Will Australia’s female gold medal haul at the Paris Olympics help in the push to improve women’s financial security?
The 2024 Paris Olympics were a dazzling display of athletic brilliance with Australian women winning an amazing 13 out of our 18 gold medals.
But as our nation celebrates, official statistics from AusPlay show that women in sport, like in many other industries, are under-represented in leadership and governance roles – including everything from board appointments and executive leadership to high performance coaching.
Why is this important? Because seeing is believing. Decades of research show that visible female leadership has an impact in helping other women thrive. Role models matter and, according to the evidence3, have an amplified benefit for women and girls. Role models inspire, motivate, and provide tangible examples of what’s possible.
This is equally as true on the sports field and in business as it is in the context of driving financial security and independence for women. We can’t be what we can’t see. So, we need to find more ways to for women to feel financially empowered, to shift the dial on the current disparities in financial and social equality.
In my role leading NGS Super – an industry super fund dedicated to supporting education and community-based professionals, 70% of whom are women – I am acutely aware of Australia’s persistent gender gap when it comes to work, income, superannuation and retirement.
The June quarter Financy Women’s Index (FWX) highlights the persistent disparity in superannuation, with women projected to reach equality in this area in 17.7 years – and that’s in a best-case scenario.
This gap is a driver of one of my primary goals: to empower women to reach their full potential in every sense of the word – but specifically in terms of financial literacy and long-term financial security.
This means advocating for national policies that help narrow Australia’s gender financial gap, such as paying super on paid parental leave, and promoting education programs that helps to build female financial literacy. At NGS, we offer educational resources and personalised advice, helping women demystify financial jargon and build confidence in managing their money.
In business mentorship has a key role to play in tackling gender inequality in the workplace.
Empowerment goes beyond individual actions – it’s about creating a network of support.
Research by Deloitte points to the transformative power of mentorship for women in the workplace.
When women leaders share their experiences and knowledge, they equip others with the tools they need to overcome hurdles and achieve their goals. Mentorship programs are shown to significantly increase retention4 and promotion rates for women as well as minorities.
The journey towards true financial equality and security for women is ongoing, but the 2024 Paris Olympics offer a powerful metaphor.
Just as female athletes shattered records and dominated the podium, we can break down the barriers that hinder women’s progress in leadership and finance, and have a reality where women are more empowered to achieve financial independence.
By continuing to promote and drive financial literacy, and supporting women leaders, we can create a more equitable and prosperous future for all.
Financy is a technology company that provides data insights through the Financy Women’s Index and empowers business leaders to take action on Diversity, Equity and Inclusion through the IMPACTER platform.
