August 01, 2019
A recent survey by Allianz Life Insurance reports that nearly 6 in 10 women wish they were more confident in their money decisions.
This isn’t just about money. As I discussed last month on my Women & Money podcast, when we talk about money we are talking about our life. (See The Five Laws of Money episode from July 21st.) Those 6 in 10 women who wish they were more confident with their finances are really saying they wish they were more confident in their overall life. Money is a reflection of how we feel, and who we see ourselves as.
Ladies, the only thing holding you back from being more confident is yourself. If you need to learn about a particular financial strategy, you can. If you don’t understand something, you have the power to fix that.
Need some motivation? I suggest you start talking to your daughters, grandchildren, nieces and any other millennial-aged women in your life. The same survey reported that millennial women seem to have more money confidence. They are more likely to have reported that they asked for a raise –yes! – and they are less thrown by market volatility.
Honestly, you should be talking regardless. It remains one of my great frustrations that for all the sharing and dishing that I know you thrive on, money is not a topic that is typically part of your conversations with family, friends and colleagues.
That’s a costly missed opportunity. Do I really have to point out the strength and confidence you get from sharing with your circle? How important it is to be heard, to be seen, to be supported and helped? You don’t think twice asking for all that when it comes to family matters or work. So why not money?
I am so thrilled with all the women who are writing in to my podcast for advice, and those of you who are dedicated listeners. That’s a good start, but it’s not the same as really opening up and sharing your money concerns, ideas and strategies with others.
Here’s some financial advice: Talk about money. And try to rope millennial women into your conversation. It is always great to have the perspective of other generations. And when it comes to money, I think you may find that younger adult women are naturally more comfortable and ready to make confident money decisions. There’s a lot you can learn and gain from making money a topic of conversation.