Australian women will inherit trillions. Here’s how to prepare now

Managing money can be daunting, whatever your gender. In fact, only 37 per cent of Australians surveyed for Vanguard’s How Australia Retires report 2025 said they were very confident or extremely confident in making financial decisions.

For women, however, money matters can prove particularly intimidating – not necessarily because they know less about finances than men, but because they often lack confidence in their own abilities.

“I mainly work with women, and I see a lack of confidence financially all the time,” says Natallia Smith, financial adviser and director of TruWealth Advice.

Australian women are set to inherit 65 per cent of the $5 trillion in inheritance to be passed down in the coming decades, so now is the time to get on top of your finances, Smith says.

“Good financial decisions rarely come from a place of anxiety, particularly when large sums of money are involved. Helping women feel confident and empowered is a big part of my job.”

Trusting yourself

Some women, particularly those from older generations, spend most of their lives “outsourcing” their financial decisions to their male partners, Smith says.

Many younger Australians become money-avoidant and carry that disinclination into adulthood.

“If, all of a sudden, there is no one to help them – perhaps due to death or divorce – it can feel overwhelming because they don’t trust themselves,” she says.

Contending with self-doubt, some women turn to friends or relatives for guidance. “That is often a trap because those people are often not the best financial advisers,” Smith says. “Unfortunately, it’s a situation I see a lot.”

Instead, Smith encourages women to build confidence and knowledge by educating themselves or seeking out professional advice, whether in print, online or in person.

“Managing money is something anyone can learn about, and the principle is the same as if you wanted to renovate a house or learn a sport: you might watch some videos online, or hire someone to teach you.”

Being proactive in gathering information can have an outsized impact on women’s confidence, Smith says. “Once you take charge of your learning, money becomes less scary.”

Building a team

For women, working with a trusted accountant or financial adviser – particularly if that expert is also female – can pay dividends, says Kat Abrahams, director of Keystone Advisory & Tax.

“It’s not just about protecting your financial position, although that is important, of course. It’s also about having the reassurance that someone is in your corner.”

A good accountant or adviser will explain to their clients the financial steps they are taking on their behalf, Abrahams says. “I like to ensure clients understand what I’m doing so that they can have some ownership and feel in control of their position.”

Abrahams says the lack of confidence, rather than a lack of competence, afflicts many of her female clients.

“They actually know a lot more about numbers than they think. Part of what I can do is back their decisions, explain anything complicated and provide a feeling of safety and support.”

Breaking taboos

For many Australians, regardless of gender, talking about money creates feelings of discomfort.

“Australians tend to be very money-shy,” says Dylan Partiger-Green, director of Bold Wealth. “As a society, we don’t talk about money, and in many households, it is a taboo subject, particularly when money has been a stressor.”

As a result, Partiger-Green says, many younger Australians develop an aversion that continues into adulthood. He encourages parents – of girls in particular – to engage their children in conversations about money.

“The more communication that we have [with our parents] earlier on, the more confident with money we become,” he says. “It also helps the entire family when issues such as inheritance arise.”

Partiger-Green also encourages female clients who lack confidence to seek reliable information to get comfortable with finance in all its forms. “Go to a trusted source,” he says. “The government’s Moneysmart website provides information in an easily digestible format.”

Partiger-Green says no one becomes an expert overnight but believes modest improvements in financial literacy can deliver outsized psychological benefits.

“Even a small amount of education, at any age, can create a sense of, ‘Oh, I can do this’, and allow you to engage with your own finances more confidently.”

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• Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their personal circumstances before making any financial decisions.

This story was created in partnership with Vanguard. The content is independent of any influence by the commercial partner.