Why female investors are outperforming men: The rise of women in Australian finance

By Mina Westby

Australian women are rewriting the investment rulebook—and outperforming men while they’re at it. This isn’t about taking the first step; this is about recognising the incredible financial acumen that women have been cultivating, the strategic approaches they’ve been perfecting, and the remarkable impact they’re making in the investment landscape.

As we celebrate International Women’s Day, it’s the perfect moment to acknowledge the growing financial influence of women in Australia. This movement isn’t just about equality—it’s about recognition. Women are proving that they are not only capable investors but also better at it in many ways. The investment landscape is changing, and women are leading the charge.

In 2024, Commsec found that women account for 42% of investors with active holdings in Australia, marking an 18% increase over the past three years. Even more exciting, women now represent 45% of new investors and 51% of those planning to invest, a clear sign that confidence is growing.

But it’s not just about participation—it’s about results. Women investors, on average, achieve higher long-term returns than men, thanks to their disciplined, research-driven approach. So why are women still underrepresented in investment discussions? It’s time to change that.

Margaret Mittelheuser: Australia’s first stockbroker

We can’t speak about breaking barriers in the financial industry without mentioning Margaret Mittelheuser. Sadly deceased in 2013, Margaret was Australia’s first stockbroker and managed and led stockbroking firms until 1983. Widely regarded as a trailblazer, the impact Margaret had on the future of women in the financial industry is unparalleled and, undoubtedly, paved the way for the women we celebrate today. 

Shemara Wikramanayake: Steering one of Australia’s largest financial institutions

Shemara Wikramanayake is the Chief Executive Officer of Macquarie Group, one of Australia’s leading global financial services firms. She has been instrumental in driving the organisation’s expansion into sustainable investments and infrastructure projects, demonstrating that women can shape transformative growth in large-scale finance. Her leadership underscores the significance of female voices in guiding forward-thinking financial strategies.

Danielle Ecuyer: Educating women on stock market success

Danielle Ecuyer, author of “Shareplicity“, is a financial commentator and educator who has dedicated her career to making investing accessible to Australian women. She simplifies complex financial strategies, empowering more women to take charge of their wealth. Her work proves that financial literacy is key to closing the investment gap.

Heather Brilliant: Leading one of Australia’s largest investment research firms

As the CEO of Diamond Hill Capital Management and former Managing Director at Morningstar Australia, Heather Brilliant has been at the forefront of investment research. She has championed evidence-based investing strategies, proving that research-driven approaches lead to better financial outcomes for women.

These women are more than investors—they are game-changers. Their stories highlight what happens when women take control of their financial futures and push past the barriers holding them back.

Despite these incredible success stories, challenges persist. The gender pay gap in Australia stands at 18.6%, meaning women have less capital to invest from the outset. Even more concerning, many women lack confidence in their investment knowledge, with 30% expressing uncertainty, compared to 21% of men (Small Caps).

But here’s the truth: women are already outperforming men in investing. Their patient, strategic approach leads to more consistent gains. The real challenge isn’t ability—it’s breaking the mindset that investing is a “man’s game.”

Although we have made strides in the chase for gender equality, the financial sector’s gender gap remains a stark reality. Shemara Wikramanayake, didn’t sugarcoat the issue when she said there’s still a ‘heck of a lot of work’ to do to close the gap. 

She spoke candidly about the challenges women face in finance, from underrepresentation in leadership to the barriers that still make it harder for them to break into the industry. Her words weren’t just a corporate soundbite—they were a call to action.

Meanwhile, across the Pacific, the conversation is heading in the opposite direction. The Trump administration’s recent crackdown on diversity, equity, and inclusion (DEI) programmes for many feels like a step back.

Under the banner of ‘merit-based opportunity,’ these executive orders have stripped federal agencies and government contractors of long-standing DEI initiatives designed to level the playing field. The backlash has been swift—legal challenges are mounting, and federal courts have already issued injunctions questioning their constitutionality. But the message is clear: the fight for workplace equality is far from over. 

Shemara pushes for change at the highest levels, but still emphasises that women who accept leadership positions before feeling ready (because, let’s face it, it’s still a male-dominated executive world) may be more detrimental to encouraging more female leaders if it doesn’t work out due to possible backlash.

This isn’t just about numbers or corporate quotas—it’s about real people, real careers, and real opportunities being won or lost. If we don’t keep pushing, will the next generation of women in finance find themselves facing the same barriers we thought we had broken. 

To bridge this confidence gap, several initiatives are driving change:

Women in Australia are not just participating in investing; they’re reshaping the landscape. Their disciplined, long-term approach to wealth building is proving to be a winning strategy.

On International Women’s Day, let’s celebrate the women who are taking control of their financial futures and encourage even more to follow their lead. Whether it’s starting with small investments, joining a finance club, or following in the footsteps of pioneers like Shemara Wikramanayake and Danielle Ecuyer—the key is to start now.

The future of investing is female, and the time to invest is today.

Disclaimer: The information provided is factual and sourced from reputable organisations. It is for informational purposes only and does not constitute financial advice. © 2025 JHC Operating Co Pty Ltd (formerly Neural One Australia Pty Ltd) is an authorised representative of Jaaims Technologies Pty Ltd (Australian Financial Services Licence 519985).