Material Girl

I have written before about the great transfer of wealth. 60% of all the wealth in the UK will be in women’s hands soon, if not already.

?70-80% of all purchasing decisions are made by women in the household, already. Holidays booked; outfits purchased.

A change in demography where women are no longer seeking a partner and are their own breadwinners and are breadwinners or equal earners in a relationship. A rise of the single woman with money in her account. A woman, whatever her relationship status, who wants to shop local, make environmentally sound purchases and a woman who is more likely to be altruistic. To give more and to give in alignment with their ethics and to where they think the money will be best served.

This week, I have spoken to two women of a certain age – my age - who have either inherited money or have sold a business and have made an unsound investment decision with their money and have seen it disappear. These are clever, generous, trusting women who have been sold something they did not truly understand, was unsuitable for their life and risk tolerance and has left them without. Women who are now frantically trying to find a way to work to fill in the gap in their financial future. Trust broken.

I retrained into Financial Services because I could be that woman. Although I know I won’t have an inheritance, my parent’s died a long time ago, my Mum in reduced circumstances in a council flat, leaving us all to decide how to distribute the cat memorabilia collected some of it was not pretty! Still difficult to bin! Conflicted as to what to do with the cat plates and cups, some with cat hair still in! Lovely, needs a good wash!

I wanted to be a financial adviser and take my time talking through any investments made, or not!. To ensure the women I worked with had enough spread across their accounts and investments to live a life that suited them. Enabled a life lived in total alignment with their ethics and to question their beliefs – Money is the root of all evil. I am rubbish with money. Shopping is cheaper than therapy – yikes!

-I am rubbish with money. This is another all-too-common saying. I think mostly women are excellent at a lot of things including money but the hurdles to get there are many and difficult to overcome.

Consumer marketing and sales can also female unfriendly, start a discussion with a teenager about the gender price gap and they will tell you about the pink razors versus blue razors. Look at the probiotics marketed. Who knew that the vagina was a separate part of the body needing different gut bacteria to a male gut and so therefore needed to be extra expensive? Not me? This is just the tip of a marketing and sales melting iceberg.

The tactic used is create a lack of self esteem so the young girls can buy it back, desiring to be like every other girl – social proof. Through lip fillers and laminated eyebrows and this may still work for a certain demographic. One size doesn’t fit all though. With the growth of access to information online – some true, some completely made up, building a reputation and a relationship with women is a better way to help them spend their money or invest their money how they want to. There are a group of women who want to empower themselves but the habit of learned or expected altruism overrules leaving them without. One conversation I had this week was a friend who downsized her house to make sure her 18-year-old son was financially well off. This son is the only son and only grandson of a wealthy boomer of 80, and he is financially savvy himself and able to earn, already interested enough in his future finances to start and keep on investing. The generosity of my friend makes for a hard middle and later years for her. Putting your own financial oxygen mask on first is not selfish. Living your best and only life to show your children how to do it, whether it is working, spending, or learning about your finances so you can teach them is not selfish either! You do not have to give your last penny away, “I am alright here sitting in the dark!” Please put the lights on. Spend, save, invest, or give your money how you want but self-care starts with the finances. You can’t give from an empty bank balance, cook from an empty cupboard, or pour hot water from a (can’t afford to be) boiled kettle!

It is important for me and us all, to remember that one size marketing and selling, does not fit all, to remember the mental load that women and mothers are under. The WhatsApp groups that are pinging asking mothers to volunteer, to donate time and to give money, the school notices - urgh. The conscious shoppers who see the gaps in the selling of stuff and their environmental concerns. Those who have been burned by a mis sold or unsuitable too good to miss once in a lifetime opportunity, an investment of time, money, or love.

I stopped working in Financial Services as a regulated adviser soon after qualifying. Traditional Financial Advice is a numbers game and Wealth Management firms their regulators are big, clunky organisations built by men and are slowly realising their offer is not fit for the female, whatever size they are. One size does not fit all for them either and what has worked before, might not be working now.

I work with women who want to know how to be financially literate, who want to feel secure in their older years in their decision making and their money, who want to have the confidence to see that an investment in a too good to be true, once in a lifetime offer is not a good idea or true. Those who want to learn what questions to ask, who want to understand the whole picture of their past money stories and resulting habits and to coach them to a brighter future, and I want to help demystify the smoke and mirrors jargon in financial services of, diversification, risk, tax, market, wrappers.

Are you that woman? Plain or pretty, crying or shopping? One size does not fit all, oh and O Brian can keep his law, thank you!

I am a Financial Adviser Qualified Coach and Educator available for Financial Wellbeing Corporate workshops and one to one or couples money coaching. My purpose is to empower more people to financial wellness through education and awareness. My expertise is personal finance. Contact me directly if you think I can help you find funds to live a generous and adventurous life.