New research released by ANZ reveals 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.
ANZ Head of Customer Marketing, Carolyn Bendall said the research built on ANZ’s 2007 study into women’s attitudes towards their finances that found women generally have lower levels of confidence when making decisions and dealing with financial institutions.
As a result of the research, ANZ has launched the Be Money Confident website which provides financial and life information and advice about the different aspects of women’s lives.
In an effort to continue raising awareness of these issues, ANZ announced a partnership with television personality and mother of four, Antonia Kidman (pictured) who will become ANZ’s Be Money Confident ambassador. Antonia will share her own experiences planning her finances with an ANZ personal banker through a regular blog on www.bemoneyconfident.com.
As a single mother, Antonia said she recently had to reassess her financial outlook.
“For many years, money matters were generally not high on my list of priorities as I was busy juggling my family and work life. Now my family’s financial security is one of my top priorities. It can be hard to know where to start, but for me, confidence comes from knowledge. By talking with my personal banker and using the tools ANZ has developed specifically for women, I’m clearer about my financial goals and have a plan in place to achieve them,” Ms Kidman said.
Money Makeover Tips
1. 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.
2. 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.
ANZ’s www.bemoneyconfident.com has some useful tools that may help with this. Then, you can use this budget to identify what you could change in your current financial arrangements in order to reach your goals.
3. 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 ANZ Personal Banker and undertaking your very own your own Money Makeover can definitely help get you on the right track.
4. 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!
5. 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!
For information, tools, podcasts, downloadable consumer guides and calculators to help women become more financially independent at key stages of their lives such as moving out, starting their own business, planning for a family or retirement, visit www.bemoneyconfident.com.