The vast majority of women say that they don’t talk about money with family and friends*.
Judgement from others can mean that women do not feel comfortable opening up about money. This can take a toll on women’s financial and emotional wellbeing and prevent them from financial independence.
To get a sense of control and financial confidence, it’s vital that women acknowledge their current relationship with money.
Start conversations about finances
You are likely to feel more confident when making financial decisions if you do talk openly about money.
Starting open conversations with friends, family or colleagues about saving and investing can be daunting. However, you could start by sharing a financial goal that you want to achieve and let them know your time frame. This will help them to open up about their goals too.
You could also start asking what they are doing with their savings, how much they pay into their pension and when they hope to retire.
You are likely to find that talking about money empowers and inspires you both.
Talk to a financial adviser
Talking to a financial adviser could help you if you feel too awkward to speak to your friends straight away. A good financial adviser will be prepared to answer any questions you have, creating a good environment to you to learn more about finance and gain confidence. They can also help you to create a financial plan that is bespoke to your individual needs and circumstances. Having a plan in place will help give you financial security.
You can book a no-obligation meeting with a financial adviser at Four Wealth Management online or by calling us on 0117 973 0500.
Speak to your partner about family finances
According to research from the WealthiHer Network**, men are roughly twice as likely to have high self-esteem than women. This means that they are likely to feel confident when making financial decisions. If your partner deals with the finances more than you then you could speak to them about your own short, and long term financial goals and see if they are in line with your partners goals. You can then have a discussion about how you will both work together to achieve your financial goals. You could also try to take a more active role in budgeting and investing.
And once you’ve gained confidence, then security and financial wellbeing will follow.
To find out more about how to boost your financial confidence, book a no-obligation meeting with a financial adviser now or call us on 0117 973 0500.
The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.
*PT money, ‘Women Aren’t Talking About Money – Here’s Why’, 2021
**WealthiHer Network, The Changing Faces of Women’s Wealth, 2021, total number surveyed 2239
