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Money - a taboo among Australian women
New research, released by ANZ Bank, revealed that talking about money is a taboo for women, with the overwhelming majority of Australian women (98%) saying that their money issues and concerns are off the conversation agenda.
Head of Customer Marketing for ANZ, Carolyn Bendall said the research found that women generally have lower levels of confidence when making decisions and dealing with financial institutions.
In an effort to continue raising awareness of these issues, they are sharing some simple money makeover tips to help you sort our your finances and get more bang for your buck.
- Know yourself
Decide what you want your life to be about - do you want to be financially independent? What do you want your life to be like when you retire? Think about what you value in life, and how your money needs fit those values, so that you can better define your goals. - Give your finances a face-lift
Set up a budget first, as it's important to do your numbers and have a clear idea about where you stand. Your budget can show your spending on fixed, regular and irregular items, and can make clear where you might be able to free up money to save or invest. - Brush up on techniques.
Doing nothing may cost you, but making a mistake with your money may cost even more! Try not to fall into the common wealth traps; spend sensibly instead of on impulse, learn more about what you can do with your money, and make the tough decisions. Perhaps you might need to get professional advice on critical areas like your debts or your super, or some guidance on maximising your money potential. Talking to a professional personal banker and undertaking your very own your own Money Makeover can definitely help get you on the right track. - Keep a cool eye and a firm hand.
Commit to your course of action and consider insurance as an option to protect your assets and income in case of injury or accident. Remember though, that you might need to readjust your priorities if your circumstances change. If you find you have trouble achieving your goals, then acknowledge it, adjust your plan where necessary and keep going! - Enjoy the new 'financial you'
Reward yourself and feel good about what you've done and where you're heading. Small gains may lead to big returns!
"We know women seek counsel from friends and family on all manner of personal issues, but women do not feel confident talking about the state of their financial health," Ms Bendall said.
"Given our research indicated that only three per cent of women want to talk to their bank about money concerns, it's clear we needed to do more to engage with women."
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