For too long women have been left out of the conversation around money.
We’ve also been reluctant participants of that dialogue for a range of reasons: From fears around negotiating pay rises or openly discussing our salaries and comparing them to our male colleague and partner’s, to alienating language around credit and investments. But now, more than ever, we need to talk about our finances as economies around the world grapple with the impact of Coronavirus
So what better time for us at GLAMOUR to create a supportive and inclusive money community that puts women front and centre? One that covers our needs, our financial nuances and our unique and shared experiences. From worries around being furloughed, losing our jobs, paying our rent and mortgages, putting our weddings on hold or managing the fact that our partners have lost their jobs, Glamour is here to listen to those concerns and to try to help prepare for a future that’s now filled with more uncertainty.
Today, we launch our GLAMOUR Money Matters Facebook Group. Join to speak to other like-minded readers, share experiences and support one another, as well as direct access to financial experts who will be able to answer your questions.
We also launch our weekly Money Matters monthly column ’My Money Month’ where a GLAMOUR reader shares a financial dilemma and monthly outgoings and an expert gives relatable and non-judgemental advice.
We hope you’ll join us in breaking one of the final female taboos. Help us all talk openly and honestly about money. Because, as always, GLAMOUR is here to support you and entertain you, whatever your life situation.
This is what we found out from our exclusive GLAMOUR Money Matters Survey…
Unsurprisingly, Coronavirus has had a huge monetary impact and is playing a significant role in how our finances are affected, and how we feel about them. Whilst 53% of you are in full-time employment, 13% of you have been furloughed and with that comes the complicated new world of often 20% less income, as well as the in-built fear of job insecurity. For the 5% of you who are self-employed, and the 7% who are in part time employment, the idea of waiting for government grants, living for the first time on financial aid from the government, or living on a furloughed wage from an already reduced income, is a frightening prospect. Many of you may be unemployed for the first time or you may be among the workers who have fallen through the cracks when it comes to government help.
The current climate slips into our living conditions too, with nearly 40% of you renting and therefore potentially facing problematic relationships with your landlord, despite government regulations regarding evictions. We know it’s a worry – so we spoke to an expert to create an expert guide to renting situations.
How to make your money last a full month is another big concern. Rent is the main outgoing most of you face, followed by utilities (21%) and groceries (30%). A fair few of you, 10% to be precise, are also suffering under credit card debt and an overwhelming 55% of you have an outstanding student loan.
It’s therefore understandable that your dominant financial emotion right now is anxious, with over half of you saying this is your main feeling regarding your finances right now. It turns out quite a few of you feel negatively about money; 34% of you are worried, 18% of you feel vulnerable. Probably the most concerning fact of all is that over 60% of you do not feel in control of your own finances.
Besides Coronavirus and the various financial insecurities it offers. The biggest worry was saving for the future, dominating the results at 48%, but was followed by a not insubstantial 17% of you who worry about living paycheck to paycheck – something which is no doubt even more worrying at this time.
So, what are your money habits? Should you be worried?
Many of you appear to be rather sensible with your finances. Where are you keeping your money? Thankfully, not in a box under your bed. A large majority – that’s 72% of you – have a savings account, 54% of you have a credit card and 47% have an ISA.
An impressive 30% of you put 5% of your income into a pension, 56% of you invest in ISAs and most of you use budgeting apps – with Monzo the runaway favourite at 33%. Plus, 54% of you say you set a monthly or weekly budget.
However, despite all this, a whopping 82% of you think you could be more organised with your money. Despite showing great progress in your finances, money still remains a huge worry. So, do we talk about it enough?
The majority of you go to family (56%) for your financial advice but this is closely followed by 40% of you, who say you would rather go online for advice. Plus, while more open conversations about money are needed to tackle the gender pay gap, this is something that 77% – the vast majority of you – say you do not do in the workplace. Most of you seem happy to tell friends, family and your partner how much you earn – but not your colleagues. In fact, 65% of you say that is something you are highly unlikely to ever disclose.
Money is clearly not a great talking point; 51% of you say you are unlikely to talk to friends about your finances.
So, let’s change that and let’s add GLAMOUR to the list of those you ARE going to talk about money with. Because money matters, and we want to have that conversation, stop that anxiousness and find the right advice for you.
Starting now…
Let’s open up a long-overdue conversation about finance, because #moneymatters.
