International Women's Day 2024

Cover photo by That's Her Business on Unsplash

Every year on March 8th, we celebrate International Women's Day. It is a day to acknowledge the incredible achievements of women and their ongoing fight for equality.

This year's theme, "Invest in Women: Accelerate Progress," calls for collective action to empower women and unlock their full potential.

We all know that homeownership is a powerful way for women to invest in themselves, their families, and their futures.

It fosters a sense of security, stability, and lays the foundation for building wealth.

But women face a significant disadvantage, even in 2024.

Domestic and Family Violence

Australia still faces a significant issue with domestic and family violence (DFV). This violence disproportionately impacts women, making it difficult for them to find safe and secure housing. According to the Australian Bureau of Statistics, in 2021, 2.4 million women (or 49% of women aged 15 and over) had experienced physical or sexual violence from a current or previous partner since the age of 15. This highlights the urgent need for support services and safe housing options for women escaping DFV situations, before they can even consider homeownership as a path to empowerment.

Financial Abuse

In Australia, financial abuse, a form of domestic and family violence, significantly hinders women's ability to achieve financial independence and pursue homeownership. This abuse can take various forms, including controlling household finances, denying access to personal funds, withholding money for essentials, or forcing women to take on debt. This creates a cycle of dependency and economic insecurity, making it incredibly difficult for women to save for a deposit, escape abusive situations, or even consider taking the first step towards homeownership. Recognising financial abuse as a critical barrier and providing dedicated support services is vital to empower women and ensure their access to safe housing and financial well-being.

The Gender Pay Gap

The gender pay gap persists, making homeownership a more distant dream for many women. As of November 2023, women earn on average 22% less than men. This translates to a significant difference in savings potential, making it harder to accumulate a deposit and qualify for a mortgage. This gap widens further when considering the impact of career breaks often associated with childcare responsibilities, further limiting financial resources for women seeking to invest in property.

Lack of financial literacy

While strides are being made, Australian women still face a disadvantage in terms of financial literacy compared to men. Studies have shown that women are more likely to report feeling overwhelmed and discouraged by financial matters, which can hinder their confidence in navigating the complexities of securing a mortgage. This lack of familiarity with financial terminology, processes, and investment options can lead to missed opportunities to build wealth and achieve long-term financial goals, including homeownership. Addressing this knowledge gap through accessible financial literacy programs specifically tailored to women's needs is crucial to empower them to make informed financial decisions and bridge the gap towards homeownership for all.

Investing in Women

Cardinal Finance believes in making your mark. We believe that investing in women through homeownership is empowering.

But that’s not the point of this post.

For so many women, having to flee from unsafe homes, having a roof over their head is not empowering but essential. Even life-saving.

Below are some women’s charities we recommend donating to:

Women’s & Girls’ Emergency Centre

Located in Sydney, Australia, the Women's & Girls Emergency Centre (WAGEC) is a vital resource for women and children escaping domestic and family violence. They offer a safe haven through crisis accommodation, providing immediate support and shelter during a vulnerable time. Additionally, WGEC goes beyond emergency assistance. They empower women with essential support services such as case management, legal advocacy, and access to mental health professionals. Their efforts aim to break the cycle of violence and build brighter futures for women and their families, paving the way for a future where they can pursue self-sufficiency as a path towards a secure and stable life.

The Flourish Journey

The organisation exists to support the mental well-being of teenage girls in Victoria. Recognising the significant challenges girls face, including social media pressures, body image issues, and academic demands, The Flourish Journey delivers programs fostering self-awareness, emotional intelligence, and positive connections. They achieve this through workshops led by diverse role models and by raising awareness of the issues girls encounter. Additionally, they empower girls with resources and collaborate with other organisations to ensure girls have the support they need to thrive.

The Warrior Woman Foundation

Based in Australia, the Warrior Woman Foundation is a national organisation dedicated to empowering young women aged 17-25+ who lack the necessary familial or community support. They focus on providing holistic support programs for vulnerable and under-represented young women, particularly those at risk of not completing high school, transitioning out of the foster care system, or facing other challenges. Through their flagship program, the Young Warrior Woman Program, participants are paired with wise mentors who offer guidance, support, and encouragement. This program utilises a three-pronged approach based on the Self Determination Theory, focusing on connection and belonging, personal growth, and building a foundation for a secure future. The Warrior Woman Foundation aims to empower these young women to become resilient, independent, and capable of taking their place in the world.

Promoting Resources

While we currently don't offer financial literacy workshops, we can leverage our platform to promote existing resources provided by reputable organisations.

MoneyGirl

MoneyGirl is a social enterprise based in Sydney focused on making financial education more accessible and engaging for young women. They believe that financial literacy is key to empowering women to take control of their financial future and achieve their goals. MoneyGirl tailor their programs and resources specifically to the needs and challenges faced by young women in Australia. MoneyGirl offers a range of services, including:

Interactive workshops: Delivered in person or online, covering various financial topics.

Online resources: Website with articles, tools, and guides for independent learning.

Corporate programs: Tailored financial education workshops for businesses and organisations.

By providing accessible and empowering financial resources, MoneyGirl is helping young women in Australia build confidence and make informed financial decisions for a brighter future.

WIRE

Based in Victoria, Australia, the Women's Information and Referral Exchange (WIRE) serves as a trusted resource for women and gender-diverse individuals. They operate under a vision of a society where these groups are safe, respected, valued, and empowered to reach their full potential. WIRE fulfills this mission through various avenues:

Free Support: They offer a 24/7 confidential support line via call, email, or live chat, allowing individuals to discuss any issue and receive support, information, and referrals without an appointment.

Referrals: WIRE connects individuals with relevant services and resources across various sectors, including legal aid, housing assistance, healthcare, and financial support.

Information Sharing: Their website and publications provide comprehensive information on various topics relevant to women and gender-diverse individuals, fostering greater knowledge and understanding.

Advocacy: WIRE champions systemic change by advocating for gender equality and policies that address the specific needs and challenges faced by these groups.

Inclusive Environment: They strive to create welcoming and inclusive spaces where individuals feel comfortable seeking guidance and exploring their options.

Together, we can make a difference!

Together, let's celebrate International Women's Day by taking action and investing in a future where homeownership is attainable and empowering for all women.