Money – What do women really think?
December 8, 2008 3:43 pm Finance, Social DebateWho won’t be glad to see this year tick over? The never ending financial doom and gloom portrayed by the media is enough to put anyone off having fun. For many business owners life is proving to be very tough and if the pundits have it right not much is going to improve in the next year. But I encourage you to also see the brighter side of things.
There’s a multitude of positive aspects that aren’t getting the air play they deserve. Like petrol prices! They’re currently sitting at prices like we haven’t seen for years and what about interest rates? They make the idea of jumping back into the property market extremely attractive. But make sure you have employment stability before doing so. And first home buyers – our children have never had it so good currently being able to access up to $21,000 to purchase their first home.
But on another note, we can’t forget those worst hit by all of this mess – those who are close to retirement. They’re wearing the brunt of the financial crisis with their superannuation savings disappearing overnight and with no luxury of time to recover lost gains, many have now become the new poor.
So do we learn anything from the current state of play – especially in the area of money management? One of the big banks recently released a report on women and money. Amongst a plethora of findings it was a little disappointing to read that a high percentage of women have absolutely no interest in taking responsibility for their personal finances. It was even more distressing for me personally to learn that a high percentage of women were relying on Prince Charming to turn up and pave the way for their financial stability. I couldn’t believe what I was reading in this day and age!
What gives? I spend half my life complaining bitterly about the fact that women are not taken seriously in business or credited for their knowledge, expertise and talent. The low number of women on boards is appalling and the never ending story of pay inequality women endure and then I read statistics like these. The report basically says that for the vast majority of women money management is taboo and it would be the last topic females would ever consider discussing over a coffee. However, they are more than happy to discuss items they have just run up on their credit card or the latest special – they’re really hot topics. So what is the answer to this? How can women be encouraged to peel the ‘I don’t want to know about it’ label off money management? Well I know it’s a really old idea but why don’t we start exposing all children to practical money management in the education system? This way we would be creating a culture where understanding money and how to work with it would be the norm.
Anyway, instead of deciding on weight loss or finding a man as your New Year’s resolution, go wild and choose financial independence. And be proud to discuss what you learn along the way and share it with other women so they can also become money wise.
Lynette Palmen AM – Founder and Managing Director of Women’s Network Australia speaks to, for and about women in business and issues relating to their success. Visit www.womensnetwork.com.au
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