesting topic. I think it's at the root of everything.""Younger women are such champions of each other, forging careers based on their own values.""Do not look back, do not punish yourself for whatever decisions you've made in the past.""Whatever you've got is okay. This is the reality and let's work on the reality.""The best time to invest was 20 years ago and the second best time is today."Chapters
00:00 Introduction and Background
04:56 Challenges and Changes in Financial Journalism
09:52 Women in the Financial Services Industry
11:59 The Stella Network and Supporting Women
17:56 The Importance of Financial Wellbeing
20:30 Demystifying Money and Financial Education
24:51 The Joy of Money and Empowering Women
28:46 Challenges for Older Women and Retirement
37:40 Initiatives and Policies for Women's Financial Security
41:02 Key Messages and Inspirational Women
42:01 Gender Equality and Women's Financial Security
43:34 Actions Women Can Take Today
45:05 Go-To Resources for Financial Knowledge
Keywords
Julia Newbould, finance, gender financial equality, financial services industry, diversity, financial wellbeing, financial decisions, money, financial literacy, older women, retirement, affordable housing, income, conscious spending, superannuation
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How are women meant to prioritise their own financial wellbeing when there is so much else to do (especially for everyone else)?
In this conversation, Jenny Rolfe-Wallace speaks with Dawn Thomas, a Certified Financial Planner and SMSF Specialist Adviser, about women's financial security, the importance of money conversations with children, and the challenges women face in balancing professional and personal obligations.
Dawn highlights the societal expectation for women to give their time and money for the service of others, which often leads to their own financial insecurity. She calls for a shift in cultural beliefs and the valuation of unpaid care work. She discusses the mental load that women often carry, which can hinder their ability to prioritise their own financial wellbeing.
Dawn also addresses the gender pay gap and its impact on long-term financial security, particularly in relation to superannuation.
Dawn reflects on her role as a financial adviser and the importance of financial education literacy for children and suggests practical ways to incorporate financial education into everyday life. She also highlights the inspiring work of women in the finance industry and recommends resources for women looking to improve their financial situation.
About Dawn
Dawn Thomas CFPÂź, SSA is a self-professed superannuation nerd, a part-time PhD Student researching the superannuation behaviour of Gen Z, and a mother of three. She launched The Wealth Designerâs Start Well program in 2023, which is designed to help young people to be empowered financially. When she is not providing financial advice, she relaxes by cooking for loved ones or playing hockey. In 2020, 2021, 2022, and 2023, as a recognition of financial literacy work and advocacy of the financial planning profession, Dawn was listed in Financial Standardâs Power 50, which recognises the most influential financial advisers in Australia. Recognising her work in lifting outcomes of women and young people, Dawn won the 2023 Industry Thought Leader of the Year Award, IFA Excellence Award 2023, 2019 Association of Financial Adviserâs (AFA) Female Excellence in Advice Award and IFA Excellence Award for Transformation of the Year 2022, and received the Great Advice Award (WA) in 2021.
Takeaways
Systemic barriers and cultural beliefs often lead women to prioritise the needs of others at the expense of their own financial security.Financial education for young people, including conversations about unpaid leave, career choices, and money management, can help break the cycle of financial insecurity.The valuation of unpaid care work and the fair compensation of female-dominated industries are crucial for achieving gender equality.The gender pay gap and its impact on superannuation contribute to women's long-term financial insecurity. Parents have a responsibility to teach their children about money, but many feel unsure about how to do so effectively. It is important to find ways to make financial education engaging and accessible for children.The mental load that women carry, including the responsibility of managing household finances, can prevent them from prioritising their own financial wellbeing. It is crucial for women to make time for financial education and self-care.Financial advisers and money coaches can play a valuable role in delivering financial education to students.Gender biases and stereotypes around money start at a young age, with differences in pocket money and household chores assigned to boys and girls. It is important to challenge these biases and promote financial equality from an early age.Practical steps to improve financial well-being include creating a budget or spending plan, understanding superannuation, and seeking out resources and books written by women in the finance industry.Progress over perfection is key when it comes to financial education and empowerment. Start with small steps and build on them over time.Resources
â â Start Wellâ â podcast
â Your Money Storyâ podcast
â "Money School"â by Lacey Filipich
â "Girls That Invest"â by Simran Kaur
ASIC's â MoneySmartâ
ASFA's â Retirement Standardâ
ASFA's â Super Balance Detectiveâ
Chapters
00:00 Introduction
04:37 Re-framing a Woman's Worth
07:47 Creating Systemic Change
10:33 Unpaid Care Work and Systemic Barriers
14:05 Valuing Unpaid Work
19:08 Impact of Unpaid and Underpaid Work
23:55 Teaching Children about Money
26:22 Creating Intergenerational Change
30:38 Prioritising Financial Security
38:02 Inspiring Women in Finance
40:11 If Dawn was Prime Minister for a Day
44:12 Go-To Resources for Financial Education
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When men have children, they tend to experience a boost to their income, yet the average mother loses around half of their earnings for at least 10 years (and sometimes longer).
