Many women are reluctant to talk about money and investment, it’s not usually a social conversation topic among friends. But it’s a myth that women aren’t good with money, what’s needed is better education.
Lola Smith from the Australian Shareholders Association, says there are differences in how men and women talk about money and their finances. It can mean women don’t take up opportunities to actively manage their finances and build their wealth through investment.
The Australian Shareholders Association is the voice of retail shareholders, and they are working to improve financial literacy for women.
They set up wInvest, a free online resource for women to educate and empower them about investing. WInvest has workbooks, sixteen videos and online meetings you can attend. The short videos cover topics such as understanding your risk profile, maximising your super and financial planning.
If you can afford it, Lola suggests an investment strategy to start with is to save twenty dollars a week, so in six months you’ll have five hundred dollars to invest. She advises starting with lower risk shares, but it’s most important to understand the level of risk you are comfortable with.
As always, she advises you have to do the work before you start any investment, do research and seek credible advice.