Viridian Financial Group (VFG) has launched a program to revolutionise financial literacy and independence among women in light of the gender pay gap.
Data from the Workplace Gender Equality Agency (WGEA) last month found there is a gender pay gap of 21.7 per cent. In other terms, women earn 78 cents for every dollar men earn in Australia. While the average annual pay difference between women and men has decreased to $1,322, a gap of $26,393 still persists.
Women are also more likely to have a lower superannuation balance by the time they reach retirement. By age 60–64, women will likely have a superannuation balance of $157,000 compared to $270,000 for men, the WGEA said.
In response to this, VFG has launched a program called Pave the Way, which will offer a comprehensive curriculum covering financial agreements, investment strategies, estate and retirement planning, and superannuation, supported by the firm’s advisers and portfolio managers.
It has also forged strategic partnerships with other service providers to provide tailored workshops and networking events.
A pilot program has already been trialled successfully with over 120 women, the firm said.
Melissa Goodman, founder of the program and a private portfolio manager in VFG’s investment arm Infinity Capital Solutions, said money can be seen as a taboo topic for many women.
“As a wealth management business, we have the knowledge and skill set to make a difference to the women in our lives, whether they are our clients, colleagues, family, or friends. At VFGL, we’re focused on breaking down stereotypes that surround women and finance.
“Too often money is a taboo topic among females, and Pave the Way offers a safe and constructive space for women to have an open dialogue with one another. From firsthand experiences, we discuss real-life events that offer invaluable insights into a wide range of financial scenarios including buying a home or changes in family dynamics. This allows us to communicate the importance of financial knowledge at all stages of life.”
VFG joint chief executive, Raamy Shahien, said: “Our dedication to narrowing the advice gap remains paramount, ensuring accessible and impactful expert financial guidance for all Australians. We are enthusiastic about the opportunities ahead and steadfast in promoting financial literacy and empowering our clients.”