In this episode, Jenny Rolfe-Wallace speaks with Ana Kresina, about the motherhood penalty and its impact on women's financial security, the need for a shift in societal and economic policies to address gender inequality, and the importance of valuing and supporting women in the workforce (and in the home).
About Ana:
Hailing from Canada, Ana is the author of "Kids Ain't Cheap: How to plan financially for parenthood and your family's future". She's also a financial educator, speaker, and parent who works in the financial technology sector.
Ana is the co-host of of Australiaâs leading podcast, Get Rich Slow Club, and has been featured in the ABC, the Australian Financial Review, AusBiz, Channel 9's Today Show, the Girls That Invest podcast and more.
In her free time, Ana loves to adventure, spend time with family, and play board games. Sheâs travelled to over 50+ countries and now calls Australia home. She canât live without cheese.
Website: https://www.anakresina.com/
LinkedIn: https://www.linkedin.com/in/anakresina/
More about the motherhood penalty:
https://treasury.gov.au/sites/default/files/2023-03/p2023-372004.pdfhttps://womensagenda.com.au/latest/did-you-all-enjoy-the-international-women-day-cupcakes-thats-great-now-lets-talk-about-making-a-real-difference/https://www.pmc.gov.au/sites/default/files/2023-05/Roundtable-Discussion-Paper-Family-and-Unpaid-Work_0.docxTakeaways
The motherhood penalty refers to the additional disadvantages that mothers face in the workforce, including lower financial compensation and decreased career opportunities.Employers need to shift their thinking and see mothers as valuable resources instead of perceiving them as unreliable or less productive.Superannuation policies should be revised to ensure that super guarantee is paid on paid parental leave, as this can significantly impact women's financial outcomes in retirement.Individuals can take steps to reduce the impact of the motherhood penalty, such as negotiating flexible work arrangements, seeking financial advice, and advocating for policy changes.Societal and economic policies need to be reformed to address gender inequality and improve women's financial equality, including addressing the gender pay gap, promoting job sharing and flexible work arrangements, and valuing the work of women in sectors like childcare.Resources for further exploration include books like 'Kids Ain't Cheap' by Anna Kresina, as well as other research and publications on gender equality and financial empowerment. -
In this episode, we delve into a discussion about some pressing issues affecting Australian women today including gender equality, women's financial security, and the relationship between economic abuse and domestic violence.
Julie Kun, a recognised expert in financial wellbeing and financial abuse, shares her insights and experiences, examining the enduring gender pay gap and the systemic barriers contributing to women's financial vulnerability.
We also explore how entrenched gender stereotypes perpetuate violence against women and exacerbate financial inequality, and the insidious nature of economic and financial abuse.
Our conversation touches on the roles financial advisers play in addressing financial abuse, the obligations of employers in fostering inclusive workplaces, and the support services available for victim-survivors.
Amidst the challenges, we acknowledge the progress made in raising awareness about financial abuse and offer practical tips for improving financial resilience.
