63% of participants in our recent Wealth Plan survey indicated that they have a financial plan. The most popular wealth strategies included business (74%), savings (52%) and investment property (48%). Despite participants’ reliance on business as their overall primary wealth strategy, 88% indicated that a lack of financial and/or business education was a barrier to financial success.
Managing cash flow was the biggest concern amongst women business owners, followed by funding growth and 66.7% felt somewhat confident in the current state to today’s economy.
In the meantime, there are a raft of free personal and business financial resources available from the Australian Securities and Investment Commission, through its consumer watchdog site, Fido. They include financial tips and safety checks, financial turning points, investing, budgeting, dealing with debt, credit cards, protecting yourself, your family and your property, managing loans, socially responsible investment and superannuation. Fido also offers a “Pie in the Sky Award” for the most outrageous financial scheme that’s too good to be true. With previous winners including interest-free loans, scams and a slice of Diana, Princess of Wales’ estate “Pie in the Sky” is essential reading!
Another source of free information for women about handling money is provided by “Women Understanding Money”, a joint resource of the Australian Government’s Office for Women and the Financial Literacy Foundation, which offers fourteen information sheets for women who want to build their money skills.
