Women managing money – how involved are you? Should money management be taught in schools?

Money management is a crucial life skill that everyone, regardless of gender, should possess. However, for women in Australia, and indeed across the world, managing money has often come with unique challenges and barriers. In this blog post, we'll explore the changing landscape of financial education and in doing so, shed light on how this evolution has empowered women to take control of their financial futures.

Changes over time

In the not-so-distant past, financial education in schools was rudimentary at best, particularly in Australia, and often excluded discussions about gender-specific financial challenges. Women were frequently disadvantaged when it came to managing money due to societal norms, discriminatory practices, and limited access to financial resources.

In recent years, there has been a significant shift in the way financial education is approached. This transformation has been characterised by:

The inclusion of gender-specific topics

From the school level, to financial literacy books, podcasts and courses, the general curriculum now includes discussions about the unique financial challenges women face – such as the gender pay gap, superannuation disparities, and budgeting as a single parent. Increased importance has been placed on the need to address these issues to empower women with the knowledge and skills needed to navigate them successfully.

Digital learning tools

Technology has played a pivotal role in modern financial education. Digital resources, interactive apps, and online courses have been developed to make learning about money management engaging and accessible. These tools equip students with practical skills, including budgeting, investing, and financial planning. Often, such tools place a strong emphasis on financial independence. Particularly those that have young women as their target demographic, emphasis is placed on the importance of taking charge of your own financial future, challenging traditional gender roles and stereotypes. Schools have adopted such tools to promote the idea that women can be successful investors, entrepreneurs, and financial decision-makers.

As this shift continues, we can expect to see more financially confident and empowered women who are better prepared to take control of their financial futures, break through gender-related financial barriers, and build the lives they envision. Nonetheless, there is still great room for further development in this area. At The Like-Minded Collective we have often discussed the overwhelming lack of mentorship in this area. Financial education is not just about managing money; it's about enabling women to achieve financial freedom and independence, breaking down gender disparities one educated student at a time.