POV: You are part of the team that puts together the holy grail of financial programs and you get to get these insights first hand, so you share a few with the AW community so that they know not to miss the next Money Date when it drops on the Agenda Women Youtube channel.

Hey AW Tribe, my name is Motshidisi and these are four reasons why I believe you should tune into episode 02 of the Agenda Women Money Dates where Nomndeni, chats to Financial Wellness Expert Charmaine Moola, Behavioural Expert Melvynne Muturiki, and Lesego Diale who is a member of the Agenda Women Tribe on an enlightening conversation around women and wealth. Firstly, I also just want to say how grateful I am for these conversations, because most times we find ourselves needing information, and having questions but we don’t know where, or who to ask. 

In this conversation, the panelists unpack the intricate relationship between us (women) and wealth, uncovering key themes such as the connection between confidence and money, the persistent gender wealth gap, and the critical importance of tracking one's finances. Let’s unpack a few things that caught my attention in this conversation:

1. The Confidence-Money Connection

One of the central themes of the discussion was the symbiotic relationship between confidence and money. Confidence plays a pivotal role in financial decision-making. For many women, societal norms and historical inequalities have often led to a lack of confidence when it comes to managing money. This lack of confidence can manifest in various ways, such as hesitation in negotiating salaries, reluctance to invest, or avoidance of financial planning altogether.

The podcast highlighted the importance of building financial literacy as a means to boost confidence. Understanding the basics of personal finance, such as budgeting, saving, investing, and debt management, can demystify money and empower you to make informed decisions. 

2. The Gender Wealth Gap

A study shared by the Nedbank team indicates that women work two-thirds of the world's working hours but earn only 10% of the world's income. On average, women earn 20% less than men, and women graduates earn less than their male counterparts even in their first year in the workforce. 

In South Africa, 41.7% of households are headed by women, many of whom are breadwinners. I know, right?! Wild 

The gender wealth gap remains a significant barrier to financial equality. Despite progress in education and workforce participation, women, on average, hold significantly less wealth than men. This disparity is influenced by several factors, including wage gaps, career interruptions due to caregiving responsibilities, and a lack of access to high-paying industries and leadership positions.

In the conversation, the panelists touch on the necessity of systemic changes to address these inequalities. This includes advocating for policies that support equal pay, affordable childcare, and paid family leave.

On an individual level, it's crucial for women to be proactive about their financial futures. This means negotiating for higher salaries, seeking career advancement opportunities, and investing in retirement accounts and other wealth-building assets. Financial independence is not just a personal goal but a collective movement towards closing the wealth gap.

3. The Importance of Tracking Your Money

My mom always says how much of a penny pinger I am because I can never spend money and not want to know how much it was, down to the last cent, and you know what I am proud of it. It is important to me to understand this so I can know what I can possibly cut down on, and essentially plan ahead where I can. In the podcast, the panelists emphasize how knowing where your money goes each month is the first step towards taking control of your finances. This practice involves setting a budget (I still use the old school excel sheet, which I actually got from an Agenda Women masterclass a while ago, and I have lived by it ever since!), monitoring your spending, and regularly reviewing financial goals.

There are various tools and methods for tracking money, from traditional pen-and-paper approaches to modern apps that provide real-time insights into spending habits. The key takeaway is that tracking your money helps you identify areas where you can cut unnecessary expenses (laughs in Uber Eats and Mr D), save more, and allocate funds towards your financial goals.

Moreover, tracking your finances can reveal patterns and behaviors that might be hindering your financial progress. For instance, frequent impulse purchases or unplanned expenses can derail your budget. By being aware of these patterns, you can make conscious decisions to change them, ultimately leading to better financial health.

4. Moving Forward Together

As we continue to navigate the complexities of wealth and finance, it's essential to remember that we are not alone in this journey. Building a supportive community where women can share knowledge, resources, and encouragement is vital, as a member of the AW Tribe, I know this and I hope you do too. Together, we can break down the barriers that have historically held women back and create a future where financial confidence and independence are within everyone's reach, no matter the age or where one is in their life and career, I mean I’m 26, so…you get what I mean. In the conversation they touch on things like even getting a saving buddy, and exploring how that may help you.

5. Understanding how your money personality affects your relationship with money

In episode one, we were taught about the importance of understanding our money personalities, and in this conversation this point is cemented. When you understand what drives you to make the decisions you make when it comes to money, you get to understand your blind spots, and how to work around them. So, this is your reminder to take your money personality test.

In essence, I think you should watch the conversation on YouTube, it’s going to be very insightful.