On average, women in Australia have 40% less net wealth than men. This isn’t a gender pay gap; it’s a gender wealth chasm, and it’s a systemic issue tied to career breaks for caregiving, lower superannuation savings, and a significant lack of financial education. The result is a wealth and property abyss that’s leaving many women perched in a precarious and vulnerable position.
My name is Tammie Rimon, and as the founder of 20/20 Finance, I’m on a mission to empower women with the knowledge to take control of their financial destiny. It’s about helping you make better, safer, and more realistic choices for your future.
The Unspoken Reality of Financial Imbalance
I see this financial imbalance every day in my work. It’s a challenge that many women face alone. A shocking reality is that the average Australian woman has just $428,000 in net wealth, a full 40% less than the average man. This is even more concerning when you look at property ownership, which is one of the most significant wealth-building assets available to us. Among young Australians, 48% of Gen Z men own a home, compared to just 33% of Gen Z women. For millennials, the disparity continues, with men 50% more likely to own their home outright than women.
Part of this is due to a lack of financial literacy. In Australia, 63% of men have basic financial skills, but only 48% of women do. It’s a significant problem, and it’s why a proactive approach is so important.
Three Actionable Steps to Take Control
So, what can you do to take control? I believe there are three actionable steps every woman can take to start building a more secure financial future.
Step 1: Get Financially Literate
Financial literacy isn’t just for experts – if you want financial security, you need to know how to make informed decisions about your money throughout your entire life. Don’t leave your financial future to chance. You need to understand financial leverage and how to make smart choices. I’ve seen so many people struggle with financial anxiety because they feel overwhelmed and don’t have clear information.
There are plenty of podcasts and platforms that share good advice (make sure you always check this with a qualified financial expert before implementing it, though).
That’s why we created the 20/20 Wealth Club, a platform that provides freely available financial education, webinars, and tips to empower you to make informed decisions about your financial future. It’s about giving you the knowledge and support you deserve, and you’re welcome to access it anytime.
Step 2: Understand the Power of Property
Property has always been a powerful tool for building long-term wealth. I’ve seen it transform lives. It’s how my team and I have helped over 450 clients successfully build their portfolios, and it’s not as difficult to achieve as you may think (or as the media makes it out to be) if you understand how it works.
The key is understanding financial leverage – this is the ability to use borrowed money to increase your investment. A broker can help you navigate this complex but achievable strategy, exploring a wide range of lenders to find a solution that’s the best fit for you, not just the easiest for the bank. Matching you and your goals to the right property and loan structure is paramount. You don’t want to get locked into a deal that is detrimental to you long term, and often, you need to look at more than just the interest rates.
Step 3: Build a Team of Trusted Advisors
Your financial journey is a long one, but it’s not a flat path. It’s a strategic effort to find solid ground and build a secure future for yourself. This means you need a long-term partner, not a transactional relationship with a broker or bank that can offer you a lower rate. Your adviser or broker needs to deeply understand your unique aspirations and goals before they can provide clear, transparent guidance, and if they rush you, please back away and ask for time to read and consider your options. A good broker won’t pressure you; they will provide ongoing support throughout your journey, not just at the start when they want to secure a deal. They should genuinely care and be that steady hand and trusted advisor you can rely on, and they can also introduce you to agents, property managers and solicitors who you can rely on as well. Take your time, choose someone who invests in you.
Your Future, Your Vision
In finance, having a proactive approach is like having 20/20 vision. It’s about looking ahead to avoid future pain and risk by making smart decisions today. By focusing on financial education, understanding the power of property, and building a team of trusted advisors, you can confidently navigate your own safe path to financial security.
What is one actionable step you can take today to secure your financial future?
By Tamie Rimon, Director, 20/20 Finance
Author Bio
Tammie Rimon is the award-winning founder of 2020 Finance, a mortgage brokerage dedicated to empowering Australians to build wealth through property. Frustrated by traditional banking, she established the business in 2015 with a passion for education and a vision of clear financial advice. Her innovative approach, including the 2020 Wealth Club, focuses on building long-term, trusted relationships.
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