When it comes to addressing your finances, one of the biggest hurdles is time. This is a problem for women and men. Doesn’t it feel like we are busier than ever? We are juggling careers, families, friends, fitness, hobbies, travel… Women spend 36 hours per week on caring and housework, twice as much as men4. Squeezing something else in is never easy.
The solution? Unfortunately, I can’t clear your to-do list but the first thing to bear in mind is that finances are important. We are more in tune with our wellbeing than ever before. All the while we are more likely to feel stressed, anxious and lose sleep over money worries than men. 66%1of women have been affected by money worries. 1 in 5 people have felt depressed due to money1. Finances are a major factor in your wellbeing. Worrying is a huge drain on your productivity.
Just like ‘Marie Kondo-ing’ your house can help you be more focused and productive, getting on top of your finances will have the same effect. Freeing up that headspace will give you back more than the time spent. These days you can access advice on the go. You can call, text, email, use an app. Whatever fits in with your life, there is an option for you.
Another sticking point for both women and men is interpreting the jargon surrounding finances. Unlike men, women are more likely to turn to their friends and family about financial decisions, which is no substitute for expert insight and advice. I can understand why women may feel intimidated given the combination of a male-dominated industry and the complexity of finances. 36%2of women have felt patronised during an interaction with the industry. A conversation with a good advisor should leave you informed, empowered and confident in the choices you have made together. Jargon should be left at the door. I feel my role is to inform as well as advise.
Despite this, I think that we are less intimidated by finances than we may once have been, and an increase in women working in the industry has really helped that stigma. But more importantly, there are more women in leadership positions. I am fortunate to work for a company that is ranked 6thout of all FTSE 250 companies for having 50%3women on our board and you really feel the positive impact of that diverse and inclusive culture