A women’s guide to building financial wealth

The path to financial wealth is a marathon not a sprint, but the reality is women are often starting the race a few steps behind. While there are unavoidable challenges, read our guide to find tips and tools to overcome these setbacks and take charge of your financial future.

Don’t sleep on your super

Thanks to the gender pay gap, women taking time out of the workforce to have children and more women working part time, women retire with 25% less in super than men in general*. Consider these steps to supercharge your super:  

• There are advantages to rolling your super into one fund. Consider if this is right for you, then consolidate your accounts to reduce fees.

• Consider making extra contributions to your super if you can afford to with salary sacrifice. This will reduce your tax and mean more money in your super balance. Use AMP’s Salary Sacrifice calculator to see how much you can save. 

• Review your investment options to make sure it's on par with your risk level.

• If you take time off due to parenting, your partner may want to make spousal contributions to your super while you are on leave so you don’t miss out on any of that juicy compound interest. 

• Chat to your super fund’s experts to understand more (AMP Super members can chat to a super coach for no extra fees).

AMP Super is hosting a webinar on March 4 2025 in honour of International Women’s Day, all about ways women can boost their super. Register here.

Break the glass ceiling

Climbing the work ladder isn’t always a fair game for females. But mapping out your career development path is an essential part of climbing to financial empowerment – and there are plenty of ways to get ahead: 

• Sharpen your skills with free online training (or see if your manager will pay for a course!).

• Seek out a mentor who you look up to career-wise and ask them to share their wisdom with regular catch-ups and advice. 

• Look out for networking events and opportunities – it’s not always about what you know, but who you know. 

• Don’t be afraid to advocate for yourself – you don’t get what you don’t ask for! 

Get up to speed on your financial literacy

Knowledge is power. Don’t let financial information overwhelm you – break it down and learn from the experts. 

• Create a budget. This is the easiest way to get clarity on what you’re spending and what you’re earning, and seeing where you need to cut or save. AMP’s Budget Planning Calculator can be a good place to start. 

• Seek out expert blogs and podcasts to help break down complex topics and explain it in relatable ways. Check out AMP’s Insights hub for guides to help you manage your money, and AMP’s economics team shares a fortnightly podcast Simplifying Investing, which talks about all things finance. 

• Turn a doom scroll into a dollar scroll – finance content creation is becoming more and more popular on social media, specifically those breaking it down for Australian women with tips, explainers, webinars and more from reputable creators. 

• Consider consulting a financial advisor for personalised guidance on how to grow your money – with everything from super to investing. 

Start a side hustle

Do you have a passion project? Are you really crafty? Have a good idea for something that’s missing in the market? A side hustle can be a great way to monetise your skills into a small business, to create extra income. 

• Create your own shopping website or use online marketplaces, and promote your product on social media. 

• Put your spare time into a gig-economy job – you choose how much you work. 

• Consider a passive income stream – like e-books or online courses – and make money while you sleep!

• Get small-business savvy. The ATO offers free guides and courses for small business owners. The new AMP Bank is made for small business owners – the new digital banking app offers everyday business banking alongside smart insights and seamless functionality, meaning more time for the things that matter. 

* The Association of Superannuation Funds of Australia, ASFA Research: Retirement savings improving but still a savings gap for many, November 2023