As a kid, I knew I was in big trouble when I heard my mum say the six scariest words on the planet, “I’m not mad, I’m just disappointed.” Ouch. Even hurts to write it.
Which is why it pains me to say;
Millennial women; I’m not mad, I’m just REALLY disappointed.
You would think that after watching your mothers (or your mum’s friends) going through divorce and struggling to sticky tape the torn pieces of their financial lives back together, you’d have learned that ceding financial decision-making to your husbands is a bad idea. Very bad. Catastrophic even.
But it seems you haven’t learned that. In fact, you’re giving up your financial independence in numbers unseen since the 50s. 61% of partnered millennial women want their partners to take the reins when it comes to the finances. Ai yi yi.
You are not less capable with numbers (no matter what Adam Clarke said in grade six), nor are you less capable of understanding financial concepts. You just lack some confidence. In fact, only 47% of women say they’re confident talking about money and investments. And that is where a licenced financial planner might come in handy. Except…. Therein lies another problem….
And if you’re after financial advice and are already lacking a little in confidence (but NOT in ability) then coming up against that wall of men might be more than you can cope with.
Even if you go as a couple to the (likely) male financial planner, there is a strong possibility that he’ll address all his remarks to your partner – much like the car salesman at two different dealerships did when my husband and I went shopping for a new car. Suffice it to say, the third dealership was the one we did business with– where the salesman actually spoke to us both before quickly realising that he was negotiating with me (I’m Italian – I have a gold medal in haggling).
But I digress… women don’t want to be excluded from the conversation like they’re a child brought along for the appointment. According to Kerry Hannon, author and financial guru, women have demands for an adviser that are different than men – and many of the male financial planners just don’t get that. And boy will they be the ones missing out. If a cafe catered for less than half of the population there is no way they’d be profitable. Yet it seems that is what the financial planning sector is doing. Big mistake. Big. HUGE.