Breaking into financial services - Takeaways from our Women's Day Interview
On the occasion of Women’s Day, we asked our colleagues Julia Scott (Head of Tenant Management) and Leanne Penny (Head of Financial Crime) for their thoughts on how important it is for women to take control of their financial health and start building wealth. Here are the key takeaways -
How important is it for women to take control of their finances and build wealth for their future?
It is crucial for women to take control of their finances because -
- Having control of your finances and building wealth allows for financial independence and security. You don't have to be dependent or rely on another to make financial decisions for you.
- Women are more financially vulnerable than men and still earn less than men which lead to gender wealth disparity. Building wealth can help women to achieve financial equality.
- Women typically have a higher life expectancy than men and take more career breaks, something that may impact retirement savings. Taking control of finances is necessary to plan for a comfortable retirement.
- Women have not typically been encouraged to build wealth and manage finances, facilitating the stereotype that this is a male-dominated field. Taking charge of the financial future helps break these stereotypes.
What advice would they give to women who are starting to take control of their finances or beginning their careers in the financial services industry?
For women starting to break into financial management, educating yourself about managing personal finances and making your money work for you is essential.
One way to do this is by creating a budget to track your income and expenses, which can help you identify areas where you can cut back and save. Additionally, setting financial goals can keep you motivated and focused, whether saving for retirement, a dream vacation, or buying a house.
It's also important to keep learning and improving your skillset and seek support from friends, family, and financial professionals as needed.
For individuals starting to work in the financial services industry, it is important to be confident and not undersell themselves. Networking and building relationships with colleagues, clients, and industry experts are also crucial for success in this field.
However, you should recognise that the industry is heavily male-dominated and you may need to be the voice of inclusivity and actively support other women trying to break into the industry. So, be confident, network, and don't forget to use your voice to empower other women in the financial services industry.
WealthKernel is not authorised to provide financial advice. This information does not constitute financial advice nor a recommendation. If you are unsure about any element of your financial situation you should seek professional independent advice for your individual circumstances or needs.
What resources or tools could be used to educate oneself on personal finance and wealth management?
Some of the resources and tools that our colleagues Julia and Leanne love to use are -
- The internet!
- Martin Lewis’ MoneySavingExpert
- Low-cost financial advice
- Learning from other people's experiences
But here are some points of caution - do not fall for overpromising advertisements, scams and guarantees. You should also not follow trends that promise short-term gains as it has a higher chance of risk.
Does gender bias still exist in the financial industry? If yes, how should one handle it?
Despite improvements in recent years, gender bias in the financial industry can still manifest itself in different ways, such as lower pay, fewer opportunities for advancement and being undervalued or underestimated.
In such situations, it's important to speak up for yourself and bring the matter to a supervisor or an appropriate person. Seeking support from like-minded colleagues, family members, and friends can also help navigate the situation. Advocating for change and working towards a more inclusive workplace culture can also help prevent similar experiences for others.
From breaking into financial management to addressing gender bias in the workplace, we’ve explored ways to navigate the financial landscape and work towards greater inclusivity and equity in this video. By educating ourselves, setting financial goals, networking, and advocating for change, we can positively impact our finances and the industry as a whole. It is important to continue these conversations and take action to create a more diverse and inclusive financial sector for all.
The views and opinions expressed in this video are general opinions belonging to the individuals interviewed. They do not take into account the individual circumstances of the viewer. If you are unsure about any element of your financial situation you should seek professional independent advice.