Resources
Some listeners may feel emotional distress or discomfort during this episode, and if you or anyone you know needs help, please reach out to services including:
AskIzzy.org.au1800 RESPECT (1800 737 732)1800 ELDERHelp Line 1800 353 374Menâs Referral Service 1300 766 491MensLine Australia 1300 789 978NSW Domestic Violence Helpline 1800 656 463Womenâs Domestic Violence Court Advocacy Service 1800 938 227QLife 1800 184 527NSW Sexual Violence Helpline 1800 424 017National Disability Abuse and Neglect Hotline 1800 880 052Moneysmart www.moneysmart.gov.auNational Debt Helpline 1800 007 007No Interest Loans Scheme www.nils.com.auTakeaways
Financial advisers play a crucial role in addressing financial abuse and need to be educated on the signs and impacts of economic abuse.Employers have a responsibility to create inclusive workplaces and address economic abuse, as it has a significant impact on the economy and organizations.Support services, such as helplines and financial counsellors, are available for survivors of economic abuse and can provide assistance in navigating financial challenges.Financial institutions have a role to play in addressing financial abuse by implementing measures to protect customers and providing financial assistance to survivors.It is important to support survivors in re-establishing their financial security and provide them with resources and information to make informed decisions.There has been progress in raising awareness about financial abuse, but more work needs to be done to eliminate economic abuse and achieve gender equality.Joining a union, improving financial literacy, and having open conversations about money can make a difference in individuals' financial positions.Julie Kun can be contacted through LinkedIn or via email for further information and support.Chapters
00:00 Introduction and Setting
03:00 Gender Equality and Women's Financial Security
05:51 Julie's Background and Work
09:52 Gender Pay Gap and Financial Insecurity
12:53 Link Between Gender Stereotypes, Violence Against Women, and Financial Inequality
22:05 Red Flags and Coercive Control
28:03 The Intersection of Economic Abuse and Domestic Violence
34:09 The Insidious Nature of Economic and Financial Abuse
35:28 Financial Abuse and the Role of Financial Advisers
36:33 Employer Responsibility in Addressing Economic Abuse
40:09 Creating Inclusive Workplaces
45:30 Support Services for Economic Abuse
49:56 Financial Institutions' Role in Addressing Financial Abuse
52:58 Supporting Survivors in Re-establishing Financial Security
58:07 Progress in Addressing Economic Abuse
01:04:01 Inspiring Women
01:07:20 Addressing Gender Equality and Financial Security
01:09:19 Taking Control of Personal Finances
01:11:26 Connecting with Julie Kun
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Q: What do you get when you mix a community choir, Wiradjuri elder, disability advocate, financial adviser, business leader, psychology academic, and poet extraordinaire together?
A: An absolutely cracking evening, with a thought-provoking discussion about the systemic, social and economic factors, that constrain womenâs ability to earn, to save, to invest, and in turn build financial security.
This episode of "It's Not About The Money (Australia)" was recorded at the "Can You Afford That Cupcake?" event held on Wiradjuri lands in Wagga Wagga. A program can be accessed â â hereâ â .
The event features a performance from the UNISONg Women's Community Choir, including an adaptation of John Farnham's "Two Strong Hearts" to support fundraising towards purchase of a defibrillator for the Wagga Women's Health Centre, and an original poem performed by Peita Vincent.
Five panellists share thoughts and insights from their lived experience and professional expertise about pathways to greater economic inclusion for women and girls, in line with the UN IWD2024 theme of Count Her In: Invest in Women. Accelerate Progress.
Aunty Cheryl Penrith
Aunty Cheryl is a connecter, an influencer, a mentor and coach, and has worked in the government, non-government and tertiary education sectors. Her passion is community development and capacity building, business and strategic planning, cultural empowerment, community health and wellbeing, involvement in decision making and the revival and reinvigoration of cultural practices such as language, possum skin cloak making workshops, women's cultural business. Aunty Cheryl's life experience as a First Nation Wiradjuri woman has given her a unique perspective, skills and networks.
Gioia Gianniotis
Gioia is a registered Architect and established GPG Architecture following registration with the NSW board of Architects in February 2006. In 2021, Gioia completed her NSW registration as a Design Practitioner-Architectural. Her architectural practice undertakes a diverse range of residential, public and commercial projects. In the 19 years since the establishment of GPG, Gioia has developed an efficient and well-known regional practice with projects located throughout the Riverina, Bland and Snowy Valleys council regions. Employing a team of five, while also leading teams of numerous consultant teams of various specialties, her business continues to develop with many successful and multi-million dollar projects in construction and on the drawing board. Recognised for her passion and business acumen, Gioia received the âMost Outstanding Business Leaderâ and her practice won the âExcellence in Small Businessâ Award at the 2018 Wagga Wagga Business Chamber Awards. Gioia won the 2019 inaugural MBA Riverina Women in Building Award. Her practice projects have also won several awards from the HIA and MBA from 2017 through to 2023. In 2020 her practice in collaboration with another local architect, Mark Golden achieved the Australian Institute of Architects NSW Country Division Educational Architecture award for their work at the Wagga Wagga Christian College, Junior School. Prior to starting GPG, Gioia spent ten years at The Cox Group working alongside many influential architects. She considers her time at the Cox Group as an invaluable contribution to her career, and attributes this to several mentors that supported her journey. Gioiaâs move to Wagga Wagga in March 2004 from Sydney was for a lifestyle change and was an opportunity for Gioia to establish her own practice and contribute to the ever expanding architectural landscape of the region. Throughout her career Gioia has been involved in many professional bodies, forums and community activities including being a mentor within the Australian Institute of Architects NSW Chapter Mentoring Program and is currently the President for Women in Business Wagga Wagga. Her practice, GPG Architecture regularly hosts work experience and university students from all over the region and she is actively involved in presenting to local colleges and school about her career and the built environment.
