The financial gender gap is a well-known phenomenon, with women having poorer outcomes than men when it comes to their long-term financial futures, according to new research.
Almost half of all single women (46 per cent) and specifically three in five single mums (60 per cent) said that not knowing enough about money or who to turn to for help would be the biggest hindrance to getting their finances or their housing issues back on track, Zippy Financial noted.
According to the Australian Human Rights Commission, increasing numbers of older women in Australia are experiencing or are at risk of homelessness, with a rise of over 30 per cent in just five years.
Zippy Financial director and principal broker Louisa Sanghera believes women need to take control of their financial futures.
“Each person has their own hopes and dreams, which is perfectly fine; however, if women are going to improve their financial futures, they must adopt a number of smart money strategies,” she said.
“Preferably this would happen when they are young and single, but they can be instigated at any age – to help prevent financial stress following a relationship breakdown in particular,” Ms Sanghera explained.
In a recent episode of The Smart Property Investment Show, property investor Miriam Keen explained how her personal relationship breakdown led her on a property journey.
“It’s probably a little bit cliched, but it was probably after my divorce that got me thinking, I’ve got to get serious about my finances because prior to then it was just life was one big party, I guess.
“So, I got a bit serious. I had to start from scratch, and I spent pretty much every day and night working,” Ms Keen said.
Ms Keen explained how she worked a job in publishing and as a security guard at night for five and a half years to get the initial deposit for her first property.
“I had my eye on a particular property, and the property that I wanted, the banks wanted 20 per cent.
“Well I’d done enough market research. I knew where I wanted to buy my first property. It was just a matter of how soon can I get in.”
“I had to give it my best because the longer you take, the more that it gets away from you. Even though I happened to buy it at the right time, I still felt like it was miles away, the goal,” Ms Keen said.
Now owning five residential properties, Ms Keen advocated the benefits of women helping each other out through shared experiences.
“I meet up with a bunch of really intelligent property investors, all women. We all chat about what we’re doing, and there’s a bit learning there because we’ve all got different experiences.
“We’re all doing slightly different things. Like some people are doing development and some people are doing whatever,” Ms Keen concluded.