Business / Our 2021 Roundup: Speak Up! These Are The Reasons Women Need To Talk To Their Friends About Their Money

Our 2021 Roundup: Speak Up! These Are The Reasons Women Need To Talk To Their Friends About Their Money

Business Dec 30, 2021

by Dilys D'Cruz

When it comes to money we are quick to change the topic. However when planning your financial security it’s always a great idea to gather your trusted friends and chat. Dilys D’Cruz is Vice President and Head of Wealth Management of Meridian Credit Union. Dilys and her team are on a mission to help educate women of all ages so they can be in control of their financial futures. Here are her reasons why we need to speak up!

More than 30% of Canadian women are sole breadwinners – and 40% of married women out-earn their husbands – yet research shows women are more stressed out about their financial futures – and less likely to invest compared to men.

**Speak Up! These Are The Reasons Women Need To Talk To Their Friends About Their Money: Dilys D’Cruz Vice President and Head of Wealth Management, Meridian Credit Union**. Photo Credit: Meridian Credit Union

As a woman who has been in the financial services industry for more than 30 years, I feel a great sense of optimism as we continue to see women’s financial power and presence in senior positions continue to grow and increase.

There is still a lot of room for improvement, but we are progressing. Yet one area that still troubles me is the gap in women’s financial literacy and confidence.

1. Why Don’t We Talk It?

Culturally, I grew up in a South Asian family where talking about being a financially independent women and learning about money and investments was not dinner conversation. As we raise our children it is important we change the conversation and have more open conversation with our children and amongst each other, especially in light of the fact a recent study suggested that 61% of all women would rather talk about death than money!

2. Find Your Money Mentor

Making a commitment to talk about your money with a trusted financial advisor who can act as your money mentor – and seeking out opportunities to increase your financial literacy and confidence by learning from others, is a guaranteed way to help you put your money investment dreams into proactive action.

The first step is to find a Certified Professional Planner who can help you map out a plan and encourage you along the way. I recommend looking for an advisor who shares your values, understands where you are coming from – and who you feel comfortable with.

Next, devote some ongoing time to learning about your money, which should be a lifelong priority and learning adventure. These days, there are also lots of webinars, blogs and books that are devoted to helping people invest and grow their money – and you can even meet with your financial advisor virtually … from the convenience of home.

3. Get A Group Chat Going

Take advantage of technology and create a group chat with your gal pals. That way it creates a comfortable atmosphere and fosters an exchange of ideas when it comes to your money matters — whether it’s effective ways to make your money work, investment ideas or both!

4. Find A Sounding Board With A Women-focused Investment Network Group

If you are still shy about confiding to your friends about your money matters, find a network group online. You’ll be amazed to find such camaraderie (and investment ideas!), which can help boost your confidence when it comes to investing.

5. Break Through Your Judgment Walls

Fact. We as women are terribly judgmental. Especially on ourselves. Ditch the doubtful feelings and open up your mind. It’s incredibly liberating to be able go in and exchange your ideas without feeling a sense of dread. Don’t worry. Whether you are coming out of a history of bad credit, credit card debt or bad money management, we have all been there. Now is the time to embrace your new mission and with the help of your friends you can position yourself towards a secure financial future.

A final word from my personal lessons learned.

Years ago, I went through a long, drawn-out divorce and was completely overwhelmed with the responsibility of nurturing three school age children, a household and a demanding career. I didn’t have time to breathe, let alone proactively manage my finances in the best way.

If I could have a “do-over” of those years, I’d have sought out a financial advisor much sooner to guide me through the tough times. I needed an objective professional to provide me with more options when I couldn’t think clearly.

The key is not to wait until a life event happens.

Find a trusted money mentor right now, so that when life deals you an unexpected hand, you’ll be well supported to handle your life, business and money.

Want to hear Dilys’ advice on four other common money mistakes you might be making?

Listen to ANOKHI UNCENSORED tonight at 9pm EST as Hina P. Ansari and I discuss the 5 Biggest Money Mistakes women make:

In addition to not talking to your friends about your money we also talk about:

Waiting to get serious about financial planning until we get married

Thinking “it’s too late” to save for retirement

Making luxury purchases as “investments” instead of contributing to your financial future

Not diversifying your portfolio

So stop being silent and speak up! You’ll be amazed to discover what ideas you may come across!

Main Image Photo Credit: www.unsplash.com, www.meridian

Dilys D'Cruz

Author

Dilys D'Cruz is Vice President and Head of Wealth Management of Meridian Credit Union. Dilys and her team are on a mission to help educate women of all ages so they can be in control of their financial futures.

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Our 2021 Roundup: Speak Up! These Are The Reasons Women Need To Talk To Their Friends About Their Money

by Dilys D'Cruz

Dilys D'Cruz

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