Tackling Financial Stress: Why Aussie Corporate Women Need Workplace Support

By Molly Benjamin

Money is one of the biggest sources of stress for Australians, and women, in particular, are disproportionately affected. With 70% of women in Australia reporting feeling stressed about money, financial stress is not just a personal challenge but a societal issue that needs urgent attention.

Why Are Women More Financially Stressed?

Wage Gap and Income Disparities Despite progress in workplace equality, women in Australia still earn 14.2% less than men on average. Over a lifetime, this wage gap means women earn approximately $1 million less than their male counterparts. This makes it harder for women to save, invest, and feel financially secure.

Career Interruptions Women are more likely to take career breaks for caregiving responsibilities, whether it’s raising children or supporting elderly family members. This often results in reduced earning capacity and lower superannuation balances, contributing to long-term financial stress. On average, women retire with 23.4% less superannuation than men, leaving them more financially vulnerable in retirement.

Lack of Confidence in Financial Decision-Making Nearly 45% of women report lacking confidence when it comes to making financial decisions. This hesitancy can lead to missed opportunities for investing and growing wealth.

Increased Cost of Living From housing to childcare, rising living costs disproportionately affect women, particularly single mothers and women in lower-income brackets. It’s no surprise that 50% of women express a desire to improve their money management skills to combat these challenges.

The Impact of Financial Stress on Women

Financial stress doesn’t just affect the wallet—it takes a toll on mental and physical health. Studies show that women experiencing financial stress are more likely to report feelings of anxiety and depression. The ripple effect can also impact their relationships, career performance, and overall quality of life. Women are also the fastest-growing group experiencing homelessness, underscoring the urgent need for systemic solutions.

“As someone who has always felt intimidated by all things related to finance, this workshop helped demystify tricky concepts in a really relatable way. The speaker was an amazing and engaging facilitator.” —Treasury Wine Estates, Global

Addressing Financial Stress: What Can Be Done?

Financial Literacy Education Empowering women with the tools and knowledge to manage their finances is a crucial first step. For example, workshops like Ladies Finance Club’s sessions focus on teaching practical skills like creating a budget, identifying high-interest debt, and setting up an emergency fund. These workshops address the fact that nearly 45% of women feel uncertain about their financial choices. These are part of our broader financial wellbeing series aimed at making financial literacy accessible and actionable.

Encouraging Open Conversations About Money Breaking the taboo around money discussions can help women feel less isolated. For instance, workplace initiatives like hosting financial wellbeing lunch-and-learn sessions, half or full-day trainings, workshops, masterclasses on a range of topics from budgeting to superannuation, or creating peer financial support groups can foster a culture of openness and shared solutions.

Policy Changes and Workplace Support Addressing the wage gap and providing better parental leave policies are essential steps. Some companies, such as those offering superannuation top-ups during maternity leave, are leading the way in supporting women’s financial futures. Employers can also include financial wellbeing programs as part of their employee assistance offerings.

Tools and Resources From budgeting apps like WeMoney, technology can help women take control of their finances. Simple strategies like automating savings or accessing financial counselling services can make a world of difference. For example, some women have found success in using investment platforms like Raiz to build their first portfolios with small, manageable amounts.

How Financial Wellbeing Workshops Can Help

• Set realistic financial goals
  
• Build an OMG fund (emergency savings) to reduce stress during life’s curveballs
• Manage money efficiently in minutes per paycheck
• Discover proven techniques for paying off debt and building wealth
• Understand which insurances are a must and why cash isn’t always king
• Learn how to cut years off their mortgage and save on interest
• Unlock our favourite ninja savings tips that really work

In addition to the Money Makeover workshop, we offer a range of other workshops to meet diverse needs, including:

• Budget Like a Boss
• Get Ready for Retirement
  
• Super Savvy 101
• Investing 101
• Property Investing 
• Salary Negotiation
• Buy Your First Property
• Women’s Confidence

These workshops cater to diverse financial literacy levels, ensuring every woman—whether she’s a seasoned investor or just starting out—feels empowered to take control of her financial future. By incorporating financial wellbeing programs into corporate workshops, companies can ensure their employees are equipped to tackle financial stress head-on.

“Thank you, Molly, for delivering an excellent LFC Investing 101 session to launch our IWD celebrations for Women@Google. Feedback praised the clarity of the presentation and the valuable insights shared.” —Google Australia

Why Every Office Should Invest in Financial Wellbeing

When employees feel financially secure, the benefits extend beyond their personal lives. Companies that invest in financial education for their teams often see:

• Improved morale and mental health: Staff feel valued and supported when employers address real-life concerns
• Stronger retention: Financial education fosters loyalty and satisfaction
• Enhanced productivity: Less stress means sharper focus and better performance at work

“Finally, a business that doesn’t make me feel silly when I try to learn about money! Since finding LFC, I’m more in control and confident with my money than I have ever been before.” —PVH, NSW

Take Action Today

The good news is that more women are recognising the importance of financial independence. By hosting a Ladies Finance Club workshop, workplaces can play a pivotal role in helping women manage their finances and reduce stress. Whether it’s budgeting, debt management, or investing, these sessions equip women with tools to build a secure financial future—for themselves and their families.

Let’s tackle financial stress together. Contact us to book a workshop and empower your team to thrive personally and professionally.