Financially Fearless with Brigitta Hembrow-Gersey
Lawrance Private Wealth adviser Brigitta Hembrow-Gersey was a keynote panel speaker at the Financially Fearless - Empowering Women's Wealth event ran by Canberra Women in Business on 14 July 2023.
Within the finance industry, women have long been met with distinctive challenges that frequently place them at a disadvantage. Whether it is contending with the gender pay gap or grappling with disparities in retirement savings, the financial sector has often proven to be an arena of inequality. Nevertheless, one of the hurdles confronting women is the challenge of seeking and accessing credible financial tips, advice and guidance. The persistent gender bias within the financial sector can make the pursuit of financial stability and independence a daunting task for women.
This lack of guidance and support prompted the creation of the Financially Fearless event. At this empowering event, established female professionals in the law, insurance, finance, and consulting sectors joined forces to bridge the knowledge gap. They offered invaluable insights and answered questions, fostering an environment of knowledge exchange and support.
Wealth generation and financial independence
When asked, “What are you most passionate about when it comes to wealth generation?” the answer was a no-brainer for Brigitta.
Brigitta truly believes that wealth opens a world of possibilities in life. It gives you options and empowers you with the freedom to walk away from things and accept or decline opportunities on your terms.
Brigitta shared a relatable client story during the panel, recounting the journey of a mother. In reflecting on her client’s individual situation, Brigitta highlighted how increased financial independence could have potentially provided her with a greater sense of control, empowerment, and the opportunity to make different choices in life.
The grass is not always greener
When asked about the one discovery she made in the realm of finances and wealth that has made the biggest difference to her, Brigitta responded with a thought-provoking quote: "I think it’s important to realise that the grass is not always greener on the other side." She went on to emphasise how, in today's world dominated by social media, the pressure to maintain a certain lifestyle can be overwhelming.
Brigitta stressed the importance of staying focused on one's own financial journey and tuning out the noise. She reminded the audience that appearances can be deceiving, and while it may seem like everyone is throwing extravagant parties or jet-setting on luxurious vacations, the reality of their financial situation may be vastly different, and they could be impacted by hidden debt and financial strain. The way to achieve one’s goals is to focus on yourself. No matter how small that first step may look like, there is always something you can do to be in a better position.
What Brigitta wants women to know about managing and generating wealth – How to engage with Super?
There was one final piece of wisdom Brigitta was particularly intent on sharing with the women at the Financially Fearless event, and that is the significance of superannuation.
Brigitta communicated the critical importance of women engaging with their superannuation as it is such a key part of one’s retirement security in Australia. Regularly reviewing superannuation statements, understanding how their superannuation fund is invested and ensuring the ATO services are linked to their MyGov app are a couple of steps women can take to take control of their financial future. The Super tab within the ATO services is a fantastic source of information when it comes to understanding active superannuation funds, superannuation contributions, and key caps. She emphasised that superannuation is likely to represent a substantial investment for individuals, often ranking as one’s largest asset, after their home.
Brigitta also highlighted that it is important for women to check whether their salary includes or excludes superannuation. With the recent indexation of the superannuation guarantee contributions (SGC) from 10.5% to 11%, a salary including Super could potentially mean reduced take-home pay (else equal). Being proactive about this and engaging with their employer where possible ensures women’s take-home pay is not disadvantaged whilst benefitting from increased employer contributions to their superannuation.
Where to learn more
If you're eager to explore in-depth insights and guidance on achieving financial independence, confidence, and freedom tailored specifically for women, discover more with our Women in Wealth service led by financial adviser Brigitta Hembrow-Gersey.
Designed by women for women, this service is dedicated to offering clear, empowering financial advice that centres around building confidence, enhancing financial literacy, and securing independent futures. Find out more here.