Invest in Her Future: Teaching Women and Girls to Be Financially Resilient

Learning the ‘language of money’ is a key part of young girls and women becoming more financially resilient, according to a leading North West financial planning expert.

Liz Hall, financial planning partner at MHA Wealth, shared her advice to help women gain confidence in long-term financial management.

MHA Wealth is a national firm of experienced financial planners and investment managers with offices throughout the North West. Liz said it was a ‘misconception’ that financial planning was for older people and that resilient finances started with education.

“The truth is that time is the key ingredient to building your financial resilience, and so the earlier you start, the better,” said Liz.

“I grew up in a world where mums would have a secret tin somewhere in a cupboard where they would put away money for a ‘rainy day’. Planning for unexpected expenses in the future is what created resilience in the household finances.

“Every day on the news, we hear updates such as ‘today, the FTSE closed up or closed down’, or ‘the Bank of England is increasing interest rates’.

“This isn’t news for a handful of elderly men in pinstripes in their west end clubs. It’s for all of us, especially a woman thinking about using her ISA to pay for tutoring for a child, or treating herself to a girl’s weekend in Paris, or worrying if mortgage payments will mean the loss of Netflix.”

She advised young women to start a financial plan now if they didn’t already have one to ensure financial stability.

“Resilience is never built up overnight, it grows and takes root inside a financial plan with multiple horizons recognising or anticipating typical life events.”

Liz also highlighted the importance of learning to save, as well as teaching children and young people to do the same.

“My advice to parents and caregivers is to open a savings account with a small amount of money and show your kids how to ‘grow some and spend some,” she added.

“Start by asking people who you trust about how they have built their financial stability, but don’t just ask them what an ISA or LISA is – instead, ask them ‘what does it do?’, ‘where I can get one?’, and ‘who can guide me?’”

In addition, Liz discussed the growth of women in the UK financial planning industry in recent years.

Since 2021, average earnings for women in the sector have risen 52 per cent, compared with 14 per cent for men. Liz also said more women were entering the industry and the resilience of women’s finances at every age was growing over the long-term as a result.

“We shouldn’t walk on eggshells about this – many women may not be so open about their circumstances with a male adviser, because of a certain amount of vulnerability perhaps, or fear of seeming unworldly,” she said.

“It is another unfortunate misconception that you must speak with a man to make a financial plan. It was true just a few years ago but not anymore. The number of female financial advisers is increasing dramatically, not least because as an occupation it fits very well with a woman’s instinctive ability to listen, empathise and support.”

Liz’s top tips to help women improve financial skills and security:

1. Educate yourself
2. Invest early
3. Create a budget and review regularly
4. Protect yourself with insurance
5. Negotiate for better pay and benefits in your working life