Why Australian women are creating their own paths to wealth
Kanebridge News
    HOUSE MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $1,635,570 (+0.09%)       Melbourne $990,779 (-0.14%)       Brisbane $1,002,534 (+0.89%)       Adelaide $899,189 (+1.63%)       Perth $853,385 (-0.01%)       Hobart $727,599 (-0.08%)       Darwin $665,330 (-2.24%)       Canberra $1,030,329 (+2.00%)       National $1,054,780 (+0.44%)                UNIT MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $758,114 (+0.56%)       Melbourne $494,774 (+0.21%)       Brisbane $562,776 (+0.42%)       Adelaide $448,109 (+2.19%)       Perth $451,267 (-0.77%)       Hobart $504,603 (-1.31%)       Darwin $357,621 (+2.79%)       Canberra $496,414 (-0.41%)       National $532,600 (+0.26%)                HOUSES FOR SALE AND WEEKLY CHANGE     Sydney 10,429 (+70)       Melbourne 14,915 (+41)       Brisbane 7,933 (-18)       Adelaide 2,089 (-116)       Perth 5,787 (-101)       Hobart 1,241 (+4)       Darwin 244 (-2)       Canberra 988 (+18)       National 43,626 (-104)                UNITS FOR SALE AND WEEKLY CHANGE     Sydney 8,586 (+58)       Melbourne 8,221 (+87)       Brisbane 1,635 (+21)       Adelaide 372 (-9)       Perth 1,517 (-36)       Hobart 198 (-10)       Darwin 404 (-2)       Canberra 1,028 (+31)       National 21,961 (+140)                HOUSE MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $820 (+$3)       Melbourne $600 (-$5)       Brisbane $650 ($0)       Adelaide $600 ($0)       Perth $680 ($0)       Hobart $550 ($0)       Darwin $750 ($0)       Canberra $680 (+$10)       National $676 (+$1)                UNIT MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $760 (-$10)       Melbourne $595 (-$5)       Brisbane $640 (-$3)       Adelaide $500 (+$5)       Perth $620 ($0)       Hobart $450 ($0)       Darwin $540 (-$10)       Canberra $550 (-$10)       National $596 (-$5)                HOUSES FOR RENT AND WEEKLY CHANGE     Sydney 5,832 (+125)       Melbourne 6,113 (+155)       Brisbane 4,426 (+39)       Adelaide 1,506 (+63)       Perth 2,727 (+138)       Hobart 431 (+13)       Darwin 95 (-3)       Canberra 602 (+6)       National 21,732 (+536)                UNITS FOR RENT AND WEEKLY CHANGE     Sydney 10,046 (+377)       Melbourne 6,071 (+301)       Brisbane 2,272 (+28)       Adelaide 373 (+1)       Perth 740 (-4)       Hobart 143 (+14)       Darwin 136 (+6)       Canberra 746 (+30)       National 20,527 (+753)                HOUSE ANNUAL GROSS YIELDS AND TREND       Sydney 2.61% (↑)        Melbourne 3.15% (↓)       Brisbane 3.37% (↓)       Adelaide 3.47% (↓)     Perth 4.14% (↑)      Hobart 3.93% (↑)      Darwin 5.86% (↑)        Canberra 3.43% (↓)       National 3.33% (↓)            UNIT ANNUAL GROSS YIELDS AND TREND         Sydney 5.21% (↓)       Melbourne 6.25% (↓)       Brisbane 5.91% (↓)       Adelaide 5.80% (↓)     Perth 7.14% (↑)      Hobart 4.64% (↑)        Darwin 7.85% (↓)       Canberra 5.76% (↓)       National 5.81% (↓)            HOUSE RENTAL VACANCY RATES AND TREND       Sydney 0.8% (↑)      Melbourne 0.7% (↑)      Brisbane 0.7% (↑)      Adelaide 0.4% (↑)      Perth 0.4% (↑)      Hobart 0.9% (↑)      Darwin 0.8% (↑)      Canberra 1.0% (↑)      National 0.7% (↑)             UNIT RENTAL VACANCY RATES AND TREND       Sydney 0.9% (↑)      Melbourne 1.1% (↑)      Brisbane 1.0% (↑)      Adelaide 0.5% (↑)      Perth 0.5% (↑)      Hobart 1.4% (↑)      Darwin 1.7% (↑)      Canberra 1.4% (↑)      National 1.1% (↑)             AVERAGE DAYS TO SELL HOUSES AND TREND         Sydney 28.9 (↓)     Melbourne 30.3 (↑)        Brisbane 30.8 (↓)       Adelaide 25.4 (↓)     Perth 36.1 (↑)      Hobart 37.8 (↑)      Darwin 35.1 (↑)        Canberra 28.5 (↓)     National 31.6 (↑)             AVERAGE DAYS TO SELL UNITS AND TREND         Sydney 29.6 (↓)       Melbourne 30.2 (↓)     Brisbane 29.6 (↑)        Adelaide 25.4 (↓)     Perth 38.3 (↑)      Hobart 30.1 (↑)        Darwin 46.7 (↓)       Canberra 38.0 (↓)     National 33.5 (↑)            
Share Button

Why Australian women are creating their own paths to wealth

Female investors are on the rise, and they’re managing the markets their own way

By Mercedes Maguire
Mon, Dec 5, 2022 12:00pmGrey Clock 3 min

T hey’re young, they’re women and they’re ethically motivated – they are the new face of investing.

