It’s easy to forget that many women alive today (maybe yourself or your mother) lived in a time when they had little physical or financial autonomy. The fact that women in Australia can have a bank account in our own name, decide what career we want, who we shag and how we invest our money is a relatively new phenomenon, writes Jess Brady.
I grew up truly believing I could have it all. I just needed to work hard, and it would happen. The world was my metaphorical oyster, and I just needed to dive deep enough to get it.
Of course, it wasn’t exactly as simple as that (and I am not quite sure you can have it all at the same time, without serious stress and overwhelm). But the women before us faced systems and laws that literally locked them out of having financial independence. These laws limited their choices and kept them stuck.
They were fed horseshit ideas that women aren’t as smart or capable as men when it came to managing money. They couldn’t open bank accounts, apply for a credit card or take on mortgages without a male signatory. Their lives were controlled in a way I don’t think many of us could really understand today.
Decisions on aspects such as marriage, work and babies profoundly impacted their financial future. You might already know it was common practice for women to give up their paid jobs when they got married. But did you realise that getting married could mean women were actually forced out of the workforce? Not that long ago, being married meant women were automatically deemed ‘retired’ and ineligible to keep their position. Some went to great lengths to hide their status, slipping their wedding ring off on the way to work and being careful not to accidentally reveal their nuptials so they didn’t get the sack.
The ‘marriage bar’ existed for women employed by the Australian Government until 1966. Once you said ‘I do’, you said ‘I don’t’ to keeping a job in the public service with an income of your own. Your career prospects, and any hope of having wealth of your own, went down the toilet. (But you should be so happy – someone chose you! Now, when are you going to have kids?)
The gendered cost of kids
Having children still disproportionately impacts women’s financial futures. It affects their income capacity, careers and retirement funds – even today, women take a massive financial hit if they start, or expand, their family. This is much more so than for men.
Societal expectations continue to put most of the (unpaid) caring responsibilities on the mother. Although more men are now taking on more responsibilities, on average, women and mothers are still doing the lion’s share of unpaid work. Even today, the ‘motherhood penalty’ sees earnings for new mothers drop by 55 per cent in the first five years after a child’s birth; men’s are unchanged.
Older women today, who are likely to have spent a large part of their life in unpaid caring roles, are likely to retire with considerably less to live off while also statistically being likely to live longer. That puts them at far higher risk of ending their life in poverty.
Progressing towards parity
It must have been a breath of fresh air when, in 1961, married women could access the contraceptive pill and finally have some choice over their body. What an absolute luxury – which is perhaps the reason it also came with a 27.5 per cent ‘luxury tax’. Yes, making decisions about one’s own body came at an added expense, and yet it was a small price to pay, providing, as it did, the ability to decide if and when to have children.
The women who came before us spent centuries advocating for the same rights and access to financial resources as men. Here are some of their more recent wins in Australia:
- 1969: Women are granted equal pay in instances where they were assessed as doing exactly the same work as men in traditionally roles; all other women received the nationally instituted 85 per cent of men’s wages.
- 1972: ‘Luxury tax’ on the pill is removed.
- 1972: Landmark equal pay for equal value ruling, with women and men undertaking similar work that had similar value eligible for the same rate of pay.
- 1973: Supporting mother’s benefit established (with single mothers eligible).
- 1973: Equal minimum wage granted to all Australians, regardless of sex.
- 1974: Australia’s first refuge for women and children opens in Glebe, New South Wales.
- 1974: ‘Breadwinner’ component of men’s wage removed.
- 1975: ‘No-fault’ divorce added to The Family Law Act (Cth).
- 1977: The Anti-Discrimination Act 1977 (NSW) enables women to access banking, insurance, grants, loans, credit or finance.
- 1984: The Sex Discrimination Act 1984 (Cth) passes.
- 1992: Superannuation is made compulsory (with some exceptions).
- 2017: The Marriage Amendment (Definition and Religious Freedoms) Act 2017 passes, legalising marriage equality.
- 2019: GST on sales of tampons (finally) removed.
- 2025: Superannuation contributions included on Commonwealth Paid Parental Leave payments.
These gains, and others like them, are rarely won without a fight. Sticking with the status quo – especially for those holding on to power – is still an insidious part of our collective psyche.
This is an edited extract from Get Growing: A no-nonsense guide to cultivating wealth and financial freedom by Jessica Brady (Wiley, $34.95), available at all leading retailers.