Kiwi women who worry about money are encouraged to take ownership of their financial well-being by having more conversations about money and finances.
Recent research from the Financial Services Council (FSC) found that 60% of Kiwi women worry about money on a daily, weekly or monthly basis, and 80% rate their financial well-being as moderate, poor or very poor.
Research reinforces the link between improving women’s financial literacy and their financial independence and self-esteem.
Trustees Executors, New Zealand’s oldest independent trust company, is tackling the problem head-on within its own workforce by hosting a ‘Money Talks’ ‘meet’ encouraging its female staff to join across the country.
The initiative is part of FSC’s ‘It Starts with Action’ campaign to support women’s financial empowerment and wellbeing. Trustees Executors are supporting the three-month campaign as founding champions.
“A lack of financial confidence can be felt in everything from general well-being to how women deal with life-changing events, such as relationship breakups. Money rules the lives of many women rather than women. ‘to be a tool to help them live the life they want,’ said Ann Morrell, private wealth adviser at Trustees Executors, which specializes in financial advice for women.
“More than ever, financial well-being is intertwined with women’s overall self-esteem and independence, yet women struggle to talk about money matters, such as how to save or to invest and the overall planning of their long-term wealth.
“Research shows that talking openly about money is a major step towards improving women’s financial literacy.
“Having worked in the financial services industry for over 40 years, I have met many women who feel embarrassed and even ashamed of their lack of financial knowledge, even though they are involved in day-to-day money management, such as managing the household budget and bill paying They know more than they think they know.
“In my experience, men generally find investing exciting and satisfying, while women take a more cautious approach and find it harder and longer to figure out. This can create a situation in some relationships where women leave long-term wealth planning to their partner.
“Based on the latest FSC research on low levels of financial well-being among women, it’s even more important that women have more conversations about money, regardless of their age, life stage or their financial situation.
On May 10 and 11, the Trustees’ “Money Date” will encourage attendees to have conversations about money using a pack of 50 FSC-provided conversation starter cards that ask questions such as “Are men better investors than women? “, “What do the words financial freedom mean to you? and “What makes someone good with money?”
“This is a small step towards demystifying money for women, and I encourage women to get involved to start taking charge of their financial well-being,” Ann Morrell said.
Trustees Executors Limited was established in 1881 and is New Zealand’s oldest independent trust company. We offer a full range of financial and trust solutions for individuals, families and the corporate sector, including estate planning, trust and investment advisory services. We are a licensed financial markets supervisor and a leading provider of specialist corporate fiduciary and back-office investment administration services to some of New Zealand’s largest financial institutions, banks and fund managers. . www.trustees.co.nz
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