The gender wealth gap is real, but it's not unchangeable, says Lynda Moore

Pay equity is a political hot potato right now. It has been this way for years, and probably will continue to be for many more.

But I’m not here to talk politics, you can read about that part in plenty of other articles. I want to talk about it in a more holistic way, and about the other side of the pay gap, which is the wealth gap.

We do need to acknowledge that we’ve come a long way when it comes to gender pay equality. One of my favourite movies, “Made in Dagenham,” tells the story of the women in a Ford factory who, in 1968 went on strike for equal pay.

It’s fascinating, how in many instances, the women weren’t just up against the company, but also had to fight to get support from their own family members, and husbands. But I digress.

There are more women are in the workforce than ever before. We’ve seen incredible progress in leadership, entrepreneurship, and education. And yet, there’s one gap that stubbornly refuses to close.

It’s not just the gender pay gap; it’s the gender wealth gap. And the difference between the two matters more than you might think.

What’s the difference?  The gender pay gap is about what women earn compared to men for similar work.

The gender wealth gap, on the other hand, is much broader, and often much worse. It does include income, but it also covers savings, investments, property ownership, superannuation, and the ability to build and sustain long-term financial security.

In other words, the important cornerstones of a secure financial future.

Here in New Zealand, according to the Ministry for Women, in 1998 the pay gap was 16.3% and in 2024 it had reduced to 8.2%.  So, we are certainly making inroads into it.

But women still not only earn less on average, they also retire with significantly less in their KiwiSaver, are more likely to take career breaks, and often carry more debt related to caregiving roles. If you throw a divorce into the mix as well, that can compound all the above.

The result? Less money, less choice, less freedom.

It’s not just a women's issue. It’s a societal one.  It isn’t just about the system; that’s the external part.  That is what we see and hear about all the time.  Lower wages in female-dominated industries, unpaid labour at home, patchy parental leave policies.

It’s also what has been internalised, the stories that have been with us for generations, the unconscious bias (that goes both ways). This is the part that I see in my work, that is just as powerful: the internalised stories women carry about money.

Stories like:

• “I’m not good with numbers.”
• “It’s not polite to talk about money.”
• “I don’t want to seem greedy.”
• “I’ll be fine as long as I don’t spend too much.”
• “I don’t know how to invest, it’s too complicated”
• “If I do a good job, I’ll get recognised for it without having to say anything”

These beliefs might not be shouted from the rooftops, but they’re deeply ingrained. And they can silently sabotage even the most successful woman’s ability to feel confident and in control of her financial life.

Let’s be clear: this isn’t about individual failure. It’s about a thousand small things that add up over time.

It’s about the woman who steps out of the workforce for five years to raise her children, and never quite catches up financially.

It’s about the entrepreneur who undercharges because she doesn’t want to seem “pushy”.

It’s about the manager who waits to be recognised, and never negotiates a raise, even though she’s delivering more than her peers.

It’s about the single mother who puts her kids’ needs so far ahead of her own that she forgets she deserves a secure future too.

I’m sure you can all add a few more scenarios to the list from your own life experience, or what you have seen with friends and family.

And it’s about how we, as a society, don’t talk enough about what it means for women to be truly financially empowered, not just getting by, but building wealth.

So, what can we do?

It isn’t all doom and gloom; here’s where it gets hopeful.

As we all know, awareness is power. And small steps lead to big change; that’s the power of the compound effect.

1. Get real with your numbers

Know what you earn, what you spend, what you save, and what you’re worth, don’t just do this for the bank, do it for yourself at least once a year. Track what you own minus what you owe, you want to see this grow. Don’t feel guilty about what you see, whether it’s good or it's not where you want to be.  This is about gaining clarity. You can’t change what you don’t see.

2. Stop apologising for wanting more

More freedom. More security. More choice. Wanting to build wealth isn’t selfish—it’s smart. It gives you options. It lets you help others. And it creates intergenerational change. There’s a really great book that I recommend you read, it’s been around for awhile now, but still very relevant:  The Confidence Code by Claire Shipman and Katty Kay.

3. Talk about money with other women

Normalize these conversations. Share your wins. Ask questions. Talk about investing, negotiating, planning. The more we do this, the more we shift the culture. Learn more about investing by reading or listening to podcasts. Girls that Invest by Simran Kaur is a fantastic resource for this.

4. Challenge the narrative

Notice when you’re shrinking back. “I don’t know enough,” “I’ll let my partner handle it,” “It’s too late to start.” Catch those thoughts and then reframe them. To change on the outside, we need to change the stories on the inside. 

You don’t have to be perfect. Just start with baby steps. Yes, you’ll have the odd tumble, but if you keep at it, you will not only be able to walk but run as well.

Wealth isn’t just about the numbers in your account. It’s about freedom, power, peace of mind, and the ability to make choices that align with your values.

The gender wealth gap is real, but it’s not unchangeable. Every decision you make, every dollar saved, every investment started, every conversation had, is a step toward a different future.

One where women don’t just earn money. They own their financial lives.