In fact, not only are Gen Z women more likely to feel more overwhelmed about finances (57 per cent, compared to 41 per cent of men), they are also more likely to have no personal savings, more likely to use buy-now-pay-later services and less likely to look for ways to grow their wealth. 

It’s a concerning set of stats, made all the worse when factoring in the gender pay gap and the superannuation gap.

Determined to turn things around and foster financial literacy in young women, CEO of Entrepreneurial and Small Business Women Australia, Amanda Rose, is rolling out a new school age-aimed program to challenge rampant social media stereotypes about girls and finances, and to empower them to achieve financial independence.

Developed with funding from the NSW Government and based on a NSW Council for Women’s Economic Opportunity (CWEO) pilot program, the Future Not Followers regional financial literacy program is being rolled out to 200 high school girls over a four-week period.

“A lot of social media is giving the wrong impression that it’s very easy to make money, to do very little and to make money,” Rose laments.

“So it’s not just young girls, this happens for women as well, in the small business sector; that whole ‘if I just have X amount of followers, I’ll make money’, which is just not the case.”

The course incorporates as much practical experience as possible to help girls apply their knowledge in real-world situations and features hands-on support from a lineup of highly qualified and relatable speakers.

“We hear from career women and entrepreneurial women, I do some mentoring, and I have an influencer who has a module in the program, talking about how she made money from it and how difficult it was,” Rose tells EducationHQ.

“We try and be very realistic, because the whole idea is to give them that reality check of ‘what is it that you want and how do you go about getting it?’ and how money is related to that, and what’s required.

“There’s an urgent need to teach girls financial literacy so they are empowered to achieve financial independence rather than surrender to the girl maths stereotype,” Entrepreneurial and Small Business Women Australia CEO Amanda Rose, pictured above, says. 

“Social media is telling people, ‘oh, you just walk into your boss’s office and demand money, you’ll get a pay rise’, or ‘you just have to say no to that and you’ll be fine’ or ‘you just have to get a following you’ll make money’ and all of these things are essentially lies, or they’re traps to ruin people’s futures.”

An important part of preparing and tailoring the program involved a pilot at Our Lady of Mercy in Parramatta, where a group of girls offered to undertake a first draft of the program and to give feedback of what they liked, what they didn’t like, and what they’d like more of.

“They wanted the entire program online, and for us to support it with in-person activity for those who choose to undertake it that way,” Rose says.

The girls wanted to be able to take part at their own pace, when it was convenient for them, they wanted worksheets, more interviews, and feedback and modules from other women from all walks of life, Rose says.

“So we did that and then we went through the New South Wales Curriculum and National Curriculum, and linked the program to those – which is in a document that we have specifically prepared for teachers.

“The whole idea is not to replicate it, but to give a real world connection to what they’re starting to learn at school.”

Rose says it’s often not until students are in a tertiary setting that they’re provided with living and breathing examples of good financial management.

“So at university or at TAFE, you get people from the real world to teach you and they might bring in someone who is famous or successful, and let them talk to you about the realities of how they got there.”

For now, the Future Not Followers program is only rolling out to six schools in regional New South Wales.

“At the moment we’ve got funding from the Government to do this for free for the regional schools, but moving forward if there’s no extra funding, we need to make sure that there’s a very affordable option for them,” Rose says.

For the students, equipping themselves with some sound knowledge that can only benefit them as they enter into their careers and working lives can only be handy.

“It’s just, kind of making money and goal setting, exciting, but also achievable,” Rose concludes.

“If they’ve got a plan of some sort, they’ve got something to work on and work towards.”