Financial literary has historically not been a balanced skillset afforded to everyone. Reports have consistently revealed that when it comes to financial confidence, financial independence, assets at retirement and total wages, women continue to fall behind.
The gap is even wider for younger women struggling to enter the housing market. The latest Core Logic Women & Property Report found that a higher portion of Gen Z and millennial men owned a home in Australia compared to women of the same cohort — with women more likely to attribute the barrier to home ownership to affordability compared with men.
For Jemi Jeng, part of the problem lay in the fact that women are not getting the educational or wellbeing support they need to buy or invest in a home. For years, Jeng, a Program Manager with the NSW Department of Customer Service, noticed that soaring prices and lack of financial literary caused women undue stress. Often, they are overwhelmed by information and choice and dissatisfied by the advice that they’re given, which is often too expensive.
This week, Jeng celebrates the soft-launch of her wealth platform, Penny, which supports women with customised tools, learning and community to build their financial literacy, confidence, and long-term security.
Starting with the goal of buying a home, users can plan and track their progress step by step, as well as access tailored learning and expert insights from vetted accountants, buyers agents, conveyancers, credit repairers and mortgage brokers. The platform also allows users to engage in interactive tools, calculators and planners, and connect users with a wider community of women keen to improve their financial knowledge.
Jeng’s motivation to establish the platform was personal. At the age of twenty-eight, she found herself unexpectedly unemployed for almost a year, being financially dependent on her partner, and on the phone to Centrelink trying to figure out options for regaining her financial independence. She had recently graduated from ANU Law School and had an Honours degree under her belt. And yet, she felt “trapped, helpless and regretful.”
“I remember, promising myself that if I did find a way out, I’d never let my choices be limited in this way again,” she said in a Keynote last year.
Today, Jeng reflected on the initial spark she had for creating the app.
“I started Penny because of my own journey and what I saw around me,” she told Women’s Agenda. “Too many women lack financial confidence, especially when making big decisions like investing or buying a home—and unfortunately, this holds many of us back.”
“I’ve been there—struggling to save on a low income, paying down a mountain of student debt, unsure where to invest as my earnings grew, and feeling overwhelmed by the home-buying process. I also know what it’s like to feel stuck due to financial dependency. A lack of financial literacy, confidence, and independence can limit a woman’s choices. It shouldn’t be this way. My hope is that Penny gives women with the confidence and knowledge to take control of their finances and pursue their dreams without money holding them back.”
Jeng said that early in her creation of the app, she often struggled to get people to understand that women have different financial needs. “There’s this stubborn idea that standard financial products work for everyone, but that just ignores the real barriers women face,” she revealed. Funding has also been a challenging issue. Jeng explained that when she pitches her business to investors, she often receives questions about limiting the market by focusing on women or Australia.
In addition, the statistics around funding for female founders of colour are particularly discouraging. “That’s why I’ve chosen to invest in Penny and myself,” she said. “I believe in what we’re doing and the benefit for women.”
Ultimately, Jeng wants to ensure that homeownership is realistic for young women today.
“With housing affordability at record lows, the reality is, for many young women, homeownership feels completely out of reach—and without the right support, it often is,” she explained. “Rather than accepting that homeownership is off the table, we want to change the conversation and the approach and be an advocate for change.”
“Whether someone is 12 months away from buying, five years away, or just starting to think about their future, our platform provides the tools, guidance, and connections to help women make informed decisions. We show women how to save for a home, break down the hidden costs of buying, and even explore options like co-buying with a partner or a friend.
“At the end of the day, this isn’t just about owning property—it’s about financial security, independence, and giving women more options in life. These are our drivers.”