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Have you hit the “glass ceiling” so many times, it feels as if the top of your head is flat? Has your journey through the executive ranks seem to have stalled out? Are your dedication and hard work going unrewarded? Are you feeling underappreciated or misunderstood in the workplace? If so…welcome to The Club!

“This is THE place, where like-minded, executive-minded, forward-thinking women come to communicate—collaborate—and celebrate everything that it means to be a career-focused woman in a male-dominated work environment. This isn’t about ‘us vs. them.’ This is about us making a name for ourselves—taking a seat, and truly owning that seat, at the executive table—and doing so not as ‘clones’ of men, but as authentic, self-confident, self-empowered women.”

Amanda Blesing

2 x Author; Women’s C-Suite Mentor & Executive Coach; Founder: The She-Suite™ Club

Where empowered women empower other women. Because when women win, everyone wins.

Feminisation of Wealth – what this means for women in Australia

Picture this: a world where women are calling the shots when it comes to money. Where women are celebrated for their spending decisions, not vilified for being frivolous or being a spend thrift. Where women are confidently making decisions that impact their lives, their communities, and those around them, without fear of criticism or of ending up a bag lady (this is a very real fear for many and yes I’ve had this for years myself 😱 – haven’t you?).

That’s what I’m talking about when I mention the “Feminisation of Wealth.” And let’s be real, it’s exciting stuff.

What is the “Feminisation of Wealth”?

What exactly is this “Feminisation of Wealth” all about? It’s basically an academic sounding phrase for a world where women have more money in their pockets, purses, bank accounts, investment portfolios, superannuation accounts and financial futures. 

And guess what? It’s not just a pipe dream—it’s happening right now and will continue to happen increasingly over the next decade, thanks to some pretty big trends. Here are three of the big ones –

  1. There’s the Great Wealth Transfer. This is when Baby Boomer men pass down their wealth, mostly to their wives who tend to outlive them, and then to their kids. Translation? A whole lot of cash is about to land in the hands of women especially as there are more daughters than sons and many are single women.
  1. But it’s not just inheritance driving this change. With more women going to college and starting businesses, they’re earning more and taking control of their financial futures. Additionally, they’re moving out of lower paid highly feminised industries, and into more lucrative sectors such as technology, STEM fields, and entrepreneurial ventures, traditionally the domain of men. Women are in fact making more money themselves.
  1. And thirdly, let’s not forget divorces, which is seeing yet another transfer of wealth into the hands of women to do with it as they will. In the USA in recent years, we’ve seen multiple billionaire couples split, and these high-profile women are investing in causes and missions that drive social change and who are becoming amazing role models to so many with their different views on how to distribute wealth for good.

And it’s not just happening in the USA.

Does the Data in Australia Support the “Feminisation of Wealth” or is it an American Trend? 

Here are some Australian statistics thanks to a fabulous article by Lucy Dean from the AFR in March 2024 with data from JBWere

  • Australian women are set to inherit 65% of the nearly $5 TRIL wealth transfer from Baby Boomers in the next decade
  • The number of men becoming millionaires grew at a rate of 3.6% in 2023 compared to 5.7% for women (although according to the Lucy this was off a low base – but colour me impressed).
  • Women now own 1/3 of Australia’s small businesses (I’m working more and more with women wanting to transition out of corporate and start their own business – it’s definitely a trend.)
  • Amongst 70yo+, there are 16% more women than men, widening to 33% for those aged over 80 with women still outliving men
  • An estimated 10,000 high net worth couples will divide their assets each year, with an estimated $30 BIL asset pool converting to roughly $15 billion in the hands of high net worth women.
  • There were more than 50,000 divorces in Australia in 2023, with couples aged 50 being one of the fastest-growing cohorts.
  • Wealthy women are not necessarily risk-averse and are interested in exploring a range of investments, including non-traditional assets.

Money = Power and Confidence

One thing that’s key in all of this? Confidence. It’s a virtuous cycle. Confident women are the ones who are building their wealth. And building, creating or even simply inheriting more wealth gives women more confidence. Then with that confidence, women are making some pretty big life decisions—such as leaving toxic relationships, or jobs that drain them, or suburbs that no longer serve them and then creating building careers and lives they love. Which makes them more confident. 

So often we talk about women not having as much confidence as men, but what if confidence comes from having more money and more options? In which case, we’re in for a tectonic plate shift and I can’t wait.

It’s Not Just About Personal Gain

Despite the narrative that women spend frivolously, women are using their wealth to make a difference. The research globally is demonstrating that when women have more money they

  • Invest in their kids’ futures
  • They transfer their wealth earlier to support adult children with large life expenses  
  • They involve their children in financial decisions far earlier
  • They support causes they care about
  • They start businesses they’re interested in or even develop products that are targeted towards women 
  • They even get involved in politics
  • And they invest in themselves.

Nothing bad happens when women invest in themselves.

Fix the System, Not the Women

I’m excited about the “Feminisation of Wealth” because it’s the one of those systemic shifts that needs to happen. It won’t transform the lives of executive women inside their corporate roles immediately as there is so much systemic that is still wrong. But it will over time.

With more women taking charge of their finances, developing their financial acumen, and using their money for causes, projects and businesses that interest them, this is a game changing decade in time. So, here’s to a future where women are running the show when it comes to money.

It’s about time, don’t you think?

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Thank you so much Amanda. You have brought out the best of me and put it on a page.

Amanda helped me build my digital brand with a strategic approach that’s aligned to my long-term career goals. I learned to add value and richness to my network and customers, and I have a visibility strategy that is above the line and future-focused!

It’s a blast working with Amanda – I can feel the momentum growing – now a matter of me putting my foot on the pedal to get myself out there in full confidence!

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To ensure you are never caught out, and are perfectly positioned to put your best foot forward in your career, every time.

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