While the COVID pandemic was a growth period for new investors in general – there were more than three times as many new investors during 2020 than before – young female investors were already there.

They had been closing the gender investor gap long before we donned face masks and lined up for Covid vaccinations. Women make up 45 per cent of all new investors, according to the ASX Australian Investor Study 2020 – that’s a 31 percent increase in the past decade. And they’re not stopping there; women account for 51 percent of those who plan to invest.

“Females aged 55-plus are the group that have had the biggest growth in homelessness and I think hearing things like this in the media has made young women feel that they need to do better in the long run,” says Elizabeth Moran, director of the Australian Investors Association. “Young women are very connected and these types of conversations are constantly happening among them.”

For more stories like this, pick up a copy of Kanebridge Quarterly magazine here. 

The chat is happening mostly via social media, with the rise of ‘finfluencers’, says Andy Darroch, an independent financial adviser with Advise Me Today.

“These finfluencers have had a huge impact,” he says of the growing rate of young female investors. “Social media as a whole, but fundamentally podcasts, has been largely responsible for getting these conversations going amongst young females.”

There’s people like financial advisor Victoria Devine from the popular podcast She’s on the Money, whose tagline reads “one stop destination for millennials who want financial freedom…without skimping on brunch.” Sydney content producer Queenie Tan has a YouTube channel called Invest with Queenie where she shares her journey to financial freedom with her almost 35,000 subscribers. Rounding out the trio is Kate Campbell with her multimedia platform, How To Money, that includes podcasts, articles and an active online presence.

But just as we have seen with the beauty and the health and fitness industries where non-professionals were often giving advice outside their abilities and qualifications, so too with finfluencers.

While some of these queens of finance social media are accredited financial advisors, some are just sharing their personal journey. And ASIC has warned followers need to be wary of who they’re getting their financial advice from. 

The ASIC Young People and Money survey found 33 percent of 18 to 21 year olds follow at least one financial influencer on social media and a further 64 percent 

had changed at least one of their financial behaviours as a result.

Also growing is the number of finance apps have come onto the market to make investing easier.

“For 40 years the formula for independent success was save up, buy a house, rinse and repeat,” says Darroch. “But with house prices growing at one percent a month, you can’t do that anymore and people are looking elsewhere for a new formula for success.

“But the (finance) industry makes it so complicated – there’s over 40,000 investment options for your super alone. Tech-reduced barriers like apps are helping people navigate this complicated world.”

Pearler and eToro are two popular apps which promise to make investing easier.

But a new kid on the block is the Blossom app, co-founded by millennial Gaby Rosenberg, which promises to plant a tree in a bushfire-affected region for every new account opened. While anyone can use it, it’s clearly marketed towards millennial females with an ESG focus.

An environmental focus is something that resonates strongest with women, says Anil Sagaram, founder and CEO of Acacia, a free app that allows users to upload their financial information to find new options for their savings, energy, superannuation and home loans that are more financially rewarding and sustainable.

“The bushfires, floods and the pandemic have driven an accelerated awareness of social issues,” Sagaram says. “And sustainable propositions is something that really resonates  with young women.”



MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

Related Stories
Money
A Killer Golf Swing Is a Hot Job Skill Now
By CALLUM BORCHERS 14/06/2024
Money
Apple Sued by Employees Alleging Unequal Pay for Women
By ERIN MULVANEY 14/06/2024
Money
The unexpected reasons Australians are retiring earlier than planned
By Bronwyn Allen 14/06/2024
A Killer Golf Swing Is a Hot Job Skill Now

Companies are eager to hire strong players who use hybrid work schedules to schmooze clients on the course

By CALLUM BORCHERS
Fri, Jun 14, 2024 5 min

Standout golfers who aren’t quite PGA Tour material now have somewhere else to play professionally: Corporate America.

People who can smash 300-yard drives and sink birdie putts are sought-after hires in finance, consulting, sales and other industries, recruiters say. In the hybrid work era, the business golf outing is back in a big way.

Executive recruiter Shawn Cole says he gets so many requests to find ace golfers that he records candidates’ handicaps, an index based on average number of strokes over par, in the information packets he submits to clients. Golf alone can’t get you a plum job, he says—but not playing could cost you one.

“I know a guy that literally flies around the world in a private jet loaded with French wine, and he golfs and lands hundred-million-dollar deals,” Cole says.

Tee times and networking sessions have long gone hand-in-golf-glove. Despite criticism that doing business on the course undermines diversity, equity and inclusion efforts—and the fact that golf clubs haven’t always been open to women and minorities —people who mix golf and work say the outings are one of the last reprieves from 30-minute calendar blocks

Stars like Tiger Woods and Michelle Wie West helped expand participation in the sport. Still, just 22% of golfers are nonwhite and 26% are women, according to the National Golf Foundation.

