Empowering women: phwealth
As we celebrate International Women’s Day on 8 March, we honour the achievements of women in business, science, politics, and beyond.
This is also a call to action because financial security shouldn’t be a luxury, it should be a right.
Financial advisor Shiree Hembrow, of phwealth says that despite growing awareness, more needs to be done to secure women’s futures. The gender pay gap is one area that needs attention, she says. 
“As of June 2024, women earned, on average, 8.2% less than men. While this is an improvement from 16.3% in 1998, progress has slowed (Source: Ministry of Women). This gap affects women’s ability to save, invest, and plan for their future.”
She adds that life’s responsibilities often pull women away from the workforce, with 44% of an average woman’s adult life spent out of employment compared to 28% for men. (Source: Bank of America survey).
“Whether it’s raising children or caring for elderly parents, these career breaks often impact long-term financial security. However, with the right strategies, you can take control. This includes negotiating salaries with confidence, and consistently contributing to KiwiSaver.
Confidence in money matters is crucial, says Shiree. “The study shows that while 73% of women aged 22-39 feel comfortable speaking with a financial adviser, confidence declines with age. Two in five women under 55 admit that planning for the future feels overwhelming. Many cite not investing more as their top financial regret. A lack of knowledge and the fear of risk often hold women back from investing, yet when they do invest, they excel.”
Shiree explains further that women take a measured, long-term, goals-focused approach; they don’t try and pursue past returns and therefore avoid unnecessary trading. “This often leads to strong long-term outcomes. Women’s portfolios beat men’s by an average 0.4% annually which doesn’t sound much, yet over a lifetime, this adds up to a significant amount (Source: Fidelity Investments).
“Women live, on average, five years longer than men, making financial planning even more essential,” she adds. ”By age 85, women outnumber men two to one, and 77% of those widowed are women (Source Bank of America 2019).
Every small step taken today leads to a stronger, more secure future; it starts with small consistent actions such as setting up a regular savings for an emergency fund, reviewing your KiwiSaver, reviewing your expenses, scheduling a financial consultation. Don’t wait, take control, make informed choices, and plan for the future you deserve.”
Contact Shiree and fellow financial advisor Unicia Veer, pictured below, to discuss how you can start building your long-term financial future with confidence.
As always, you champion empowering women to be independent. That’s the connection with you I value very much as well as why you are my favorite financial adviser.