Women and finance – it’s about confidence and financial empowerment not just financial literacy
Anna Mara, Swiss Fintech Ladies
Women and finance – it’s about confidence and financial empowerment not just financial literacy.
But what do women need to trust themselves financially?
Women have often had bad experiences with their first investments, which they made on the advice of third parties instead of doing their own research. Often they think it is better not to do it at all. After all, poor financial performance weighs on self-esteem. Often women learn finance from their mothers and that is mainly about saving, so women have special challenges when it comes to financial confidence. Confidence can take different forms. It can be expert-based (the bank advisor will know) or competence-based. In the latter case, one has developed trust in one’s own competencies.
Confidence can also be identity-based and follow an “I want to be like you”. This is why female role models are so important. Simply trusting external experts is not a financial strategy. Women need to be competent enough to at least challenge their advisor’s suggestions, to look for alternatives and also to have a competence check of their advisor.We would like to shed some light on how women manage to trust themselves better. First of all, start with small daily steps. Read the financial news every day for 5 minutes, then build up a model portfolio and note down how you would invest from today’s perspective. With such a model portfolio, you don’t invest in the market yet, but you can see how such a portfolio would have developed. In this way, skills and confidence grow. We also recommend joining a female investment club. Information on such clubs is available from us, for example. We also have a female investor club.