In an era marked by significant economic shifts, one trend stands out for its potential to reshape the landscape of wealth and influence: the imminent transfer of approximately $5 trillion from Baby Boomers and their parents to the next generation in Australia. A recent report by JBWere, as detailed in the Financial Review, highlights an extraordinary beneficiary of this transfer—women. They are projected to receive 65% of this wealth by 2034, marking a pivotal moment in financial history and presenting unprecedented opportunities for female empowerment and economic participation.

The Driving Forces Behind the Wealth Shift

Several factors contribute to this phenomenon. Women’s longer life expectancy and the evolving dynamics of asset division post-divorce play significant roles. Additionally, the “older daughter effect,” where the eldest daughter often becomes the steward of family finances, underscores a changing paradigm in wealth management and inheritance practices.

This wealth transfer comes against a backdrop of persistent gender disparities in pay and retirement savings. Australian women, on average, retire with 24% less in their superannuation accounts compared to men, and they face a significant gender pay gap. However, the tide is turning. The number of self-made female millionaires is on the rise, with women entering traditionally male-dominated fields and starting businesses at a faster rate than men.

Opportunities for Empowerment and Growth

Financial Literacy and Independence

The impending wealth transfer underscores the importance of financial literacy among women. It presents an opportunity for them to engage with financial advisors and planners, not just for wealth management post-inheritance but as a proactive step towards financial independence and literacy.

Investing in Female-led Ventures

With more wealth in their hands, women have the chance to support and invest in female-led businesses and startups, particularly in areas like technology, femtech, and environmental solutions. This not only aids in closing the gender gap in entrepreneurship but also fosters innovation and social change.

Philanthropy with a Purpose

The trend of women using their wealth for philanthropic efforts, especially in causes and charities close to their heart, can amplify social impact. Establishing endowment funds or supporting medical research and social causes are ways women are choosing to make a difference.

Entrepreneurship as a Pathway to Wealth Creation

The reduction in barriers to starting a business offers women an avenue for wealth creation and personal fulfillment. With access to capital from inheritances or divestments, women can pursue entrepreneurship, tapping into sectors they are passionate about.

Legacy and Education

The tradition of involving family in financial decisions opens avenues for educating future generations about wealth management. It’s an opportunity to build a legacy of financial savvy and responsibility among heirs, ensuring the sustainable growth and stewardship of family wealth.


As highlighted in the Financial Review article, the significant wealth transfer to Australian women is not just a testament to changing demographics and societal norms but a call to action for women and the financial services industry. It’s a moment ripe with potential for women to redefine their roles in the economy, champion female entrepreneurship, and pave the way for future generations to thrive.

This monumental shift in wealth distribution invites women to seize control of their financial futures, make impactful investments, and contribute to societal well-being through thoughtful philanthropy and entrepreneurial ventures. As we stand on the cusp of the greatest wealth transfer in history, the role of women in shaping the economic and social fabric of the future has never been more critical or promising.

To learn more about how you can prepare yourself now for the opportunity please reach out to one of the IM Team who are only too happy to assist you maximise the benefits from any future financial windfall.

Reference: “Women win big in $5trn Boomer wealth transfer” – Financial Review, 23 March 2024.

Written by

Sherree Coffey

Chief Operations Officer