Stewardship, Succession and the Next Generation: Women Leading the Wealth Conversation

By Lyn Hawkins | Founder and National Director

At a recent private roundtable lunch hosted by Business Women Australia and Westpac Private, an exceptional group of women gathered to explore one of the most important – yet often postponed – conversations in families: how to educate, equip, and empower the next generation on their financial journey.

The discussion covered everything from how and when to bring children into wealth conversations to building advisory teams, managing intergenerational assets, and ensuring smooth transitions in times of change or loss.

Stewardship, Not Ownership

The theme that resonated deeply among participants was the notion of stewardship. Rather than seeing wealth as something to be owned, consider the family roles as custodians of family prosperity, where each individual can flourish, and legacy is considered. With this philosophy, there is a responsibility for nurturing and protecting the family wealth for the generations that follow.

This mindset reframes succession and inheritance. It invites collaboration, transparency, and education. It prompts us to think beyond immediate needs and consider what values, behaviours, and systems we are modelling for our children and grandchildren.

When and How to Bring Children Into Wealth Conversations

The single mums at the table had inspiring approaches. Their consensus was clear – start early and make it natural. Financial literacy begins at home, not at the bank or the accountant’s office.

From the “three accounts” system for children (spending, saving, and giving) to discussing asset classes at the dinner table, normalising money conversations builds confidence and curiosity. Several women shared how they’ve introduced mini investment portfolios with small real-life share purchases to help their children learn through experience.

Inviting young adults to meet your financial planner or join in discussions about wealth strategy and succession was another practical step discussed. “We can help them understand the purpose of wealth and how to be wise stewards.”

The Bank of Mum and Dad: Love, Loans, and Legacy

The conversation also touched on the increasing reality of parents helping adult children enter the property market. But should this be a loan, a gift, or an early inheritance?

The advice from around the table was clear – open discussions, recordings, and documenting are valuable. Having advisers outside the family provides independent guidance and witnesses to the wishes and expectations. Unclear arrangements can cause stress and family fractures later. Participants explored strategies to formalise agreements, align them with existing wills or trusts, and discuss implications for future borrowing capacity.

This led to deeper reflections on fairness versus equality, and how families can approach these conversations with compassion and transparency. It can be emotional.

The Power of Preparation: Simplifying What’s Left Behind

Our Roundtable sharing included stories of the complexity that can arise when elderly parents fail to disclose key information – from business succession and farm ownership to investments and digital assets.

Creating a “death file” – a secure record of important documents, login credentials, crypto keys, and even frequent flyer details – was identified as a practical way to reduce future stress. Others discussed decluttering assets, clearing sheds, and “gifting while alive” as a way to share joy and reduce burdens.

The group also discussed the value of testamentary trusts, life insurance, and the necessity of maintaining separate advisers, particularly for women who want clarity and independence around their financial and legal positions.

Supporting Each Other Through the Generations

From dementia and elder abuse to sibling cooperation, health crises, and shared back-up plans, this roundtable reinforced that women approach wealth with relational depth. We think beyond money – about the impact on family, values, and wellbeing.

Encouraging younger generations to see wealth as a tool for good – through philanthropy, volunteering, and social impact investing – helps shape responsible, generous adults who understand that privilege comes with purpose.

Building a Wealth Team

One of the standout insights was the importance of building a “wealth team” early. Accessing trusted financial advisers and lawyers, accountants and mentors, asking questions and being curious creates the foundation for financial literacy, lifelong confidence and capability.

This is about stewardship and legacy – not just for our families, but for the communities we touch. Women bring a depth of care, empathy, and responsibility to wealth conversations that the world needs more of.

About Lyn Hawkins

Lyn Hawkins is the National Director of Business Women Australia and a strategic advisor to Boards, Leaders, CEOs and founders. With over 25 years of experience in leadership, business growth, and professional development, she is dedicated to advancing women’s influence and impact across Australia.

About Business Women Australia

BWA brings together talented business women and female leaders from all sectors, industries and states;