Why women must talk about finances more

Financial independence gives women control, confidence and the power to shape their future. Yet despite greater autonomy than ever, many still navigate cultural and societal expectations and emotional challenges tied to family and career decisions. This month for International Women’s Day, it’s time to talk about why women must engage more in financial conversations.

At First Financial, we help clients build financial security and achieve the retirement they envision. For women, this journey comes with unique challenges, whether managing wealth independently or with a partner.

To explore these nuances, we spoke with our own financial adviser, Adela Ngai, who shared valuable insights on the financial decisions women face and the importance of taking control.

While progress in gender equality continues, some challenges remain unique to women. Parenthood, for those who choose it, often brings career disruptions that men experience less often. While more fathers are stepping into primary caregiver roles, it is typically women who face the decision and the accompanying guilt of returning to work or managing childcare costs, having carried the physical and emotional demands of pregnancy and birth. These factors inevitably shape their financial trajectory and require thoughtful planning.

Many women put off financial planning until a major life event like divorce, inheritance or the loss of a partner leaves them with no choice. Adela has seen it often.

“The first person many clients call when something goes wrong, whether it’s redundancy or losing a spouse, is their financial adviser. In those moments, they’re not looking for an immediate solution, just reassurance,” she says.

The financial gap between men and women doesn’t disappear in retirement—it often widens. Lower lifetime earnings, career breaks and part-time work mean many women retire with significantly less superannuation and savings. Without early planning, this can lead to financial insecurity and fewer choices later in life.

Traditionally, men took the lead in financial planning within a marriage. While more women now attend meetings, those who grew up with this dynamic often remain passive participants, leaving investment decisions to their partners. Meanwhile, younger generations are increasingly driving financial conversations and making independent choices about their future.

More women are now seeking financial advice early in their careers and focusing on long-term wealth-building rather than waiting for a major life event to force them to think about money. Adela has watched this shift happen. “I have a younger female client—just one year into her job in the medical field— and she was the one driving the financial conversations in her relationship and brought her spouse to see us,” she says.

With progress comes new challenges. Younger women and girls are bombarded with financial advice online and on social media, much of it conflicting and from self-proclaimed experts. The sheer volume of information makes it difficult to know who to trust. With so many voices competing for attention, the ability to filter out the noise has never been more important.

Clear financial goals give women greater control over their future. Planning ahead, rather than focusing only on immediate needs is what builds long-term security. “Dare to dream,” says Adela. “I always ask clients, ‘What’s your ideal retirement?’ Don’t worry about whether you can achieve it yet—that’s my job. But you need to be honest about what you want.”

Many women assume they’re not in a position to plan for the future, but financial stability often starts with understanding what they already have. Taking stock of assets, income and superannuation can reveal opportunities they hadn’t considered.Professional advice provides structure and a clear strategy.

Whether planning for retirement, managing investments or preparing for life’s uncertainties, working with an adviser helps women take action with confidence.

The financial impact of motherhood is one of the biggest challenges for women. As explored earlier, the decision to return to work or take a career break comes with long-term consequences, and there is no one-size-fits-all approach.

Adela chose to stay in the workforce despite the financial strain of childcare. “Even though I had to write off most of my after-tax income at first, it kept me in the workforce and allowed me to progress in my career,” she says. Female advisers understand the weight of these decisions and help clients navigate them with practical financial strategies.Beyond lived experience, female advisers help close the financial confidence gap.

Many women hesitate to take charge of their finances and are unsure of where to start or what questions to ask. A supportive adviser provides clarity and guidance in taking financial control.

Adela notes that balancing a career in finance while raising a family isn’t always easy, and many women step away from the industry after having children. However, those who stay bring personal insight that makes financial advice more practical and assists clients in planning for both the expected and the unexpected.

“We need more female advisers because clients are asking for them.”

Women often underestimate their own financial capability. Adela advises, “Don’t sell yourself short. A lot of times, you’re actually stronger and more capable than you realise.” Financial confidence grows with action. The more women engage with their finances, the more secure their future becomes.

Being ambitious about financial security means setting long-term goals. The time to start preparing for retirement is now. At First Financial, we want to see every client achieve their financial aspirations, regardless of gender or partner status. With careful planning, you can do this.

For more information on our tailored retirement planning services or to get started on the pathway to wealth today, contact a member of our friendly team.

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