Behind Closed Doors is launching a new financial education program for women

A new education program led by a group of Adelaide businesswomen will launch next month, aimed at helping women achieve financial security now and in the future.

Behind Closed Doors founder Donny Walford. Photo: Nick Clayton

A group of prominent Adelaide businesswomen have teamed up to launch a new education program aimed at helping women achieve long-term financial security.

The Financial Education for Women program will be run by female business network Behind Closed Doors, which was established in 2008 by influential businesswoman Donny Walford.

NDA Law founder Andrea Michaels - Labor’s candidate in the upcoming Enfield by-election - will facilitate one of seven modules, which will cover topics including financial goal setting and understanding shares, property and superannuation.

Rise High Financial Solutions founder Marissa Schulze and Finsec Partners principal adviser Karen Eley are also facilitators.

Ms Walford said the program was developed to help women achieve financial wellbeing, which in turn would help to reduce vulnerability to financial stress and other problems.

“It’s scary that if you take into account the fact that the majority of women have a career break to bring up family, and the pay gap which averages 17 per cent - the pay gap plus taking time away from the workforce means by the time they reach superannuation age, on average women are between $350,000 and $1 million worse off than men who don’t have a career break,” she said.

“I think there’s still a stigma for women going to seek financial advice - whether that be wealth or financial planning or other advice.

“Greater financial capability, including financial literacy, has a direct link with boosting women’s economic participation, including building women’s retirement incomes and savings.”

Ms Walford had a 20-year career in banking before establishing change management advisory firm Bottom Line and the Behind Closed Doors network.

She holds a number of directorships, including on the board of national broadcaster ABC, and according to some reports played an integral role in the ousting of Michelle Guthrie as managing director in September.

Last month, Ms Guthrie filed a lawsuit against the ABC for unfair dismissal, naming Ms Walford, ex-chairman Justin Milne and directors Joseph Gersh and Vanessa Guthrie as respondents.

While she has been almost silent publicly about the ABC role since her appointment in 2015, Ms Walford told The Advertiser there had been many lessons learnt following the fallout from last year’s decision to dismiss Ms Guthrie.

“There’s a lot I learned and am still learning from the experience, but the number one thing is you must have good governance and good reasons for why you make decisions, either individually or as a board,” she said.

“You have to have good governance around why you make a decision, be well informed when you stand by that decision, with the knowledge and having done the research. No decisions are taken lightly by a board of any sort.”

Andrea Michaels is Labor’s candidate in next month's Enfield by-election. Picture: Bianca De Marchi

As well as her position on the ABC board, Ms Walford sits on the boards of KeyInvest and the SA Venture Capital Fund, and is an advisory board member at Ms Michaels’ NDA Law practice.

Ahead of the Enfield by-election next month, Ms Walford backed Ms Michaels to make a positive impact in state politics if elected.

“I think she’d be awesome,” she said.

“She’s highly ethical, she has high integrity, she’s a bright and smart woman.

“She does her research and understands the nuances and does her research before she makes a decision.

“I think Andrea would be a really good politician - I don’t care which party it is.”

The Financial Education for Women program commences on February 12, and runs until November.

Ms Walford said until now there had not been a education program dedicated to supporting women and their financial wellbeing.

“Often we don’t start thinking about topics such as our superannuation until we’re in our 40s or 50s,” she said.

“I want to encourage women who are at the start of their career to educate themselves so they are not financially vulnerable nearing retirement age.”