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 – and financial storyteller and expert voice in the media when it comes to money.

With more than 30 years’ 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 AFA’s 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 Woman’s 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.

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