Financial adviser shares six common money issues women have today and offers simple tips for how to avoid them. 

Helen Baker is an Australian financial advisor licensed by the Australian Financial Services Commission. She says that women need to plan and not react to money problems. 

Her new book On Your own two feet: The essential guide to financial independence for all women, is a personal finance guide that empowers women to manage their money.   

Helen believes that money is a fair game and that Helen doesn’t believe there’s a fairer way to sex. She also says there are six money issues that women face that are unique.

Helen Baker (pictured), an Australian licensed financial adviser, says 'women need to plan, not react' and get foundations in place to set themselves up now rather than fix issues when they arise

Helen Baker, an Australian financial advisor licensed by the Australian Financial Services Commission (pictured), says that women need to plan and not react. She recommends that they put in place foundations to help them build a better future, rather than fixing problems when they occur.


Today, Australian women still make 13.9 percent (or $242.90 per week full-time), less than their male counterparts. Two levels of inequality result: lower wages now, and less going to superannuation in retirement.

Helen’s Top Tips Women must have the confidence and self-worth to request a fair salary. Take advantage of the opportunity to get advice and act quickly. 

Most women avoid seeking financial advice because of their fear of being dominated by the finance industry. These women miss out on the super, tax, and investment benefits.

 COVID-19 has demonstrated that people can work remotely. This gives women and men the opportunity to work remotely.

Helen Baker: These saving tips will save you thousands of dollars quickly  

1. To control your spending, use the 50/30/20 method 

Divide your net income after taxes into three groups to create a simple, but efficient budget. Your’must-haves,’ including rent and utility bills, groceries and food costs, should be 50 percent. You can then set aside 30 percent for your wants,’ such as dining out or fashion. For loan repayments and building your savings, keep 20%. 

2. You can hide your savings account 

For your savings, open an additional bank account that you cannot access through your existing banking app. You will be more successful in achieving your savings goals if you choose a savings account with withdrawal fees.

3. You should not be signing up for products in the name of your partner.

Although it might seem tempting to sign up for products on behalf of your partner, you should avoid opening credit cards, loans, or mobile phone plans on behalf of your spouse. Instead, open a bank account in your own name. If your partner falls behind on repayments, it can affect both your credit ratings, and if you break up or your partner accumulated debt, and you are married or defacto, you will be liable for their debt.   


Unfortunately, homelessness is becoming a new reality for women over 60. These women are often single due to a relationship breakup or the death of their partner or domestic violence victims. 

Many people are still employed: they don’t have to earn zero income; they just can’t make ends meet with the high housing costs.

Helen’s top tips Preventing is always better than treating: Buying property early in your life could help you avoid debt later. 

For women in this situation, look at your super – can you access it to for accommodation? Your super doesn’t necessarily have to be large, but it should feel secure and cozy.

Many homeless women are still working: it's not that they have no income, they simply can't afford to meet the high cost of housing on their own

Many women who are homeless continue to work: It’s not because they don’t have any income; they just can’t afford the housing costs.

3. Women live longer lives 

Statistics show that women live an average of ten years longer than men. Women generally have to save more for retirement than their male counterparts. 

Women who are widowed have more freedom than men, the ability to travel and experience things their husbands never could. This freedom comes with a cost.

Helen’s top tips You can help your situation pre-retirement, such as by using catch-up rules to boost your super balance while you’re still earning. 

Do not expect to inherit everything from your spouse after they die. Often, money disappears because of poor financial decisions and high medical costs.


Many women, after separating from their husbands or partners, accept a less favorable settlement to deal with the trauma. 

People often seek advice from their family members and friends, who are meant to be an emotional support system rather than a resource for money-related expertise. 

A common mistake made by women is to take the family home that they cannot afford, at the expense or superannuation and other assets.

Helen’s top tipsEven before the relationship ends, women can take control of their finances and help to protect themselves. Know what you are able to do before the situation turns sour.

Helen said women statistically live longer than men. That means that women generally need to fund more retirement years than men

Helen stated that statistics show women live longer lives than men. Women generally have to invest more in retirement savings than men.


Around 4:1, single moms outnumber solo dads. 

Helen recommends that single moms first change their attitude and learn to be kind to each other.

While they may try to keep their children happy, one income is not enough. Additionally, children should learn that money does not grow in trees.

Helen’s top tipsMake a cash flow plan that will help you make ends met. You should contribute more to school fees if your father is more successful than you.


Often, daughters and their wives assume the responsibility of caring for elderly parents. It is common for them to give up their full-time jobs in order to care for elderly parents.

Helen’s top tips One great alternative to exploring is a granny apartment. You can have your parents near, yet still allow them their autonomy, as well as removing the commute time and cost.

A higher property valuation and lower ongoing living expenses are two of the benefits. If your parents are paying for the construction of the granny apartment, make sure you reach an agreement.