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Adviser to launch initiative to improve female financial literacy

MHP Private Wealth's Lea Schodel is set to launch a new social enterprise to improve the financial literacy among women and build a pathway for them to seek financial advice.

Speaking to ifa, Ms Schodel said the new business initiative, called Wellthy – which carries the tag line 'the mindful wealth movement' – is designed to get women ready to see a financial adviser and empower them with the right mindset and skills to better manage their wealth.

"I found that a lot of financial literacy [programs] in Australia focus purely on the technical skills [of building a budget]" Ms Schodel said.

"But if someone doesn't have the right mindset or understand why they're not sticking to a budget, it is never going to work."

She added: "I am trying to empower them with the right skills and right mindset."

Discussing how she came to set up the business, Ms Schodel said she was helped through The Social Impact Academy, a social enterprise incubator program based in Brisbane.

"The Impact Academy has really provided me with a lot of guidance. Social enterprise is a little bit different from traditional business, [because] you've got the social element as well as the profitable element," she said.


Ms Schodel added that the business – due to be launched at the end of March – will consist of a six-week online course along with workshops and retreats to help combine the concepts of wealth and wellness.

Scholarships will be provided to ensure it is also accessible to those who cannot afford the program.

Ms Schodel was recently featured in ifa magazine, where she discussed how she combined her passions for yoga and providing financial advice.