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The Power of Financial Knowledge – Jennifer Oaten

Financial education

Women are increasingly recognising the power of financial knowledge and actively seeking to understand budgeting, investments and wealth management. However, not everyone has a passion for finance, making it challenging to learn about income streams, spending, saving, investing your money, superannuation and wealth building.

Reality of Finances for Women

In our world today, it is well-known that women

  • often earn less than men,
  • are more likely to take time out of the workforce to care for children or family members
  • are more likely to live longer
  • often retire with significantly less superannuation than men.

This means many will have to do more with less dollars in their lives, so being smart with their money is important.

Love it or hate it, financial literacy is a necessity for anyone who wants to achieve a secure future.

So, it is vital that all young women develop strong financial skills and knowledge. Financial literacy is the ability to understand financial concepts and make informed decisions about your finances.

Jennifer Oaten quote about women and financial empowerment

Benefits of Financial Literacy

Understanding finances ensures young women are:

  • able to create sustainable budgets and better manage their money
  • equipped with knowledge and skills for salary negotiation
  • self-reliant and independent, creating a sense of control over financial decisions.
  • able to develop long-term goals such as paying for an education, owning a car or home, or planning for retirement.
  • more prepared to navigate life’s financial challenges and pitfalls like overspending, high-interest debt, credit cards or scams.

Young women who understand financial basics are better equipped to secure their financial futures, whether that be personal finances, jobs or careers in finance or managing the finances of their own business. Providing accessible and culturally relevant financial literacy programs for women of all ages and backgrounds is crucial.

Financial Literacy at Santa Maria College

While courses such as Accounting & Finance, Economics, and Business Management & Enterprise cover financial literacy in depth, not all students opt for them. Mathematics classes provide a practical foundation of pay scales, minimum wages, interest and budgeting to ensure students develop these valuable skills.

Our Future10 program, part of the emPOWER initiative, equips Year 10 students with essential financial skills. Covering topics from spending and saving to investment basics, Future10 prepares students for financial independence. Core topics include:

  • Money & Mindset – Understanding why money matters and how attitudes influence decisions.
  • Budgeting & Smart Spending – Managing needs vs wants, spotting scams, and budgeting wisely.
  • Earning & Saving – Understanding taxes, superannuation, and setting achievable goals.
  • Borrowing & Investing – An introduction to loans, interest, and basic investment options.
  • Advocacy & Equality – Addressing the gender pay gap and building confidence to advocate for financial security.
Father teaching saving

Parents have a Vital Role

While schools play a key role, parents also play a vital role in reinforcing financial literacy. Here are some tips to support your daughter’s journey:

  • Introduce Finance Apps – Introduce budgeting tools to make money management engaging.
  • Encourage Saving Goals & Teach Budgeting Basics – Encourage saving goals and teach simple budgeting by using categories like ‘spend,’ ‘save,’ and ‘give’ to promote balanced habits.
  • Discuss Compound Interest – Show how savings grow over time.
  • Share Financial Decisions – Involve older students in family budgeting for real-life insight.
  • Ask teenagers to do the budget for a family holiday or for Christmas spending.
  • Discuss the weekly food shop’s cost, considering needs and wants.
  • Discuss fixed/regular expenses, such as rent, phone bills, council rates, insurance, and car registration, that the family plans for.
  • Discuss unexpected expenses, such as car repairs and services, medical bills, and pet costs that arise.
Quote Women and Financial Confidence

We also encourage students to explore accessible resources. Money Queens by Michelle Bowes offers a teen-friendly guide, while Victoria Devine’s She’s on the Money podcast is packed with youth-focused financial advice.

The Australian government and each state government offer various initiatives to promote financial literacy. One such initiative is the MoneySmart program, which provides information and resources on a range of financial topics. The program is free and designed to help people of all ages and backgrounds improve their financial literacy.

Financial literacy is a fundamental life skill that empowers young women. Each young woman who develops financial confidence becomes a catalyst for change, embodying our vision of a world where financial empowerment is a right, not a privilege. Together, we are creating a future where every young woman has the financial literacy needed to confidently shape her secure and prosperous future.

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