Taking Charge Of Your Financial Future: Key Considerations For Women

Taking charge of your financial future isn’t just about numbers, it’s about security, independence, and ensuring you’re prepared for whatever life throws your way.

Many women find themselves in a reactive position when it comes to financial matters, engaging with accountants, lawyers, and advisers only during times of crisis.

However, proactive financial awareness can make all the difference in reducing stress and securing your future.

Skip To:

• Engage with Financial Professionals Before You Need Them
• Understand Your Own Financial Position
• Securely Store Important Information
• Have a Will in Place, No Matter Your Age
• Consider a Power of Attorney
• Protect Yourself and Your Loved Ones with Insurance
• Plan for the Lifestyle You Want
• Superannuation and the Stay-at-Home Parent Gap
• Stay Involved in Financial Meetings
• Caring for Aging Parents
• Trust Your Instincts

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Here are some key areas to focus on:

1. Engage with Financial Professionals Before You Need Them

Don’t wait until a crisis arises to build relationships with your accountant, lawyer, or financial adviser. Regular check-ins help you stay informed and in control, much like visiting a health care professional for preventative care rather than waiting until you’re unwell or injured.

If a crisis does arise, make sure you seek advice from an impartial third party. Avoid engaging someone who also represents your spouse if you are separating, or experiencing issues in your relationship. This ensures your advisor is working in your best interests.

2. Understand Your Own Financial Position

Make sure you know where your money is. Find out:

• Which shared bank accounts and credit cards you have access to, and don’t have access to.
• The status of mortgages or rental agreements, where they are kept, and who the contact is if you have questions (e.g. mortgage broker or rental agent).
• How joint bank accounts will be impacted in the event of a major life event, such as death or divorce. You can check your bank’s Terms and Conditions to find this information.

Taking an active role in your financial life ensures that you’re not just reacting to circumstances but shaping your future with confidence and clarity. Financial independence isn’t just about money; it’s about peace of mind.

3. Securely Store Important Information

Know your Tax File Number and keep it secure.

A Tax File Number (TFN) is a unique, lifelong identifier used by the Australian Taxation Office (ATO) for tax and government services. It’s free to apply for and is required for tasks such as lodging tax returns, applying for government benefits, or obtaining an Australian Business Number (ABN).

To apply, you must first set up a myGovID using your identification documents and a photo, then complete the online TFN application through your myGov account. Your TFN should appear immediately after applying, but if it doesn’t, contact the ATO after 28 days.

Note: Only share your TFN with trusted professionals who have a legitimate reason to access it, and never share it via email.

Be aware of where your parents and loved ones store their financial and legal documents, know who their professional advisors are, and when they last updated their Wills.

Use platforms like Aintree Custodian or MyProsperity to securely store critical information.

As more of our daily lives move online, it becomes challenging for loved ones to access important logins and accounts after someone passes away. Aintree Custodian allows you to set up an automatic information distribution plan that activates upon your death, securely sending specific information to designated individuals. You can assign different logins to different people based on their role in your estate, for example, giving a friend or sibling access to social media or messages before your children or parents.

4. Have a Will in Place, No Matter Your Age

Whether you’re single, partnered, or have children, a Will ensures your wishes are followed. Discuss matters like bequests, organ donation, and Do Not Resuscitate directives with your family so they are aware of your preferences.

Will kits are available online and through services like Australia Post, but these can be limited and may not provide all the necessary protection you need. We recommend consulting a legal adviser to draft a custom Will for you, to ensure all bases are covered. However, any Will is better than none.

If you already have a Will set up, ensure its updated regularly, especially following major life events such as purchasing property, getting married, relationship breakdown, having children or the death of one of your beneficiaries or Powers of Attorney.

Even if nothing appears to have changed, our experts at Aintree Group Legal recommend reviewing your Will every 5 years. You can set a reminder on your phone or online calendar to help with this.

Creating a Will is not a ‘one and done’ process. Wishes are likely to change throughout life as circumstances and preferences evolve. It’s recommended that a Will be updated every three years or so, to ensure it continues to reflect current wishes.

Your Will only applies to assets you personally own, such as savings, belongings, and your home (if held as Tenants in Common). It doesn’t automatically include superannuation, assets in family trusts, or property owned as Joint Tenants. To ensure all your assets are properly accounted for, it’s important to seek professional advice.

5. Consider a Power of Attorney

A Power of Attorney (POA) is a legal document that authorises someone you trust to make decisions for you, such as managing your finances or property in the event you can’t. It’s essential not only in cases of incapacity but also in practical situations, like when you’re overseas and a business decision needs to be made in your absence.

When appointing a POA, choose someone responsible, trustworthy, and capable of acting in your best interests. This could be a family member, friend, or professional.

To set it up, complete the required legal forms for your state or territory and have them properly witnessed. Seeking legal advice is recommended to ensure everything is done correctly.

6. Protect Yourself and Your Loved Ones with Insurance

If you were unable to work due to illness or injury, how would you support yourself? What if your partner is the primary breadwinner, does he have adequate insurance? If you are the primary caregiver, how would a financial disruption impact your family?

These are critical questions to address with an insurance professional.

Options to consider:

Health Insurance

Health insurance helps cover medical expenses, such as doctor visits, hospital care, and treatments. It reduces your out-of-pocket costs and ensures you can access healthcare when needed. After age 30, private health insurance helps avoid the Medicare Levy Surcharge.

