Money management – By Candida Collar, area director, HSBC Expat, Channel Islands and Isle of Man
THIS is a really interesting question and a subject that I’m extremely passionate about, and the women I talk to can absolutely see the sense in short-, medium- and long-term financial planning for the future.
However, knowing where to start can sometimes be intimidating and a barrier in terms of investing time into their financial plan.
One of the most common attributes that women share is how busy they are and being time-poor is unfortunately a universal aspect of everyday life for many people. For women, the ability to manage their finances while juggling several competing demands is a must, and so ruthlessly carving out time for financial wellbeing is something I advocate for everyone.
Equally important is having emergency funds. The global pandemic taught us that we should all expect the unexpected at some point in our lives, and planning for the unknown is an important element of financial wellbeing.
There isn’t a ‘one-size-fits-all’ plan for money management, so arming women with information that enables them to feel confident about financial decision making, wherever they are on their wealth journey, is key.
It is one of the reasons that HSBC hosts a series of Women in Wealth webinars, specifically designed to talk to and empower women about wealth management. Also key is ensuring that propositions and expertise are both varied and available in a range of methods, so they can fit them into their busy lives at a time and through a platform that suits them.
It is important for women to remember that they don’t need to know everything about financial planning at the start. The key is knowing the numerous places they can go to get information that can help in support of their financial goals and ultimately help them plan for a good life in the future.