Julie Kun, CEO of WIRE

"As the CEO of WIRE I know a lot about money stories. Whenever WIRE provides financial capability training the first activity we ask of people is to explore their relationship with money. In particular, how their money story has impacted their emotions regarding money and decision making. In Australia financial decision making is promoted as a rational, fact driven activity, but that is far from the truth. Our financial decisions are driven by our values, beliefs and the emotions that money embodies. Thinking about money can make us feel fearful of not having enough or joyful in anticipation of a purchase. It can remind us of our strength when we have made good decisions, or remind us when the power and control of making decisions was not afforded to us. All these emotions and feelings are part of our money story. Once we understand our story we can recognise and have mastery over the emotions our money story produces.

I have a very fortunate money story. My mother had a successful career as a nurse and taught me that women were strong financial decision makers, and had the same right to leverage opportunity as men. I never questioned working and being a valuable asset to any organisation I worked for. This self-belief, support of others, a good education as well as hard work has allowed my career to flourish.

My parents met when my mother was protesting women being paid less than men. She protested by only paying two thirds of her Labor Party membership fees, and said she would not pay full membership until women and men legally earnt the same hourly wage for doing the same job. My father, and a few other men of the Labor party, met with her to tell her to not make such a fuss. To cut a long story short my mother won the argument. She kept on making a fuss and women being paid less than men for performing the same job was removed from Australia’s industrial legislation in 1967 and my father found the strong determined woman he would be with for the rest of his life.

My father, a Hungarian refugee, and my mother, an English migrant who had been a small child in the depression, taught me that money was a commodity to be respected and valued. I was taught that I was very lucky but I should never take my good fortune for granted. My Father had survived war, revolution and the Jewish concentration camps. Every part of his survival instincts told him to have a significant buffer of money to protect yourself when, and if, things go bad. My Mother and Father would discuss their financial future and decision making in front of my brother and I and it was great modelling of respectful joint financial decision making. I was encouraged to save as a child and to think about my spending decisions.

I remember being sternly told off when my brother and I blew all the pocket money we had been saving on rides at Chadstone Shopping Centre. I protested on the way home as my brother and I were scolded for being silly with our money. I kept on saying ‘it was my money, to do with as I liked,‘ and I was bluntly told that wasn’t the point. The point for my parents was that, in order to thrive, money needed to be divided into different spending priorities, necessities, savings, charity, and luxury and entertainment. I had spent all my money frivolously on entertainment and ignored all the other priorities. Whilst to this day I will protest that it was my money and I should have been able to spend it all on rides, I do understand my parent’s point.

My parents taught my brother and I that we were lucky to live in Australia as privileged people. We lived in a house with love, there was always enough money to pay necessities plus more. We had access to a good education and health care, and my country was stable and not beset with violent civil unrest or war. My parents were always keen to add that many others were not so lucky.

Donating time and money is important in my family and it is still very important to me. My mother was always a member of several committees and both my parents were strong trade unionists. They taught me to always put aside money for good causes, such as organisations that are creating positive change so that all Australians can receive the benefit of a decent social wage, fairness and respect. As a child I remember protesting for free health care, for land rights and stopping uranium mining.. Suffice to say no one was shocked when I become a social worker. You might ask what has social protest got to do with my money story and it is simple. My money story taught me to do what I can to make sure that I and my family have the money to have a comfortable life, but also to use my good fortune, resources and labour to assist others. That a world in which only a few are wealthy impoverishes us all.

The lessons of my parents, and the basic principles of social justice and empowerment, are embodied in WIRE. They are the feminist principles that women deserve equal access to opportunity including equal access to financial wellbeing. They are lessons built on the hope and desires that so many migrants bring to Australia, of working hard and creating a comfortable and safe home for themselves and future generations.

Thank you Frank and Pat Kun for the money story legacy that you have gifted to me."