2020 is a year none of us will ever forget and the impact of the pandemic will be felt for years to come. It’s also one of the ‘why’s' for us launching AllBright Money - as the career network for women, we want to tap into a topic that’s still taboo: money. For some, even the word will trigger anxiety. Yet, we should be taking about money. We need to talk about money. But we don’t.
Yet in our recent AllBright Money survey, we asked, and you talked. And the results were telling. We know that over 60% of you said you feel anxious asking for a pay rise or promotion. We know that 70% of you don't feel satisfied with your knowledge of finances. And that 46% of you say your biggest financial stress is feeling like you’re behind other people financially. So let’s unpack 8 key things we learnt about you from the survey (and hot tip - you’re all worrying about the same things!). This insightful survey informed the launch of AllBright Money – your go-to platform for all things finance. On AllBright Money we’ll be running weekly events, engaging academy content and interviews with financial experts from all over the world. Nothing is off limits with AllBright Money. Let's get talking.
78% of you said that your biggest financial goal is to grow your savings
And we’re all for it! Black Girl Finance founder Selina Flavius recommends starting small if you want it to stick. “Start with what you can afford”, she says. “Don't feel the pressure to suddenly start saving £500 a month if you've never saved a day in your life. Just start with a small amount that you're happy with, and gradually it just builds up, because it's very motivating if you've gone from not having any savings to suddenly having some savings, and having the pressure off.”
60% of you feel anxious asking for a pay rise or promotion
Here’s a simple strategy, courtesy of The Budgetnista's Tiffany Aliche . “I suggest people have your ‘Go Me!’ folder. This is whenever you've done a good job at work, you make a folder, almost like you're encouraging yourself - go me - and you put it down inside your folder. Ideally, if you can quantify the job that you've done that's so good, meaning ‘I saved the company this much money or made the company this much money as a result’, that's even better. Because when you have time to go for a review or ask for a raise, now you've got this folder full of all of your excellence, and how you have helped the company financially.
Over 70% of you don’t feel satisfied with your knowledge of finances
And that’s precisely why we’ve launched AllBright Money! We know there’s a big gender gap when it comes to finance, and it has nothing to do with capability. So AllBright Money has landed to empower you with the knowledge and insight you need to feel confident handling your finances like a pro.
Your number one career stress is feeling like you’re behind others financially
And while comparison is the thief of joy, it’s hard not to compare - especially when it comes to planning for the future. Retirement savings was one of the most common stresses you told us about in the survey. The good news? The fact that you’re even thinking about it is an excellent start!
Your top money goal is to work on an investment portfolio
If you have no idea where to start, we love this advice from Tiffany Aliche: “The little secret I tell people is look for a free investment class online, geared toward children, because they tend to explain fully what a stock, what a bond, what a mutual fund is. Sometimes with adults, we over assume that you know. A smart, wealthy investor is an educated investor. Education first, so that way you're not just throwing money, because an uneducated investor is just gambling. An educated investor is truly investing.”
40% of you find it hard to talk to your family or partner about money
But not talking, and letting the stress bank up, could have dire consequences. "Financial pressure is a leading cause of divorce”, says SugarMamma.TV founder Canna Campbell . “And I am pretty sure that you would be pressed to find a doctor who would say that financial stress is good for physical and mental health." Time to get talking!
51% of you worry about how having a child might impact your career
And it’s not unjustified. Editor and mother Brooke Le Poer Trench told us that “like many working mothers, I love both my jobs. The one where I am a paid and valued member of a team, using my twenty plus years of industry experience to contribute. And then there is my job at home, as a mother and reluctant housekeeper, where I face a bottomless pit of domestic chores and co-parent three children who seem to constantly required upskilling to parent. And while I love the balance, I have doubts. The juggle is hard, and I have found myself fantasising about the momentary relief that I might feel if faced with a redundancy offer.” This is a scary prospect when you’ve spent your life dedicated to building a career you love. That’s why we offer so many resources - from education to networking events to training - that will help support working mothers, if that’s the path you choose. Read more about Brooke’s experience here .
61% of you say that putting away for your financial goals boosts your confidence
And that’s why facing the music, not burying your head in the sand, is the best way to get financially fit. Saving isn’t just wise, it’s also mentally and emotionally rewarding. “When we have something that excites us and we can realistically work towards, the need for the insecure spending literally falls away and we gain perspective as to how consumerism can take over us. We channel that energy towards building something that is going to serve us on a deeper level”, explains Financial Planner Canna Campbell . Time to fill those piggy banks!
Disclaimer
AllBright cannot guarantee that all of the information provided in this video or article is accurate. Use the information provided on our website at your own risk. If you wish to make an investment you should seek independent financial advice before doing so, and ensure that you have carried out your own research on the product or company that you are investing in. Any advice provided is not tailored to anyone’s individual situation, as each individual is in a different situation. AllBright does not accept any liability whatsoever for any action taken or losses incurred as a result of the information provided on our site.
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