How to empower women to achieve financial freedom

Australian women have big dreams for their future, and many are eager to build financial knowledge. Yet for some, the path to success can be met with unique barriers.

Whether it's owning a home, starting a business, a secure retirement, or simply having the financial freedom to make choices without stress, the desire is there.

The problem? The path to financial freedom and independence isn't always clear.

MLC's recent Financial Freedom Report found 74% of Australian women see financial wellbeing as extremely or very important for achieving life's aspirations - more than their male counterparts (67%).

For women, financial wellbeing isn't just about wealth; it's also about having enough money to meet their needs (67%), having no financial stress or worries (60%) and having the financial freedom to make choices (58%).

While 55% of women think a lot about their aspirations, only 33% are taking practical steps to achieve them. The most common aspiration for Australian women is financial independence, yet only 20% say they've achieved this.

The unspoken barriers women face

Women face a unique mix of challenges. Some are external - rising living costs, unpredictable interest rates, and career interruptions due to caregiving responsibilities.

Others are internal - lack of confidence, personal relationships with money, or simply feeling they don't earn 'enough' to even start.

For many, these barriers become even harder to navigate during life's biggest transitions - becoming a single parent, experiencing divorce, or adjusting to life after losing a partner.

Our research calls these women 'resilient women' - and for good reason. They're handling all the usual demands of life while often carrying extra financial or emotional weight.

For example, 29% of resilient women said a lack of savings was a key barrier to them achieving financial freedom, compared with 20% of the broader population. Current income was a challenge for 45% compared with 34% of all Australians.

Even women who are thriving in their careers or have a good grasp of the world of finance can still feel uncertain about money.

There's often a silent pressure to 'have it all together', which makes it hard to admit, 'I don't really understand', 'I've never invested before', or 'I don't know where to start'.

The good news? These challenges can be tackled, step by step.

The steps to success

1. Find your supporters

Money conversations don't have to be awkward. In fact, they can be empowering.

Whether it's chatting with a financially savvy friend or family member, joining a local women's network, or even forming a social committee with workmates, talking about money breaks down fear and builds confidence.

And you may be pleasantly surprised to learn that, while you might feel like your circumstances and emotions are unique, the woman right beside you is on a similar journey.

2. Leverage the right tools

There are plenty of tools and resources that women can use to plan for the future, such as MLC's new Money View tool, the government's MoneySmart website, books and publications like Money, and even podcasts - sometimes hearing the stories of other women's setbacks and successes can be the inspiration we need.

Financial freedom is a dream that women can achieve with the right support and resources. By aiming for progress over perfection and seeking out financial information to grow their knowledge, women can build the confidence they need to secure a better financial future.

3. Take small, consistent steps

Financial freedom isn't about perfection, it's about progress. I often reflect on just how long some of my financial goals and aspirations have been on my 'to-do' list, and in particular, why it is that I haven't taken a single step forward.

Don't overthink it - Rome wasn't built in a day, and you won't solve everything on day one. The key is to make a start now-not when you 'know more,' 'earn more,' or 'have more time'.

Money confidence isn't about having all the answers-it's about having the courage to start asking the questions. So, what's one small step you can take today to move closer to financial freedom?

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