To lure more people, clubs have relaxed rules against mobile-phone use on the course, embracing white-collar professionals who want to entertain clients on the links without disconnecting from the office. It’s no longer taboo to check email from your cart or take a quick call at the halfway turn.

With so much other business conducted virtually, shaking hands on the green and schmoozing over clubhouse beers is now seen as making an extra effort, not slacking off.

Americans played a record 531 million rounds last year. Weekday play has nearly doubled since 2019, with much of the action during business hours , according to research by Stanford University economist Nicholas Bloom .

“It would’ve been scandalous in 2019 to be having multiple meetings a week on the golf course,” Bloom says. “In 2024, if you’re producing results, no one’s going to see anything wrong with it.”

A financial adviser at a major Wall Street bank who competes on the amateur circuit told me he completes 90% of his tasks by 10 a.m. because he manages long-term investment plans that change infrequently. The rest of his workday often involves golfing with clients and prospects. He’s a member of a private club with a multiyear waiting list, and people jump at the chance to join him on a course they normally can’t access.

There is an art to bringing in business this way. He never initiates shoptalk, telling his playing partners the round is about having fun and getting to know each other. They can’t resist asking about investment strategies by the back nine, he says.

Work hard, play hard

Matt Parziale golfed professionally on minor-league tours for several years, but when his dream of making the big time ended, he had to get a regular job. He became a firefighter, like his dad.

A few years later he won one of the biggest amateur tournaments in the country, earning spots in the 2018 Masters and U.S. Open, where he tied for first among non-pros.

The brush with celebrity brought introductions to business types that Parziale, 35 years old, says he wouldn’t have met otherwise. One connection led to a job with a large insurance broker. In 2022 he jumped to Deland, Gibson Insurance Associates in Wellesley, Mass., which recognised his golf game as a tool to help win large accounts.

He rescheduled our interview because he was hosting clients at a private club on Cape Cod, and squeezed me in the next morning, before teeing off with a business group in Newport, R.I.

A short time ago, Parziale couldn’t imagine making a living this way. Now he’s the norm in elite amateur golf circles.

“I look around at the guys at the events I play, and they all have these jobs ,” he says.

His boss, Chief Executive Chip Gibson, says Parziale is good at bringing in business because he puts as much effort into building relationships as honing his game. A golf outing is merely an opportunity to build trust that can eventually lead to a deal, and it’s a misconception that people who golf during work hours don’t work hard, he says.

Barry Allison’s single-digit handicap is an asset in his role as a management consultant at Accenture , where he specialises in travel and hospitality. He splits time between Washington, D.C., and The Villages, Fla., a golf mecca that boasts more than 50 courses.

It can be hard to get to know people in distributed work environments, he says. Go golfing and you’ll learn a lot about someone’s temperament—especially after a bad shot.

“If you see a guy snap a club over his knee, you don’t know what he’s going to snap next,” Allison says.

Special access

On a recent afternoon I was a lunch guest at Brae Burn Country Club, a private enclave outside Boston that was the site of U.S. Golf Association championships won by legends like Walter Hagen and Bobby Jones. I parked in the second lot because the first one was full—on a Wednesday.

My host was Cullen Onstott, managing director of the Onstott Group executive search firm and a former collegiate golfer at Fairfield University. He explained one reason companies prize excellent golfers is they can put well-practiced swings on autopilot and devote most of their attention to chitchat.

It’s hard to talk with potential customers about their needs and interests when you’re hunting for errant shots in the woods. It’s also challenging if you show off.

The first hole at Brae Burn is a 318-yard par 4 that slopes down, enabling big hitters like Onstott to reach the putting green in a single stroke. But to stay close to his playing partners and keep the conversation flowing, he sometimes hits a shorter shot.

Having an “in” at an exclusive club can make you a catch. Bo Burch, an executive recruiter in North Carolina, says clubs in his region tend to attract members according to their business sectors. One might be chock-full of real-estate investors while another has potential buyers of industrial manufacturing equipment.

Burch looks for candidates who are members of clubs that align with his clients’ industries, though he stresses that business acumen comes first when filling positions.

Tami McQueen, a former Division I tennis player and current chief marketing officer at Atlanta investment firm BIP Capital, signed up for private golf lessons this year. She had noticed colleagues were wearing polos with course logos and bringing their clubs to work. She wanted in.

McQueen joined business associates on the golf course for the first time in March at the PGA National Resort in Palm Beach Gardens, Fla. She has lowered her handicap to a respectable 26 and says her new skill lends a professional edge.

“To be able to say, ‘I can play with you and we can have those business meetings on the course’ definitely opens a lot more doors,” she says.

MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

Related Stories
Money
The unexpected reasons Australians are retiring earlier than planned
By Bronwyn Allen 14/06/2024
Lifestyle
Stressing Over Your Next Home Renovation Project? Let AI Handle It.
By NANCY KEATES 13/06/2024
Lifestyle
EV Trade War Could Spread to Luxury Cars
By STEPHEN WILMOT 12/06/2024
0
    Your Cart
    Your cart is emptyReturn to Shop