Women and Money – Is it different?
I recently read a quote on a twitter feed – “A woman’s best protection is a little money of her own” (Clare Boothe Luce). Born in 1903, Clare Boothe Luce was an American author, politician, U.S. Ambassador and public conservative figure. She was the first American woman appointed to a major ambassadorial post abroad
So? What do you think? I disagree – why settle for a little? A little? Come on!
OK, so the quote is supposed to be motivating, empowering even. Although Clare was inspiring and powerful at her peak times have changed and women expect more. To me this drums up images of an allowance given for good behaviour. Personally, I find it patronising.
Have you ever googled women’s financial advice? After the usual sponsored adverts, there are garish sparkly sites, obviously geared to women – you can tell by the just a shade lighter than red websites, those offering advice to incorporate a shoe fund. It may be a bit “tongue in cheek” but it’s not really helping to balance the scales.
Thank goodness for the FT who state “what women want is good financial advice”. This rings true, the problem is how do we find what we want – hence the “dedicated sites for women”.
It should be irrelevant. But, like having a problem with your car, it’s not. I have finally found a garage I can trust, one where I am confident to call them, to take my car to them – without having to ask a man to do this first (so I don’t get ripped off by looking clueless – which I am). Is the garage run by women? It’s not. But the point I am trying to make is that it’s about finding someone you can trust, can talk openly with and who will respect and listen to you.
I am usually contacted by women mainly following a major life event, perhaps divorce or a bereavement. In this case the need for sensitivity is ever more present and I can understand the preference for a female adviser (a little bit like the option of having a female GP).
However, more and more women are becoming more financially aware, outside of specific life events and keeping their finances separate from their partners or spouses. These women are seeking advice to make their money work for them and secure their financial freedom.
Whatever the circumstance, I do believe there is a difference. Not necessarily in the advice sought or offered, but in the execution.
Georgina Wright is a Chartered Financial Planner and Partner at Abbotstone Financial Solutions. Connect with Georgina on LinkedIn.
