By JULIETTE CAPOMOLLA
Women have less financial literacy and do not feel empowered to invest, says financial advisor Victoria Devine.
Ms Devine, who is the co-host of podcast She’s on the Money, is tackling this social issue by running workshops and starting a podcast to empower women to invest.
“Women overall invest 40% less than men do,” Ms Devine said.
Ms Devine said this is mainly because it has always been a male-dominated space and women aren’t empowered in the same way men are.
According to research conducted by the Reserve Bank of Australia, women do not have the same financial education as men do.
This research has shown there are about twice as many male students, as female students, studying high school economics.
Ms Devine said it’s “glaringly obvious” there are more men than women in the finance industry.
Author of Smashed Avocado: How I cracked the property market and you can too Nicole Haddow said her gender initially impacted her financial confidence but she has since become financially empowered.
“Everyone should be working towards financial freedom,” Ms Haddow said.
She said women who “at retirement age [are] often worse off than their male counterparts” especially needed to become financially literate.
“I never thought of myself as disadvantaged, but the reality was I hadn't properly learned to manage money, which made me disempowered,” she said.
But Ms Devine said the industry and its focus on women is changing.
“There are so many great females in this industry who are shaking it up,” she said.
Ms Devine also said women are generally more successful than men when they invest because because they are less risky.
“It’s a space women want to know more about,” Ms Devine said.
Research conducted by the Financial Literacy Foundation has shown 70% of women are interested in learning about investing, but currently do not have the knowledge.
Victoria Devine hopes her podcast will further become a platform for women to increase their financial literacy and empower each other.