From SDW presents SDW Leaders Series
For women, financial wellbeing can be more challenging to achieve than men. As a result of centuries of structural and systemic issues, women currently face gender pay gap, wealth gap barriers, which hinder their progress in achieving equitable wealth status.
As we strive towards building an inclusive society, women’s long –term financial wellbeing can benefit enormously from them engaging with their finances.
Keeping this in mind, SUPERdiverse WOMEN recently hosted the SDW Leaders Series on Financial Wellbeing and Investment for Women at the premises of SDW Sponsor, Perpetual Guardian.
Led by SDW member and Head of Distribution, Openly Investing, Sumita Paul, this much needed conversation took a deeper look into the various reasons for wealth gap, how social structures defined gender roles and our outlook towards finances, and how a woman’s financial well being has wider influence other than just herself.
Here are top 9 tips to owning your financial wellbeing and making sound investment decisions:
- Financial well being is when you don’t work for money but money works for you – this is also referred to as growing your wealth
- Conversation about money can sometimes be awkward and difficult. However, it’s better to choose discomfort now, over future resentment. Be part of the solution and encourage change in your circles of influence by building financial awareness
- Know your worth and be financially independent. Your total assets (house, investment property), cryptocurrency, shares, bonds, managed funds, cash and savings accounts, equity in a business, kiwisaver) minus your total liabilities (credit card payment balance, purchase balance, investment property loans, home loans, overdraft, personal loans, student loans) equals your net worth.
- Progress from savings to investment.
- Understand your risk appetite and then consider your investment portfolios
- According to latest survey conducted globally and in NZ, key areas of concern that people had about investing was around knowledge, cost, risk and trust. Take the fear out of investing, talk to your friends, family or a few financial advisors till you feel comfortable.
- We will not live forever. Take care of your own. Understand the ins and outs of wealth transfer – wills, power of attorney, family trusts before it’s too late
- Age is not a barrier to understanding finances. Encourage financial literacy in your kids, staff and community.
- Take small steps towards financial wellbeing, by starting with budgeting, managing your debt, risk protection via insurance, investment planning and wealth transfer
The information provided in this article is for general information purposes only. Links or references to material on external sites are provided for your convenience only and inclusion does not represent an endorsement of the external providers. The information is not financial advice nor is it a recommendation or statement of opinion intended to influence you in making a decision in respect of your financial circumstances. You should consider seeking independent financial, taxation or legal advice specific to your circumstances.