The financial hurdles for women are many. The motherhood penalty disadvantages mothers in terms of pay, promotion and employment opportunities, affecting career progression and lifetime earnings. The workplace culture in some organisations holds women back.
Outside of the workplace, financial literacy gaps between men and women persist, in part because many women leave the finances to their partner, which can be detrimental.
This raw deal doesn’t just affect single women. Divorce, death or disability of a partner can leave women in sticky financial situations.
Lisa Dudson, a financial educator known for not mincing her words, says “Women need to get a financial education, stop spending money on s***, and don’t give your financial power away to the man in your life."
Getting ahead financially meant understanding the basics, said Dudson. And if you don’t know what they are, then work with a financial mentor, do an online course, read a book such as her own Good with Money, which has examples of women who took the bull by the horns with their money. Mary Holm’s Rich Enough has also been updated for 2025. Although Australian-focused, The Barefoot Investor is a great finances 101-type read.
Workplace choices and employer transparency
The workplace can have a huge detrimental financial impact on women. Once in a job, it’s important for women to advocate for themselves, daunting as it may be.
Networking helps. Many industry bodies have initiatives to support women’s advancement. Before applying for a role, try contacting women who work there or have done so.
Find out what the organisation does to assist promising female talent. Does it publish salary ranges, have diversity and financial equity goals, or policies that support work-life balance and caregiving?
Check parental leave policies with GoCrayon.com, which publishes the parental leave policies of 330 employers in New Zealand.
Talking about money
Tracey Cross, co-chairwoman of Empower Women, a group started by women working in financial services, recommends having more open conversations about money in the workplace, at home, and with friends. Talking helps you understand how much you should be earning, spending and investing. It helps build confidence.
Sharing income or investment figures is often taboo, but hearing how others manage their money can be a wake-up call. Just be aware that sometimes the people who talk most forcefully know the least.
Empower Women has published a set of conversation starter cards to get those conversations started.
[https://www.fsc.org.nz/it-starts-with-action/financial-wellbeing-for-women]
KiwiSaver awareness and action
It’s not just income that matters. Investing does as well. Kernel Wealth’s chief customer officer Catherine Emerson said women needed to pay more attention to their money and KiwiSaver, especially when they’re out of the workforce.
KiwiSaver contributions can continue, even outside paid employment. “Your employer has the option to pay you contributions. It’s just not talked about openly. It’s very easy not to ask the question.”
Many KiwiSaver providers provide at least some advice for members. Financial advisers can also help with planning.
It’s not just income that matters. Investing does as well. Kernel Wealth’s chief customer officer Catherine Emerson said women needed to pay more attention to their money and KiwiSaver, especially when they’re out of the workforce.
KiwiSaver contributions can continue, even outside paid employment. “Your employer has the option to pay you contributions. It’s just not talked about openly. It’s very easy not to ask the question.”
Many KiwiSaver providers provide at least some advice for members. Financial advisers can also help with planning.
Initiatives, tools and support
Find initiatives designed to help. Start by checking with your own employer to see if there are programmes aimed to guide and/or advance women who may not otherwise put themselves forward.
If debt or budgeting is an issue, speak to a financial mentor from MoneyTalksNZ.
Te Ara Ahunga Retirement Commission and Empower Women have been working together to create a financial toolkit for women to bridge the gap, bringing together a range of initiatives such as the Ministry for Women.
Manatū Wāhine gender pay gap toolkit is an initiative by New Zealand’s Ministry for Women (Manatū Wāhine), launched in November 2024, designed to help organisations measure, understand, and address their gender pay disparities
Hi Money! is a 12-module course designed to help women transform their relationship with money and gain more financial confidence.
Works for Everyone provides no-nonsense advice for women in leadership roles. Cross cites social media channels, including Girls That Invest and The Curve as good sources of information for women, although it’s important to know if they’re being paid to push certain products.
