5min read.

When I think about money, I immediately have both ABBA and Pink Floyd songs about it, playing simultaneously in my head. It is quite the remix!

Money is a serious topic though and, the fact is, when it comes to money many of us are in the dark about how to use it, how much we have, what we spend it on, and most importantly how much we need for a safe and secure retirement. More of us are in debt with it and struggling to know how to get back on track and with the cost of living increasing everything, we need to get wise with our finances now more than ever.

As women money seems to be dodging and weaving around us in one way or another throughout our life; weather that is because of:

• The gendered pay gap, where we currently have a 16-30% difference in pay over our working life, depending on the sector you are in.

• Lower super, where women are retiring with up to as much as 50% less than, but on average 38% difference in super to men at the time of retirement.

• Less time in the workforce, for caring, and working part time, but equally due to 17% of women aged 45 to 64 taking an extended break from workforce participation due to illness, and then a further 27% of women retiring under the age of 55, generally the peak earning period of our career.

• Relationship break ups are costly, not just in the emotion and legal fees, but when it comes to debts accumulated during the relationship both spouses are typically considered equally responsible for them, which can take many women by surprise if they have not been across the family finances.

• Not being across what the money is going on in your family situation, because your partner looks after it, or earns more than you, so you don’t ask about it, or if you do, your partner becomes defensive, so the topic is avoided.   

• Unpaid care work which encompasses all forms of domestic work (cooking, cleaning, washing, gardening, maintenance) and it also includes taking caring of family members as well as voluntary community work.

When you take all these factors into account it is easy to see why some of us would prefer to simply bury our head in the sand about money matters, but you shouldn’t fear money and having had the pleasure of hearing Marissa Schulze from Rise High Financial Services, speak at an International Women’s Day event this year, I was blown away at some of the statistics Marissa shared in relation to money, and women, and that is why I reached out to ask if she could share some practical tips to help you get your finances in shape and to help you feel financially literate and confident when it comes to money and finance matters in your life.

The pay gap is infuriating, but as Marin Keyes, an Irish Author famously says, ‘the rage is fantastic, the rage gets things done’, so don’t get mad, do what Marissa does and tell your money where to go! It doesn’t matter how much money you make, but it’s what you do with your money that counts, you can learn more by watching Women and Money: The Change.  

One of the key concerns of most of the women I speak with is around adequate funds for retirement and not working your whole life to be poor when you stop, or to become homeless either while you are still working or in your retirement years. The fastest growing homeless cohort is Generation X women, followed by the Boomers in Australia, and with 70% of women divorcing during Menopause, relationship breakdowns later in life are a key contributing factor in the homelessness statistic. There are some practical things you can do right now however, to Make sure you retire with enough Superannuation.

Spending less time in the workforce seems to be a given as a women for many, many reasons, so use that to find clarity, confidence, and awareness of your money matters. Marissa has shared with you this fabulous Webinar that will give you powerful insights and tips, from female leaders with the money know how, including herself, Donny Walford, Karen Eley, Aly Garret, and Deborah Price. Check out The Changing Landscape of Women and Money.  

If finances are contributing to your relationship stress, then you need to sort that out as soon as possible. Financial stress is a really big cause of relationship breakups. You can find out how to reduce financial stress in your relationship with Marissa’s 5 tips, which will leave more time and effort for the moments you want to remember! Check out what Reducing Financial Stress in Your Relationship looks like and where to start.

It is very alarming to know that men and women do not have equal participation in their financial decisions. This is an area where women find it more comfortable to take a passive role, but you need to get proactive and engaged in your finances quick smart when you are in a relationship, and Marissa explains why there is in an Importance of Equal Participation in Financial Decisions especially as a women, and you can also learn how to go about Managing finances as a couple. 

Finally, if you are still not sure how you feel about money and managing your finances. Improving your Money Mindset plays a huge role in determining your financial success and so, why not check out how to Improve your Money Mindset and your relationship with money!

Please take the time to navigate the journals, where the professionals I have connected with on my journey share their insights and where I share more deeply my Peri-Menopause journey with you and the solutions around Movement, Mindset and Modify. You can see the professionals I have engaged with on my journey at the Meno reference page here.

Remember to connect for a Shout! We can Shout! Shout! Let it all out! Any way you want! We can coordinate a meeting that works for you, your schedule and situation, right here.

Sending Positive Vibrations, M. x

#Menopause #Perimenopause #Womensupportingwomen #Positivevibes #Movement #Mindset #Modify #Menoconcierge #Mimimoonmeno #MEG #GENX #Womeninmoney #Womeninfinance #Money