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Work hard, save hard: Increasing women’s financial confidence
15th March 2024
Featured Image: Samantha Kaye, Chartered Adviser at Wellesley
You have ambition, are resourceful, can balance home and work, and play to your strengths in whatever job role you take on. But do your many strengths translate to managing all your hard-earned money?
Ahead of International Women’s Day on 8th March 2024, we look at how women can boss their money as well as they boss their jobs.
Women are undeniably on the up in the world of work – pushing the boundaries of their careers in all directions. The number of women on boards is rising, while more females are striking out on their own to become self-employed entrepreneurs. What glass ceiling?
At Wellesley, we’re proud to represent male and female clients. And, while it goes without saying that both can experience the same stressors, there’s no avoiding the fact that women can face a number of unique financial challenges.
A bumpy road
In particular, challenges in building up a comfortable amount for retirement. The gender pay gap and the pensions gap – and not to mention any time taken away from work to look after family – all have an impact.
These challenges may understandably dent your optimism about your financial future. But it’s not all bad news! Recognising these challenges can be the biggest step in overcoming them and getting your savings back in order.
A crisis of confidence
Instances of women having ‘low’ or ‘average’ self-esteem is talked about more often but it isn’t a new problem – how frequently do you hear your own friends confess that they’re not good with money? This phrase may be said without much thought, but its impact can take a toll on both your financial and emotional well-being, by preventing you from having financial independence or hindering the ability to plan for the future.
This crisis of confidence can also be damaging when it comes to income protection. Women are the breadwinners in a growing proportion of UK households. However, many aren’t used to seeing themselves as the one who ‘brings home the bacon’, and sometimes that means high-earning women don’t fully recognise their value both to their businesses and their families. That’s why income protection is an important consideration for female entrepreneurs in giving you peace of mind, whatever comes your way.
Talking = empowerment
Financial security can be an important factor in promoting mental well-being and, therefore, happiness. Talking is a great way to improve confidence – push aside the embarrassment and be honest and open with your friends about money. And if it feels too awkward to talk to a friend, talking to a financial adviser can also help.
Leading from the front
So, what can women do to boss their money as well as they boss their job?
Your trusted ally will be your financial adviser, who will provide the perfect environment in which you can learn and gain confidence.
And once you’ve gained confidence, security, well-being and resilience won’t be far behind.
Wellesley Investment Management Ltd is an Appointed Representative of and represents only St. James’s Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the group’s wealth management products and services, more details of which are set out on the group’s website www.sjp.co.uk/products.
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