Owning Our Financial Future to Be Financially Fabulous
In our quest for financial security, it is crucial for women to recognise that relying solely on others is not a sustainable plan. From an early age, society moulds women into caregiving roles, fostering subconscious beliefs that we will be taken care of. However, it is essential for us to break free from these limiting beliefs and take ownership of our financial independence.
The UBS Own Your Worth report finds that the majority of married women globally let their spouses make financial decisions. Reasons include long-standing “historical and social precedents to family, gender roles and confidence levels,” such as following parental examples in terms of gender roles and financial control.
“When 58% of women around the world – including Millennials – defer to men on important financial decisions, we need to ask why,” said Paula Polito, Global Client Strategy Officer and Group Managing Director, UBS Wealth Management.
Attitudes to wealth management and gender vary across markets and cultures. In the BCG report Managing the Next Decade of Women’s Wealth, no Middle Eastern women respondents reported being involved in financial decisions, while in Asia most female respondents said they take the lead in their households.
As a consequence of long-standing attitudes towards gender roles, women have more caregiving duties and continue to be viewed as the primary caregivers in families. However, this is not reflected in governmental and workplace policies.
Why Does Owning Financial Future Matter?
The significance of women owning their financial independence cannot be overstated. When women have their own financial independence, they gain a sense of autonomy and freedom, enabling us to pursue equal opportunities in various aspects of life; from career choices to starting businesses, investing in education, and taking calculated risks without being limited by financial constraints. It eliminates the need to depend on others for financial stability, therefore creating financial equality and the ability to live our best lives.
Women who are financially independent are better equipped to handle unexpected life events such as job loss, illness, or divorce so they can live financially fabulous lives. They have the resources and flexibility to navigate these challenges and maintain stability in their lives. It also sends a powerful message that women are capable of managing their own finances, making sound investment decisions and achieving economic success. This shift paves the way for societal change and promotes gender equality. By witnessing women who are financially independent, young girls and women are inspired to believe in their own capabilities and strive for financial empowerment, ultimately making generational change.
What Can We Do To Change It?
Challenging Societal Conditioning:
From childhood, girls are often exposed to toys, books and movies that reinforce traditional caregiving roles. By acknowledging these influences, women can consciously challenge societal conditioning. It is important to question and redefine the notion that our financial security depends solely on others. We must remind ourselves that we have the innate ability to create our own wealth and secure our futures.
Shifting Money Narratives and Beliefs:
It is imperative to examine these narratives and identify any limiting beliefs related to self-worth and financial independence. These beliefs are shaped by our childhood environment and personal experiences. By reframing our mindset, we can replace disempowering beliefs with empowering ones. Enabling women to emphasise the idea that we are capable, deserving and fully equipped to manage our own financial affairs.
Taking Control of Personal Finances:
This journey begins with education and understanding. Let us take the initiative to educate ourselves about personal finance, investing and mindful spending and saving. By gaining knowledge and seeking advice when needed, we empower ourselves to make informed financial decisions.
Cultivating Healthy Financial Habits:
We can start by setting clear financial goals and creating a “spending plan” that aligns with our aspirations. Let us develop the habit of regularly tracking expenses, saving a portion of our income each month and investing wisely. By cultivating these habits, we gain a sense of control over our finances, ensuring a brighter financial future. The January 2024 issue of Women Thrive highlighted the importance of financial habits and financial wellness
Building Self-Worth and Confidence:
Our sense of self-worth significantly impacts our financial choices. It is crucial to recognise and embrace our inherent value beyond societal roles. By prioritising self-care, setting boundaries and nurturing our passions, we enhance our self-worth. As our confidence grows, we become more assertive in negotiating fair financial arrangements and advocating for ourselves in professional and personal settings.
As women, it is vital to break free from the belief that someone else will take care of our financial well-being. We must take charge of our financial means and actively work towards our own security and independence. By challenging societal conditioning, shifting our money narratives, taking control of our personal finances, cultivating healthy habits and nurturing our self-worth, we empower ourselves to create a financially fabulous future.
Financial empowerment is a journey and by taking these steps, we open doors to new opportunities and pave the way to create an extraordinary and meaningful financially fabulous quality of life.
Quotes:
A Man is Not a Plan (Pauline Kirk)
Because You’re Worth It (L’oreal)
Sources:
https://www.unwomen.org/en/what-we-do/economic-empowerment/facts-and-figures
https://www.ubs.com/global/en/media/display-page-ndp/en-20190306-financial-security.html
About the Author
Name: Pauline Kirk
Professional Title: Founder & CEO Femvestorsglobal™
Bio: Pauline Kirk is a phenomenal woman on a mission to empower women to achieve financial independence, freedom and to live fabulous lives.
Driven by her own personal journey from the brink of bankruptcy to financial success, Pauline founded a social enterprise Femvestorsglobal™ dedicated to supporting women and organisations alike on topics such as financial wellness, the psychology of money, success habits and financial empowerment for women.
Pauline’s expertise derived from being an emotional spender from her time in the military (as a result of PTSD in Iraq in 02/03), lacking self-worth & a financial advisor who also took advantage, she has spent over 15 years educating herself on all aspects of finance and is on a mission to support others with their own journey.
Pauline’s book “Phenomenal Women who Boss Up” became an Amazon #1 International Bestseller. She is an accomplished mentor, global speaker & senior leader in the Tony Robbins community, she embodies the principles of personal growth, empowerment, and giving back. So much so, that Femvestorsglobal™ donates 80% profits to supporting children’s education & women’s empowerment programs globally.
Website: femvestorsglobal.com
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