It's a fallacy to think we're not good with money. ![]() We often manage the whole household budget. Parents - teach your daughters.īut even if you haven't been taught at school nor by your families - have confidence!Īdvertisers aim at females because they make the majority of spending decisions in the household. My father taught me how to do my accounts. Teaching it at school does help but we can't necessarily rely on that - plus many of us are past school age. My personal theory is that because we are not taught about finance when we are young, we assume it's a bit hard and difficult. And while pay equity and labour force participation are tricky things to level up, educating women to understand financial risk and avoid the return on investment gap, on an individual level at least, is a relatively quick fix. This only compounds the differences in retirement outcomes you see for men and women. It's called the "return on investment gap" But what ends up happening in decisions such as KiwiSaver is that we choose lower risk funds and over the long term, we end up with lower investment returns than men. Because they feel they don't understand it, they take a more conservative path. So please don't leave this stuff to the men - it's not actually difficult, it can actually be fun, and quite frankly, you deserve it!Īt the moment, due to the lack of understanding and confidence about finances, women tend to end up more risk averse. It's great to be a team - but it also empowering to know that you can also stand on your own feet if you had to because sometimes, life happens, even death happens, and you may need to have those skills. The fact that this broker couldn't think of a situation where a woman might have earned her own money really shocked me.īut regardless, however much you have and however you have come into it - you need to understand how to manage your own money. But what I was dismayed to realise is that in both examples of women with money to invest, these women had not earnt their own money - there was an older woman who had been widowed, and a younger woman who had inherited. I recently saw an ad from a popular broking firm targeted at women and their financial literacy. But in more day to day examples, I think it's important to be able to stand on your own two feet. One in extremis example I have heard is of a woman who used one of the share trading platforms to invest and grow her funds which she then used to escape an abusive relationship. ![]() Going back to 'why I chose finance' - finance is fun! It's a great attitude to have as it's an important skill both at work but it’s equally important if you are at home.įinancial independence means a lot. Why does it matter? Financial matters may seem boring but it is important. It's time to change this and build women's confidence regarding financial matters. Women's confidence is lower than men but that doesn't mean that they are less literate. As a subject dear to my heart, I didn't hesitate to put Kiwi Wealth's support behind the campaign as a founding champion. The Financial Services Council is currently leading a cross industry initiative around raising women’s financial confidence and well being - It Starts With Action.
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