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 Australia’s 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. She’s travelled to over 50+ countries and now calls Australia home. She can’t 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.pdf

Takeaways

• The motherhood penalty refers to the additional disadvantages that mothers face in the workforce, including lower financial compensation and decreased career opportunities.

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.au

Takeaways

• Financial advisers play a crucial role in addressing financial abuse and need to be educated on the signs and impacts of economic abuse.

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

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 women’s 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 ⁠⁠here⁠⁠.

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 “Most Outstanding Business Leader” and her practice won the “Excellence in Small Business” 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. Gioia’s 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: Women’s experiences of domestic violence, self-empowerment, and psychology' as part of the 2023 TEDxWaggaWagga event.

Trish Gregory 

Trish is a CFP® 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 ‘traditional’ 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 we’ll reach gender parity. 

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 40’ Award and a LinkedIn Top Voice in Finance.

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 years’ 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.

Julia’s 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. 

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.

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 CFP®, 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 CFP® 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 ‘traditional’ 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 we’ll 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.

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 40’ Award and a LinkedIn Top Voice in Finance.

#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 40’ Award and a LinkedIn Top Voice in Finance.

"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 doesn’t determine financial outcomes.