Women, Wealth & Money Decisions

August 17th 2018 | Categories: Women and finance | Financial Planning |

As financial planners, we are advocates for education about money matters. It is our passion to help people understand their money so that it can be used to help them live their best possible life. When it comes to money management, we all have different levels of knowledge and experience. Research tells us that women tend to approach this differently as well. We’ve heard about the gender pay gap, but is there a money management gap as well?

what is the gap?

Statistically, women are living longer, earning less and have less in savings and superannuation. According to recent research from ASIC:

• 41% of women find money decisions overwhelming and stressful,
• On average, women retire with half the super balance of men ($230,907 vs $454,221), and
• 85% of women under 35 don’t understand fundamental investment concepts.

Another study by Financial Finesse found:

The numbers above paint an alarming picture. Many of the elements measured form the basis for sound and stable personal financial management. That may sound a bit dry, but it is what drives our ability to do the things that we really want to do and to feel secure and confident about our future. So is it that women have less experience in this space? Have they had fewer role models or mentors to guide them? Or are they just more honest and realistic about their abilities than men? Maybe a bit of all of the above!

so what are we doing about it?

In an article written by Julia Gillard and Cate Blanchett, female education is described as a ‘magic multiplier’. Empower a woman with knowledge and she will share this knowledge, and in turn, empower her whole community. As financial planners, we can share our knowledge and empower women to make smart financial decisions. One of our planners, Regina Taarnby, is particularly passionate about this topic and is this week hosting our first Women, Wine and Wealth event in Gladstone. She has collaborated with two other Gladstone locals, Accountant Karen Windress from H&R Block, and Life Coach Jenny White from Crown Phenix Coaching. Here are a few words from Regina about why she is so passionate about sharing financial knowledge. I am passionate about improving financial literacy across the board, but in particular, helping women become empowered to make smart financial decisions. I grew up in a household with both parents working but soon realised that this was not the norm. Many women decide to stay at home to raise a family or work part-time while their children are young, which in the long term means their savings, retirement funds and overall income are less. I don’t undervalue the role that plays, it is a very important one, but I want to help women close the resulting financial gap. This isn’t limited to Mums & Wives either. There are women who are single, do not have children, women that have been through a divorce, help care for elderly parents or young women starting their career – they all need the same strong foundations to help them make smart and educated decisions about money. I believe there are gaping holes in knowledge and skills in this area and can share what I have learned as a woman, and as a financial planner who works directly with all sorts of clients.The Women, Wine and Wealth event was born from the need to shine a light on money matters but to also bring the personal aspect to it. What sort of life do we want to lead? How do we plan for it? How do we make smart decisions around money that tie in with our lifestyle visions?

We want to highlight the challenges women face, inspire them to share their stories and encourage them to actively engage in their lives & finances and build confidence.

The women I am working with on WWW, Karen & Jenny, have similar passionate outlooks in their fields. We all believe that education and awareness are vital. We want to give the women in our region information and practical tips they can incorporate into their every day, to live their best lives. We also know that not everyone can do it by themselves and that’s where we can help. Our first Women, Wine and Wealth event is being held Thursday the 23^rd of August 2018 at 6.30pm at our Gladstone office. Tickets are $20 and include all three sessions as well as complimentary wine and nibbles. To register, head to our Facebook event.

Keep an eye out on our Facebook page for similar events hosted in your area. If you would like to work with a financial planner please get in touch.

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