A collaborative effort between Future Women (FW) and La Trobe Financial has shed light on the significant financial concerns facing women aged 20 to 50. This initiative, branded the Choose Her Own Adventure project, utilized the vast FW Instagram community, which engages tens of thousands of professional women, to navigate the fiscal journeys of a fictional character named Anna through various life stages.

The Choose Her Own Adventure Project

This interactive content series involved numerous polls where community members weighed in on financial decisions that Anna encountered throughout her life. The findings reveal crucial insights into how women approach financial planning and the common hurdles they face.

Expert Guidance from Lacey Filipich

In conversation with 9Honey Money, Lacey Filipich, an expert from Money School, provided valuable insights drawn from the project. She emphasized the importance of educating women to expand their awareness of financial options available to them.

“Often, we don’t even know what the possible options are,” she noted, offering sound advice aimed at enhancing financial literacy among women of all ages.

Key Financial Themes

Rethinking ‘Buy Now Pay Later’ Options

Filipich raises concerns about the proliferation of ‘Buy Now Pay Later’ schemes, which can lead to significant consumer debt. “We’ve got one in five users of ‘Buy Now Pay Later’ going without meals to meet their repayments,” she remarked, stressing the need for better regulation and consumer awareness.

Discussing Finances Before Parenthood

She advocates for financial discussions among partners before starting a family. Making informed decisions about employment and earnings can help maintain long-term financial stability: “Make your decisions about who’s working and who’s staying home based on your long-term earning potential.”

The Time Is Right for Investing

Filipich asserts that it’s never too early or too late to begin investing. Women in their 40s still have substantial time to benefit from compound interest. “If you didn’t invest in your 20s or 30s, in your 40s is still a fabulous time to do that,” she advises, sharing a personal anecdote about her mother achieving financial independence through steady investments.

Contributing to Superannuation

Regarding superannuation, Filipich suggests evaluating individual financial plans when considering voluntary contributions. She explains the importance of minimizing fees and choosing the appropriate investment options to align with financial goals.

Choosing the Right Employer

In the context of the gender pay gap, Filipich emphasizes the role of employers in fostering equitable pay. Efforts must focus on securing pay increases while being selective about job opportunities: “Choose your employer wisely… Companies that have a proven track record of closing the gender pay gap and promoting women should be prioritized.”

Enhancing Earning Potential

Filipich encourages continuous skill development as a strategy to boost earning potential. “Focusing on improving your earning potential is a great thing to do in your 20s, and it gets you leaps and bounds ahead in your 30s and 40s,” she advises.

Establishing a Savings Buffer

Lastly, Filipich highlights the significance of maintaining a savings buffer to mitigate financial stress. “You need to have a buffer fund with some savings set aside,” she explains. Research indicates that financial stress can impair cognitive function, reinforcing the necessity of a financial safety net.