Have you had a chance to check in on your new year’s resolutions? Did achieving financial freedom make it on your list? Regardless of what your specific goals may entail, now is a good time to mentally check in on your progress and set intentional, actionable, and realistic steps to set you on the right path to financial independence.

If you have decided to prioritise your financial fitness in 2024, you’re not alone. In fact, when it comes to identifying financial goals, we know women are ‘dreamers’, and ‘doers’.

According to MLC’s Financial Freedom Report, which surveyed 2,511 Australians, women are surpassing men in their financial ambitions, signalling a shift in wealth and finance gender norms.

Women are both career and financially driven, with 58% of women aspiring to be financially independent and 37% of women driven to have a successful career. Compared to their male counterparts, women are closer than ever to smashing those high-hitting financial goals.

Women’s priorities seem to be shifting to a more holistic and well-rounded lifestyle which may contribute to overall improved mental and physical health. MLC’s Financial Freedom Report found the top five aspirations for females after financial independence were taking regular holidays, having a good work life balance, having a trusted group of friends/family around, and owning their own home.

There's still work to be done

Achieving financial freedom can be a daunting prospect, and at times it can feel out of reach. However, focusing on individual financial literacy and building your knowledge base is a great way to set yourself up to secure your financial freedom.

Engaging in long-term financial strategies is key to building wealth over an extended period of time, essentially allowing your money to work for you. There are two key areas where we’re seeing more men than women engage in, and we want to change that:

  • Investing in shares
  • Making personal contributions to super

These long-term investment strategies have something in common (and this is key to building wealth over time) – they compound! The earlier you start, the more time your money has, to build and grow for you.

If you’re not sure where to start when it comes to long-term investing, a good first step is to seek professional financial advice. If you’re not quite ready to seek help from a financial adviser, there are a number of free tools you can use, such as budgeting calculators or superannuation comparison sites, as well as resources like podcasts, to help you hit those 2024 financial goals.

What’s next?

There’s no better time than now to ignite the financial literacy conversation with your family and friends. In a world where financial stability plays a crucial role in our wellbeing and future aspirations, MLC has created a comprehensive guide to inspire change and give people the tools to move toward their financial goals. Together, we can educate each other to be the best possible, financially independent version of ourselves and take charge of our financial health.