Closing the Gap: International Women’s Day reflections from a female CEO

As the founder and director of a consumer budgeting and personal finance company, I’ve dedicated my career to helping individuals take charge of their finances. 

But today, as we celebrate International Women’s Day in Australia, I want to shed light on a financial challenge that affects far too many women: the gender pay gap.

Let’s talk numbers. In Australia, like in many countries around the world, women continue to earn less than men on average. 

According to recent statistics released by the Workplace Gender Equality Agency (WGEA), women in Australia earn a median of 14.5% less than men measured by base salary and 19% less than men on a total remuneration basis, which also includes super, bonuses and overtime. 

This means that when all income is considered, for every $1 a man makes, a woman earns 81 cents. 

But this isn’t just a statistic; it represents the very real financial disparities that women face in their careers.

As a personal finance company, the gender pay gap matters because financial health and equality is at the heart of what we do. 

It is fitting, and particularly relevant to MyBudget that the theme for this year’s International Women’s Day is ‘Invest in women: accelerate progress‘.

When women are paid less than men, it affects their ability to save, invest, and plan for the future. And even more importantly it impedes their ability to pay down their debt due to not having the ability to develop that much needed savings pool. Reliance on credit increases particularly in the event of an emergency and that is when the perpetual cycle begins. So the impact is most definitely far reaching and at times complex… It affects their financial security and their ability to achieve their goals.

But the gender pay gap isn’t just about numbers on a payslip. It’s also about the systemic barriers and biases that continue to hold women back in the workplace. 

From unconscious bias in hiring and promotion decisions to the undervaluing of traditionally female-dominated industries and society’s expectations that women remain responsible for caregiving, there are many factors that contribute to the gender pay gap.

So, what can we do about it? As individuals, as companies, and as a society, we all have a role to play in closing the gap. 

For individuals, it’s about knowing your worth and advocating for fair pay. It’s about negotiating your salary and standing up against discrimination. 

For companies, it’s about implementing fair and transparent pay practices, promoting gender diversity in leadership roles, and challenging the status quo. 

And for society, it’s about raising awareness, challenging stereotypes and pushing for policy changes that promote gender equality.

At MyBudget, we’re committed to doing our part to close the gender pay gap. 

At a group level, 55% of our staff are women and they account for 61% of our payroll costs. 

Of our eight-person senior management team, six roles are filled by women and two by men. 

According to the figures released last week by the WGEA, MyBudget has a median base salary gender pay gap of 4.6% and a median total remuneration gender pay gap of just 0.2%. 

The WGEA considers a 5% gender pay gap, either in favour of men or women to be neutral and only 30% of Australian employers have a gender pay gap in this neutral range. 

I am immensely proud of our figures, but they have not happened by accident. 

At MyBudget we take fostering an environment where every individual’s talents are recognised and valued fairly, regardless of gender, very seriously.

Considering the majority of our clients are women, it makes sense that our workforce should reflect our customer base, and given the work we do, we believe that supporting initiatives to improve financial literacy, especially for women, is a cornerstone of our corporate social responsibility.

But International Women’s Day is also a day for celebrating the achievements of women. 

From groundbreaking scientists to innovative entrepreneurs, women have made incredible contributions to every aspect of society. 

As a female founder, I’m incredibly proud to be part of this legacy of female achievement.

I want to thank the incredible women who inspire me every day – my friends, my colleagues, my mentors, and all the women who are fighting for a more equal and just world.

And let’s recommit ourselves to the work that still needs to be done to achieve true gender equality in the workplace and beyond.