By Nor Fazlina Mohd Ghouse
For decades, discussions about women’s financial empowerment have centred around closing the gender pay gap – rightfully so. Women have fought for equal pay, better career opportunities, and financial independence. Yet, one critical conversation remains largely overlooked: the wealth gap.
Earning a salary is one thing, but accumulating and securing long-term wealth is another. Wealth – not just income – is what provides security, independence, and the ability to shape our futures.
Yet, many women, even high earners, struggle with building and preserving financial assets.
It’s time we shift the conversation. It’s no longer just about earning more – it’s about owning more, investing smarter, and planning for the future.
Why Women Still Lag in Wealth Accumulation
The numbers paint a clear picture. Women generally earn less over their lifetimes, not just due to the 3.3% gender pay gap (DOSM, 2023), but also because they are six times more likely than men to leave the workforce for caregiving (Khazanah Research Institute, 2021).
This career interruption translates into a 20% lifetime earnings loss (World Bank, 2023).
Yet, beyond income, the bigger concern is wealth accumulation – only 37% of Malaysian women invest in the stock market, compared to 63% of men (Bursa Malaysia, 2022).
Instead, women tend to keep 70% of their wealth in cash or savings, limiting their financial growth (OECD, 2023).
Several factors contribute to this:
- Cultural & Social Norms – Many women still grow up with the belief that managing investments, property, and estate planning is a “man’s responsibility.”
- Risk Aversion – Studies show women tend to be more conservative with money, favouring savings over higher-yield investments.
- Caregiving Responsibilities – With women often acting as primary caregivers, financial planning takes a backseat to immediate family needs.
- Lack of Estate Planning – More than 70% of Malaysians do not have a Will or Wasiat, and women are even less likely than men to prioritise estate - planning (Rockwills Malaysia, 2023). Many assume their spouse or children will “handle things” if something happens to them, without realising how unplanned wealth distribution can cause disputes and financial instability.
Owning Wealth: A Mindset Shift
We need to stop thinking about money in terms of salary alone and start thinking about ownership. Women must see themselves not just as earners, but as investors, property owners, and decision-makers in financial planning.
This means:
- Investing beyond savings – Stocks, real estate, and diversified portfolios, rather than relying on fixed deposits.
- Taking estate planning seriously – Wills, Wasiat (for Muslims), and proper wealth distribution ensure your assets are handled as you intend.
- Building intergenerational wealth – Passing down financial security, not just money.
Why Estate Planning Is an Essential Part of Wealth-Building
One of the biggest oversights women make is not planning what happens to their wealth when they’re no longer around. It’s an uncomfortable topic, but avoiding it has real consequences.
Without a Will or Wasiat, assets may not be distributed according to your wishes. For non-Muslims, the Distribution Act 1958 determines asset allocation. For Muslims, Faraid law applies, but without a Wasiat, disputes can arise.
Many women assume: “My family knows what I want.”
But verbal agreements mean nothing in legal terms. A properly structured estate plan isn’t just a legal document – it’s a tool to protect your family, prevent conflicts, and ensure your wealth goes where you want it to.
The Time to Act Is Now
Women need to be as intentional about securing wealth as they are about earning it. It’s not just about breaking glass ceilings at work – it’s about owning the building.
In line with the recent International Women’s Day, let’s move the conversation beyond salaries. Let’s talk about financial security, wealth accumulation, and legacy planning. Because the real measure of financial independence isn’t just how much you earn - it’s how much you keep, grow, and pass on.
Nor Fazlina Mohd Ghouse is the CEO of Maybank Trustees Berhad and a strong advocate for financial literacy and estate planning.
