In the dynamic and demanding world of mining and resources, women are making significant strides, breaking barriers, and contributing immensely to the industry’s growth. Today, women make up around 22% of the mining and resources workforce, with growing representation in technical and executive roles. It’s a promising shift, and yet for many women, the path to financial security is far from straightforward.
A significant number of these trailblazing women belong to what’s known as the “sandwich generation” juggling the responsibilities of caring for children and ageing parents, either physically or financially, while excelling at their careers. This dual role brings immense pride and purpose, but it also introduces unique financial and lifestyle pressures that can be difficult to navigate alone.
Women in this group are often the primary caregivers for both their children and elderly relatives. These responsibilities frequently require career compromises, reduced hours or extended breaks which can slow professional progression and limit earning potential. Over time, this contributes to a noticeable wealth gap between women and their male counterparts.
While mining and resources companies have made commendable strides toward equal pay for equal roles, broader data still shows a gender pay gap of up to 26.5%. According to the WGEA’s Employer Gender Pay Gaps Report¹, mining ranks among the sectors with the highest median total remuneration gap. This includes not just base salaries, but also superannuation, bonuses, allowances, and executive share schemes offering a more complete picture of real-world earnings.
For women in executive roles, understanding and maximising the benefits of executive share schemes is crucial. These schemes can be powerful wealth building tools, but they also come with unique tax and planning considerations that require specialist advice.
Layer on top the challenges of remote rosters, career breaks and family responsibility, and it’s clear: financial planning isn’t just important – it’s essential. Recent studies show that nearly half of women in the sandwich generation are under financial pressure, which negatively impacts their ability to save for the future. The dual responsibilities of caregiving and managing household finances often force women to cut back on their professional workload, resulting in a loss of income, career opportunity and ultimately, a significant wealth gap.
The financial strain is exacerbated by the fact that many of these women are also approaching their own retirement. However, the need to support their families often takes precedence over their financial goals, leading to a precarious financial situation.
But here’s the good news: you don’t have to navigate these challenges alone. Empowering executive women to seek financial advice is crucial in addressing the wealth gap. Financial literacy and professional guidance can help women make informed decisions and achieve their financial goals. Understanding how money works, managing it effectively, and planning for potential challenges such as career breaks are essential steps in building financial security.
A trusted financial adviser can act as an independent third party to facilitate those conversations about your financial situation. By seeking professional guidance, you can better navigate the complexities of your financial responsibilities and achieve a more secure future for yourself and those you love.
So how can women in mining and resources take control of their financial future?
Let’s explore six key areas that matter most: superannuation, insurance, cash flow, property, and estate planning.
1. Superannuation: Start Early, Stay Consistent, Catch Up
Super is one of the most powerful tools for building long-term wealth, but it’s also one of the most overlooked, especially by women who may take time out of the workforce for caregiving.
Scenario
Take Audrey, a mining executive earning $300,000 a year. If she contributes up to the $30,000 concessional cap annually through a combination of employer contributions and personal after tax contributions, she’ll benefit from the full power of compounding over time. But if she waits until her 50s to start additional contributions, she could miss out on hundreds of thousands in growth.
In addition, if you didn’t use your full tax effective concessional contributions cap in previous financial years, and your superannuation balance is below $500,000, you may have the ability to go back up to 5 financial years and use up your unused contributions. This is particularly useful for women who have taken time out of the workforce to care for children or elderly parents, during which employment income and super contributions can be heavily reduced. Catching up prior contributions may allow for you to make up what you missed out on, helping you reduce the wealth gap which would otherwise be created.
The takeaway? Start early to allow compounding. Make the most of any catch up ability available to you, where it is appropriate to do so. And review your strategy regularly with your adviser, especially when legislation changes or your income increases.
Read more here – New Rules, New Opportunities Superannuation Strategies for 2025
2. Executive Share Schemes: Unlocking Hidden Value
For many women in technical and executive roles, executive share schemes are a significant part of their remuneration. These schemes can be a powerful way to build wealth, but they are often complex and come with important tax and vesting considerations.
Scenario:
Consider Priya, a senior geologist who receives annual share grants as part of her compensation. Over a decade, these shares accumulate substantial value, but the vesting schedule, tax implications, and market volatility make it challenging to know when to sell or hold. With specialist advice, Priya structures her share sales to minimise tax, diversify her investments, and use the proceeds to pay down her mortgage and boost her superannuation. Without this guidance, she might have faced unexpected tax bills or missed opportunities to grow her wealth.
The lesson? Don’t leave executive share schemes on autopilot. Seek advice to maximise their value and integrate them into your broader financial plan. Read more here in our Practical Guide to ESS and Vesting for Mining and Resources.
3. Insurance: Protect Your Most Valuable Asset – Your Income
Many women assume their super fund insurance is enough. But for professionals in high-risk or remote roles – like those in mining and resources – that’s rarely the case.
A 2024 PwC report highlights a growing trust and awareness gap in the insurance sector, revealing that many Australians believe they have adequate cover when they may, in fact, be underinsured². This false sense of security can leave professionals – especially women – vulnerable to financial hardship if illness or injury strikes.
Income protection, total and permanent disability, trauma cover, and life insurance are essential safeguards. And the earlier you lock in cover, the better. Why? Premiums are lower when you’re younger and healthier, and you’re more likely to be approved without exclusions.
It’s not about waiting until you have dependants. It’s about protecting your ability to earn an income, because that’s your most valuable asset.