TPD Insurance

Total and Permanent Disability (TPD) insurance provides a lump sum payment if you become permanently unable to work due to illness or injury. It helps cover living costs, medical expenses, and future financial needs.

7. Plan for the Lifestyle You Want

Consider long-term financial commitments such as travel, leisure activities and children’s education. Being honest about what brings you joy enables you to make financial choices that align with your values.

Understand how your income supports your lifestyle, savings, and future aspirations. Be mindful of how major life changes, such as having children or shifting career paths, can impact your financial position.

To create and maintain a budget:

• Calculate your income and expenses.
• Decide on the timeframe you will use to budget- we recommend monthly, or aligning it with your pay cycle.
• Set a realistic budget.
• Monitor it regularly and adjust as needed.

Some links to recommended budgeting apps:

• Savings.com.au
• Finder

8. Superannuation and the Stay-at-Home Parent Gap

Superannuation, or ‘super’, is money set aside by your employer over your working life for you to live on when you retire.

If you take time off work to care for children, be mindful of the impact on your Superannuation. For example, no income means no superannuation is being paid, which means the parent taking time off will have less superannuation when they retire. Ensure you’re making provisions for your financial well-being in retirement.

From 1 July 2025, under new legislation, eligible parents of babies born or adopted on or after this date will receive a superannuation contribution from the government. This contribution will be equivalent to 12% of their Parental Leave Pay and will be deposited into their chosen superannuation fund. The payment, which will include an interest component, will be made as a lump sum after the end of each financial year in which the government-funded Parental Leave Pay was received.

However, note that 12% of your Parental Leave Pay will likely result in lower contributions than those from your regular pay, which could reduce your funds to live off later in life.

9. Stay Involved in Financial Meetings

Engaging in discussions with your partner or spouse and financial advisor is essential to ensure you have the knowledge and confidence to take charge of your financial future. It doesn’t mean there’s a lack of trust. Understanding your financial landscape helps you make confident decisions.

At Aintree Group, we believe it’s essential for clients to understand the ‘why’ behind what we do, even if they have an accountant handling their taxes. Many Australians lack basic tax literacy, which can lead to missed deductions, costly mistakes, and vulnerability to scams.

By educating our clients, we build trust, help them make informed financial decisions, and clearly demonstrate the value of our services. Our goal is to empower people to be financially savvy and involved, while also supporting the broader community through accessible resources and education.

Find out more here.

10. Caring for Aging Parents

Knowing your financial situation is crucial, but understanding the financial health of those you may need to care for, such as ageing parents, is equally important.

Having open and honest conversations about financial and healthcare arrangements for ageing parents can lead to better outcomes for everyone. Being prepared means fewer surprises and smoother transitions when support is needed.

When helping an older parent enter aged care and sell their home, having access to their Tax File Number (TFN) is essential, particularly for obtaining an ATO clearance certificate required for property sales over $750,000. If their TFN is missing or hard to locate, and you have an Enduring Power of Attorney, you’ll need to apply to the ATO with certified documentation, which can take weeks. Without this in place early, the property sale could be delayed or fall through entirely, so it’s vital to plan ahead.

In Australia, women continue to take on the majority of caregiving roles, particularly when it comes to supporting ageing parents. In 2022, 12.8% of women were carers, compared to 11.1% of men. This ongoing trend reflects the influence of social and economic factors that often place caregiving responsibilities more heavily on women (according to the Australian Bureau of Statistics, 2022).

This knowledge can help you plan ahead and make informed decisions when the time comes. These conversations can be difficult to navigate, so seek professional advice if you need support.

12. Trust Your Instincts

If something doesn’t feel right, whether it’s a financial issue, a legal matter, or a gut feeling about your security in your relationship, trust yourself. Just like with your health, early action can prevent bigger problems down the track.

Examples of this could be:

• Seeking professional help.
• Domestic Violence resources and helplines.

Call 1800 737 732 or 1800RESPECT for help.

Taking an active role in your financial life ensures that you’re not just reacting to circumstances but shaping your future with confidence and clarity. Financial independence isn’t just about money, it’s about peace of mind.

Want to take control of your financial future?

Get in touch with our team today!

More resources:

Aintree Group’s HER Success Hub

Aintree Group’s HER Success Hub has a collection of resources, opportunities and connections for females to help enhance, invest and better your career. Discover our quarterly-updated hub of articles, podcasts, toolkits, and resources- all in one place. Explore practical tools, expert insights, and inspiring stories from women worldwide, all designed to help you grow your confidence and sharpen your skills.

The Live Life Whole Project

This program aims to educate and empower women and girls by promoting their physical, mental, and emotional wellbeing through workshops, online memberships, and mentoring. It focuses on key areas of women’s health, with an emphasis on prevention and creating meaningful, positive change.

WIRE

This organisation has been working to address gender inequity for over 40 years. Taking a practical, community-based approach, it focuses on supporting those most affected by systemic barriers and collaborates with them to find effective solutions.

By paying attention to often-overlooked issues and aiming to improve broader systems, the organisation encourages inclusive change. It takes a thoughtful, forward-thinking approach, showing that progress is possible through collective effort.

This is general advice only and has not been prepared with your situation and needs in mind. For individual and personalised advice, we highly recommend that you seek out proper professional advice from your accountant, lawyer and financial adviser.