Women and money: What you told me you wanted
Thank you, thank you and thank you to the many women who became part of my first women and money survey.
I asked 9 questions ranging from “How important is money to your happiness?” to “How do you think your parents relationship with money has influenced your relationship with money?” (It’s not too late to be a part of it, I always want to hear about your money mind, click this link to take part).
I wanted to know more about what women are thinking about their relationship with money and you told me in abundance, I feel so privileged that so many women shared their inner most fears and hopes, because when it comes to money, it can be a very personal affair.
So, what did you share?
The fabulous women who took part were sent a full report of the survey findings, but here’s a few snippets which I thought you might find interesting.
- Money is fairly important to most of you with a score of 6.7 out of 10, where 10 was very important
- Most of us talk to our partners about money, followed by close friends and family, with very few of us speaking to banks or financial advisors
- It seems our two biggest spending temptations are eating out/ entertainment and travel followed closely by things for our children, with no responses for spending on cars – seems we have a lust for wandering and exploring
The most useful and fascinating responses where the ones individuals wrote what matters to them, in their words. There were four main themes which struck a chord with you.
1) You want to be less fearful of money
A number of you expressed a fear of money running out, a scarcity and a “feast or famine” approach to money.
One woman replied she wanted to see money “as my friend and be less afraid of it”.
2) You want to break the family mould
When asked about how much of an influence your parents relationship with money impacted your own, you were very opinionated, many said similar to “They set a pattern which you soak up as a child without knowing. They set the norm“, and that you had stuggled to break away from the patterns your parents have, despite living in different economic times.
Some also felt their parents attitudes to people who had money has influenced how they view money “they viewed people with money with disdain”.
Being able to acknowledge this is fantastic and a great first step into breaking that mould, choosing to think differently about money and to treat money differently to the way your parents might have.
3) You want your money to make you money
It was clear many of you feel you’ve got your finances in shape, your day to day money matters are under control, but there was a sense you’d like your money to be doing more, allowing you to “budget easily for the luxuries in life” and “have more savings so when opportunities come I can jump on them”.
Ultimately very few of you use financial advisors or banks for advice so the biggest thing you are struggling with is knowing how to “make my money make me money”.
4) You don’t want money to be a measure of your success
For quite a few of the answers, the theme of money not defining you or your value to the world came out strongly “I give much more to the world than my bank account shows”.
However, having a better relationship with money would give you greater “inner peace”.
So, it’s not the amount you earn or your bank balance that determines your happiness, it’s the degree to which you are confident in handling the money that you have.
Thank you once again to those who took part; you are helping me to shape a business, which will serve women like you and our younger generations to have healthier and stronger relationships with money.
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Fay is a financial mentor who champions women to take charge of their finances through the company she founded at www.lookafteryourpennies.com
Fay is the author of “7 Steps to teaching your child to save: A parents guide to raising financially independent children” available to buy on Amazon kindle for just 99p, also available in paperback.