Jessica Horner
As a disability consultant and journalist, Jessica uses her lived experience and expertise in disability, diversity and inclusion, social justice, and media to help change the disability landscape and discourse. Jessica has more than two years of experience in creating content, writing stories, and advising on disability-related issues for various platforms and organizations, including the Australian Broadcasting Corporation (ABC), Mona Magazine, and Relationships Australia. In 2022, Jessica was selected as an ABC Regional Storyteller Scholarship recipient, where she pitched and produced stories about the adult autistic community from a lived experience perspective. She also received a Media Diversity Australia Award nomination in 2023 from the Walkley Foundation for her work on raising the profile of autistic adults in the media. Jessica's mission is to be a voice for those who are left without a voice, and to promote hope and empowerment for the disability community and broader society.
Dr Rachel Hogg
Rachel is a psychology academic whose work focuses on human-animal interaction, social psychology, gender and feminism, mental health, and the psychology of work. Her PhD research examined horse-rider relationships in elite equestrian sport. She now conducts research on animal-assisted therapy, sustainability in farming, Aboriginal and Torres Strait Islander experiences of mental health services, neurodiversity, social media, and the gendering of mental health diagnoses and systems. Rachel has contributed to academic and media discourses around wellness culture, sex education and consent, and domestic violence reforms, and is regularly sought after as a researcher and public commentator. Rachel grew up on a wheat and sheep farm in south-eastern Australia and this upbringing has infused her work, alongside her engagement with literary and performing arts. Rachel delivered a presentation on 'Disordering distress: Womenâs experiences of domestic violence, self-empowerment, and psychology' as part of the 2023 TEDxWaggaWagga event.
Trish Gregory
Trish is a CFPÂź certified millennial financial adviser with more than 7 years of formal experience, a Masters Degree, three school-aged children and a military veteran partner. With an abundance of life experience prior to commencing her financial planning career, Trish intimately understands the challenges the younger generation face which can thwart their financial goals. Having previously worked in a more âtraditionalâ advice role supporting pre-retirees and retirees as well as clients holding a Defined Benefit pension, she now spends her days in the weeds of budgets, projections, goal planning and trade-off conversations with Millennials and Gen Z. Trish is a strong believer in supporting women to enter and grow in the financial planning profession and knows that systemic change is needed before weâll reach gender parity.
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In the first full-length episode of "It's Not About The Money", former chemical engineer turned financial educator, Lacey Filipich, shares her unexpected journey after facing personal crises, shifting priorities to focus on being "time rich", and her mission to support people of all ages to improve their financial capability and wellbeing.
Lacey and host, Jenny Rolfe-Wallace, challenge some of the stereotypes around financial decisions and misconceptions about poverty, the importance of addressing the wealth gap and income inequality, and the need for diverse voices in financial education to cater to various perspectives and experiences. They discuss the challenges women face in achieving financial independence and strategies for systemic change.
Content warning: This episode mentions suicide.
About Lacey:
Lacey Filipich helps people become financially independent and reclaim their lives. Thousands around the world have used her Money School courses to liberate themselves from debt, start saving and raise financially capable kids.
Money School is also the title of her international award-winning book, out now with Penguin Life.
Lacey graduated as valedictorian from the University of Queensland with an Honours degree in Chemical Engineering (if you want to find out how a chemical engineer ends up teaching people about money, check out her TEDx talk.) She is the winner of a 2019 Business News '40 under 40â Award and a LinkedIn Top Voice in Finance.
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Do you think you could land a commercial aeroplane successfully with no training? Beat Serena Williams in a game of tennis? What about make good investment decisions?
In this bonus episode, Jenny speaks with Julia Newbould about confidence, overconfidence, and how this can influence decision making.
