Trustees Executors Urges Kiwi Women To Have More Conversations About Money To Improve Their Financial Wellbeing

Kiwi women who are worried about money are being urged to take ownership of their financial wellbeing by having more conversations about money and finances.

Recent research by the Financial Services Council (FSC) has found 60% of Kiwi women worry about money daily, weekly or monthly, and 80% rate their financial wellbeing as moderate, low or very low.

The research reinforces the link between boosting financial literacy among women and their financial independence and self-esteem.

Trustees Executors, New Zealand’s longest-serving independent trustee company, is tackling the issue head on in its own workforce by hosting a “Money Talks” money “date” encouraging their female staff to join in around the country.

The initiative is part of the FSC’s “It Starts with Action” campaign to support women’s financial empowerment and wellbeing. Trustees Executors is supporting the three-month campaign as a Founding Champion.

“A lack of financial confidence can be felt in everything from overall wellbeing to how women manage life changing events such as relationship breakdowns. Money is ruling many women’s lives rather than being a tool to help them live the life they want,” said Ann Morrell, a Private Wealth Adviser at Trustees Executors who is a specialist in providing financial advice to women.

“More than ever, financial wellbeing is intricately linked to women’s overall self-esteem and independence, but women find it difficult to talk about money issues, such as how to save or invest and overall long-term wealth planning.

“The research shows that talking openly about money is a major step towards improving financial literacy among women.

“Having worked in the financial services industry for over 40 years I have encountered many women who feel embarrassed and even ashamed by their lack of financial literacy, even though they participate in day-to-day money management, like managing the household budget and bill paying. They know more than they think they know.

“In my experience men typically find investing exciting and satisfying, while women take a more cautious approach and find it more difficult and time-consuming to understand. This can create a situation in some relationships in which women leave the long-term wealth planning to their partner.

“Based on the FSC’s latest research about the low levels of financial wellbeing among women, it’s even more important that women have more conversations about money, regardless of age, life stage or financial situation.”

Trustees Executors’ “money date” on May 10 and 11 will encourage participants to have conversations about money using a pack of 50 conversation starter cards provided by the FSC which pose questions such as “Are men better investors than women?”, “What do the words financial freedom mean to you?” and “What makes someone good with money?”

“It’s a small step towards demystifying money for women, and I encourage women to get involved to begin taking ownership of their financial wellbeing,” said Ann Morrell.

About Trustees Executors

Trustees Executors Limited was established in 1881 and is New Zealand’s oldest independent Trustee Company. We provide a full range of financial and trust solutions to individuals, families and the corporate sector including estate planning, trustee, and investment advisory services. We are a Licensed Financial Markets Supervisor and a leading provider of specialist Corporate Trustee and back-office investment administration services to some of New Zealand’s largest financial institutions, banks, and fund managers. www.trustees.co.nz

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