4. Cash Flow: Make Surplus Income Work for You
Mining and resources roles often come with generous salaries, but also long hours and little time to think about money management.
If you’re earning more than you spend, that surplus can be a powerful wealth-building tool. Whether it’s $500 a week or $2,000 a month, putting it to work now can make a huge difference later.
Here are five ways to use surplus income:
- Offset your mortgage
Building up your offset balance will help to pay off your mortgage more quickly and pay less in interest overall, whilst still leaving funds accessible. - Pay down your debts
Paying excess money towards your credit card, car, or personal loan amounts will reduce interest and help to free up cashflow for future investment opportunities. - Save for your children’s education
Your kids spend a significant amount of time in school, particularly if they want to pursue higher education. Providing education opportunities and/or financial support for your children may be a goal that you would like to work towards, by setting aside extra money for your kids’ education. - Make additional super contributions or build up personal investments
Utilising surplus cashflow to build up investments outside of super or by making additional contributions to your superannuation investments, can make substantial positive effects on wealth accumulation ahead of retirement. - Use a high-interest savings account for short-term goals
If your home loan is already offset, there may be benefits to putting your extra cash into a high-interest savings account. You will still retain access to the funds, giving you the freedom to use the money as needed; whilst benefiting from additional interest income. This strategy is often useful for people looking to save money for major future purchases like a new car or vacation abroad.
5. Property: Flexibility is Key
For women in mining, who may frequently relocate or change employers, maintaining flexibility is crucial. You may wish to purchase a new property upon relocation, but it can be difficult to obtain sufficient lending when starting new roles.
A way to prepare for this can be through the use of an offset account against your current property loan.
An offset account can be a smart way to build equity while keeping your options open. It allows you to reduce interest on your mortgage while maintaining access to your funds. These funds can be then used to take advantage of new investment opportunities or purchase additional properties and offset balances can often help bridge any gaps in lending shortfalls. Read more here – The Power of Offset Accounts: Flexibility and Financial Strategies for Mining and Resources Professionals
You may also want to consider renting a property to live in whilst purchasing elsewhere? This has become such a popular strategy lately it has now been given the name “Rent Vesting”. It gives you the opportunity to purchase a property in more desirable locations whilst renting a home more suited to your lifestyle needs at that time.
Before buying, ask yourself: Will I want to live here long-term? What happens if I move interstate or overseas? Would renting a property give me more freedom? Or is building a diversified investment portfolio with surplus cashflow more suited to my long term goals.
There’s no one-size-fits-all answer. But a good adviser can help you weigh the pros and cons based on your goals and lifestyle.
6. Estate Planning: It’s Not Just About a Will
Women often take on the role of caregiver and financial decision-maker, yet many assume a Will is enough. But superannuation, insurance, and jointly held assets may not be covered unless you have a complete estate plan.
This is especially important if you are on an overseas secondment, have complex remuneration structures, own assets across states, have children, are part of a blended family, or have experienced separation or divorce.
Without proper planning, your estate could be delayed, disputed, or distributed in ways that don’t reflect your wishes.
A thoughtful estate plan includes more than just a Will. It should also cover your superannuation nominations, insurance beneficiaries and an Enduring Power of Attorney (EPOA) to protect you if you’re ever unable to make decisions for yourself.
Estate planning isn’t just about what happens when you die – it’s about making sure your voice is heard when you can’t speak for yourself.
Honour your legacy – read about the Trust Structures Every Mining Professional Should Know here.
The Bottom Line: Advice That Understands Your World
At Resources Unearthed, we understand the unique financial landscape of women in mining and resources. We know your career is demanding, your time is limited, and your goals are ambitious. That’s why we offer integrated financial, legal, and business advice tailored to your industry, your lifestyle, and your future.
Addressing the wealth gap of women in the sandwich generation requires a multifaceted approach that includes financial education, professional guidance, and support from family and friends. By empowering women to take control of their finances, we can help them achieve financial stability and close the wealth gap. This is particularly important for women in the mining and resources sector, where financial stability is crucial for both personal and professional success.
Whether you’re just starting out, planning a family, or preparing for retirement, we’re here to help you take control of your financial future. Contact Debbie French at +61 (0) 7 3007 2000 or email contact@resourcesunearthed.com.au to discuss the best approach for your family’s financial future.
Debbie is a financial adviser with a strong interest in empowering women, particularly high-achieving professionals and executives, to take control of their financial future. With experience in advising high-net-worth individuals in mining and resources, she brings a practical, empathetic lens to wealth-building strategies tailored to the unique challenges women face in this sector.
Further reading: Protecting Intergenerational Wealth: Strategic Estate Planning for Mining and Resources Leaders
Further reading: What You Need To Know About Executive Share Schemes
Resources Unearthed is a solutions hub that connects senior executives, established professionals, and business owners in mining and resources with proven specialist advisers.
Stratus Financial Group and its advisers are Authorised Representatives of Fortnum Private Wealth ABN 54 139 889 535 AFSL 357306. This advice is general and does not take into account your objectives, financial situation, or needs. You should not act on it without first obtaining professional financial advice specific to your circumstances.
*Please note: For financial advice and services relating to this matter that are not offered under the Fortnum Private Wealth AFSL, in accordance with our collaborative advice model, when required, such matters are referred to appropriately qualified professionals.
[1] Employer Gender Pay Gaps Report | WGEA | 2023-24 data release
[2] The future of insurance in Australia | PwC Australia
