Do you know that us midlife women feel far more comfortable discussing our sex lives and fantasies than talking about pension pots and investing?
The trouble is – when we are forced to confront our own financial landscape – it usually is at a critical time in our lives, a crisis has arisen, action has to be taken, and we reluctantly take our head out of the sand, look at ourselves in the mirror and generally freak out about what steps to take.
And why is this?
Surely in every other aspect of our lives, are we not in command and control? Do we not juggle umpteen balls in the air each day of the week? Were we not the central hub of keeping everything together during the pandemic? Are we not fierce lionesses when it comes to safeguarding our loved ones? Do we constantly do battle with all kinds of service suppliers and have mastered the art of holding the line for ages whilst multi-tasking at home, sorting out all kinds of problems in order to just get things done?
Then why oh why does the thought of sitting down with an advisor to talk about your own finances and savings seem so terrifying? It is after all, YOUR money and YOUR future – and no one is more passionate about that than YOU!
I think I know the answer.
We have been ignored. Constantly. When it comes to money and finances – it is always the MEN that have the answers – it is always the MEN that are targeted by the finance world when it comes to financial education.
I come from a generation where my only financial advice my parents gave to me was ‘never a borrower or lender be’. Marvellous – thanks Mum, that’s just brilliant.
Advertising financial products amounts to over £1 billion a year – but guess what? Less than 1% is specifically targeting women. I am not talking about mainstream banks with their lovely TV ads with beautiful black horses galloping across the country; I mean pension and investment products. When was the last time you stumbled across an ad for one of those that was specifically talking to women? Never, me thinks.
So, let me create a typical scenario and see if this rings true…
You have a meeting at home with your IFA – now if you don’t know what an IFA is, please don’t be embarrassed as so many women aren’t aware, and it’s not your fault. It is the industry that has shied away from focusing on educating us, so remember that.
An IFA (Independent Financial Advisor) comes to your house and sits down with you and your partner. And what happens? He will (and it is always a man, as 98% of all IFA’s are white men) talk only to the MAN sitting across the table – and completely ignore you. If you pluck up the courage to ask a question – what will happen? Will he answer you directly? Will he answer your question while looking directly at your partner? Or will he look at you with a condescending glance and say – ‘don’t you worry yourself about this – I’d love a coffee though, white with two please!’ and continue the conversation with your partner.
Sound familiar?
Indeed.
I know this is a cliché, however a recent survey carried out by Hearst Media (publisher of magazines including Good Housekeeping) found that when talking about finance, women use words like stressful, complicated and overwhelming. Financial institutions should be ashamed that more is not done to change this mindset.
It is a fact that women are more risk averse than men – however, it is also proven that when we do decide to invest, we make better financial decisions. We don’t shoot from the hip, we take information on board, take our time, are inquisitive, and hey presto, we get better results – who would have thought?!
When times get tough
I bet you know someone who has gone through a gruelling divorce. It is often the case that the aggrieved party is the woman and is faced with the prospect of coming to terms with the notion that their wonderful husband of numerous years has run off with a younger version to have fun with for the rest of his life. So what do they do? When it comes to finance, it is typical that their focus is on keeping the family home, isn’t it?
They get fixated that this primary asset should be theirs, it is their home, it is their pride and joy, and they have invested so much time and money in creating this special place. When speaking to their lawyer – they make it very clear, I AM NOT GIVING UP MY HOME.
Well what the lawyer should do, is give them a reassuring look, and say to them – that is a given, but what we need to focus on is getting your share of his pension, as that is the financial asset that so many women miss out on, totalling a staggering £7 billion a year! So don’t fret about the house – get the pension!
I am passionate about getting more women to be in tune with their finances. I KNOW it can be scary, but we have been conditioned to feel that way. I am not suggesting that you should instantly start a subscription to Investment Weekly, or spend hours researching financial articles on various products and investment opportunities.
I don’t wish for you to become dull at dinner parties! BUT what you could do is take a deep breath, search for a female financial advisor, and book an appointment for a chat. It is free to talk to them, you are not obliged to commit to anything, but they will be willing and able to educate you. And, if they prove that they were worth investing your time with them, then it might be the start of your journey to financial confidence and hopefully empowering you to secure more financial independence.
And what would be really great is to share this financial confidence with your friends BEFORE they are in crisis mode.
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