S1E5: It's About The Mental Load (48:03)

Description

How are women meant to prioritise their own financial wellbeing when there is so much else to do (especially for everyone else)?

In this conversation, Jenny Rolfe-Wallace speaks with Dawn Thomas, a Certified Financial Planner and SMSF Specialist Adviser, about women's financial security, the importance of money conversations with children, and the challenges women face in balancing professional and personal obligations.

Dawn highlights the societal expectation for women to give their time and money for the service of others, which often leads to their own financial insecurity. She calls for a shift in cultural beliefs and the valuation of unpaid care work. She discusses the mental load that women often carry, which can hinder their ability to prioritise their own financial wellbeing.

Dawn also addresses the gender pay gap and its impact on long-term financial security, particularly in relation to superannuation.

Dawn reflects on her role as a financial adviser and the importance of financial education literacy for children and suggests practical ways to incorporate financial education into everyday life. She also highlights the inspiring work of women in the finance industry and recommends resources for women looking to improve their financial situation.

About Dawn

Dawn Thomas CFP®, SSA is a self-professed superannuation nerd, a part-time PhD Student researching the superannuation behaviour of Gen Z, and a mother of three. She launched The Wealth Designer’s Start Well program in 2023, which is designed to help young people to be empowered financially. When she is not providing financial advice, she relaxes by cooking for loved ones or playing hockey. In 2020, 2021, 2022, and 2023, as a recognition of financial literacy work and advocacy of the financial planning profession, Dawn was listed in Financial Standard’s Power 50, which recognises the most influential financial advisers in Australia. Recognising her work in lifting outcomes of women and young people, Dawn won the 2023 Industry Thought Leader of the Year Award, IFA Excellence Award 2023, 2019 Association of Financial Adviser’s (AFA) Female Excellence in Advice Award and IFA Excellence Award for Transformation of the Year 2022, and received the Great Advice Award (WA) in 2021.

Takeaways

Systemic barriers and cultural beliefs often lead women to prioritise the needs of others at the expense of their own financial security.
Financial education for young people, including conversations about unpaid leave, career choices, and money management, can help break the cycle of financial insecurity.
The valuation of unpaid care work and the fair compensation of female-dominated industries are crucial for achieving gender equality.
The gender pay gap and its impact on superannuation contribute to women's long-term financial insecurity.
Parents have a responsibility to teach their children about money, but many feel unsure about how to do so effectively. It is important to find ways to make financial education engaging and accessible for children.
The mental load that women carry, including the responsibility of managing household finances, can prevent them from prioritising their own financial wellbeing. It is crucial for women to make time for financial education and self-care.
Financial advisers and money coaches can play a valuable role in delivering financial education to students.
Gender biases and stereotypes around money start at a young age, with differences in pocket money and household chores assigned to boys and girls. It is important to challenge these biases and promote financial equality from an early age.
Practical steps to improve financial well-being include creating a budget or spending plan, understanding superannuation, and seeking out resources and books written by women in the finance industry.
Progress over perfection is key when it comes to financial education and empowerment. Start with small steps and build on them over time.

Resources

⁠⁠Start Well⁠⁠ podcast

⁠Your Money Story⁠ podcast

⁠"Money School"⁠ by Lacey Filipich

⁠"Girls That Invest"⁠ by Simran Kaur

ASIC's ⁠MoneySmart⁠

ASFA's ⁠Retirement Standard⁠

ASFA's ⁠Super Balance Detective⁠

Chapters

00:00 Introduction

04:37 Re-framing a Woman's Worth

07:47 Creating Systemic Change