Julia Newbould is a freelance writer, speaker and thinker. She was recently managing editor at Conexus Financial curating content for events for superannuation chief investment officers, and financial advisers and licensees. Prior to that she was managing editor of Money magazine. In 2020 she published her first book The Joy of Money, co-authored with financial adviser Kate McCallum. The Joy of Money won the Best Personal Finance and Investment book at the Australian Business Book Awards in 2020. It was also a runner up in the Health and Wellbeing category. Julia has more than 20 yearsâ finance journalism experience and was previously editor of Financial Planning and Super Review magazines at Reed Business Information; managing editor at InvestorInfo and managing editor at Morningstar Australia.
Her passions lay between helping women gain greater equality in all areas of life and supporting financial literacy in all areas of society.
Juliaâs role prior to Money was at BT Financial Group in marketing and communications where she founded the Stella Network, a network group for women in financial advice.
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We often hear reports that women have lower levels of financial literacy - but is that the whole picture?
In this bonus episode, Jenny speaks with Dr Bronwyn Bruce about the difference between financial literacy, financial capability, and financial wellbeing, as well as the emotional aspects of money and what this means for financial decision-making.
Bronwyn recently completed her PhD which centred on the consumption behaviour and financial wellbeing of Australian millennial women, with a specific focus on superannuation. She is currently working as an academic at RMIT University where she teaches and conducts research in the School of Economics, Finance and Marketing.
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Only one in four financial advisers in Australia are women. What does this mean for clients seeking advice, the quality of advice provided, and for the women working in the advice industry?
In this bonus episode, Jenny speaks with financial adviser, Trish Gregory CFPÂź, about the gender bias in the financial industry. They discuss initiatives to support women working in the sector as well as those seeking advice, and the importance of embracing diverse perspectives in reshaping financial advice, emphasising the need for representation to drive meaningful policy, advice, and industry change.
Trish is a CFPÂź certified millennial financial adviser with more than 7 years of formal experience and a Masters Degree, three school-aged children, and a military veteran partner. With an abundance of life experience prior to commencing her financial planning career, Trish intimately understands the challenges the younger generation face which can thwart their financial goals. Having previously worked in a more âtraditionalâ advice role supporting pre-retirees and retirees as well as clients with defined benefit pensions, she now spends her days in the weeds of budgets, projections, goal planning and trade-off conversations with Millennials and Gen Z.
Trish is a strong believer in supporting women to enter and grow in the financial planning profession and knows that systemic change is needed before weâll reach gender parity. Don't get her started on the overall gender or superannuation pay gap!
You can find Trish sharing finance tips and chicken love on her chickenfinance5 TikTok channel.
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Have you heard about "imposter syndrome"? What if we said it's not what you've been told it is?
In this bonus episode, Jenny speaks with Lacey Filipich about the myth that women suffer from "imposter syndrome" and can't negotiate salaries (among other things, like the graduate pay gap).
Lacey Filipich helps people become financially independent and reclaim their lives. Thousands around the world have used her Money School courses to liberate themselves from debt, start saving, and raise financially capable kids.
Money School is also the title of her international award-winning book, out now with Penguin Life.
Lacey graduated as valedictorian from the University of Queensland with an Honours degree in Chemical Engineering (if you want to find out how a chemical engineer ends up teaching people about money, check out her TEDx talk.) She is the winner of a 2019 Business News '40 under 40â Award and a LinkedIn Top Voice in Finance.
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#CountHerIn or #InspireInclusion? What IS this year's International Women's Day theme?
In this bonus episode, Jenny speaks with Lacey Filipich about the purplewashing of #IWD and the importance of focusing on real change rather than superficial gestures on International Women's Day
Lacey Filipich helps people become financially independent and reclaim their lives. Thousands around the world have used her Money School courses to liberate themselves from debt, start saving, and raise financially capable kids.
Money School is also the title of her international award-winning book, out now with Penguin Life.
Lacey graduated as valedictorian from the University of Queensland with an Honours degree in Chemical Engineering (if you want to find out how a chemical engineer ends up teaching people about money, check out her TEDx talk.) She is the winner of a 2019 Business News '40 under 40â Award and a LinkedIn Top Voice in Finance.
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"It's not about the money" explores why Australian women are more likely to experience lower levels of financial wellbeing, dispelling myths and advocating for systemic solutions to create a nation where gender doesnât determine financial outcomes.
