You Are In

  • Life Goals
  • Day To Day Banking
  • Digital Services
  • Promotions
  • Help & Support
  • Quicklinks
Life Goals
Day To Day Banking
Digital Services
Promotions
Help & Support
Quicklinks
Savings Strategies
Investing My Money
Travel Tips
Planning for My Future
Moving Forward
Accounts
Cards
Financing
Investments
Insurance/Takaful
Remittance
Tools
CIMB F.I.R.S.T.
More Services
vanity hidden
Latest Promotions
Rates & Charges
FAQ
Security & Fraud
CIMB COVID-19 Support

According to the Wall Street Journal, only 23% of women engage in long-term financial management. The number of women with investments in the stock market is half that of men, and 41% of women lack confidence in money management*.

 

Why does this matter?

 

Financial literacy is, of course, important to all. Knowing how to budget, to save and to create wealth helps to establish financial security and economic independence. Unfortunately, statistics show that female employees earn less than their male counterparts do** – and add it with the financial literacy gap, it represents a biting reflection of women’s vulnerability in the economic dimension.  

 

If you’re a women and looking to find ways to achieve financial independence, here are 3 wealth management tips for you. 

Set financial goals and master your own fate 

About 58% of women rely on their partners to manage their wealth***, including retirement planning and setting financial goals. This, unfortunately, leads to women being less proactive about their wealth, and in the absence of someone to advise them or make decisions on their behalf, end up not putting the money to work at all. 
 

If this is your financial situation then the first step is to break out of this habit and to take hold of the horse reins and plan your own financial future. If you’re at loss on where to start, begin with these two basic categories: Set-up a retirement fund and start investing.  Don’t let the fear of failure and fear of the unknown stop you. Consult your partner or family members if you have to, but let the final decision be yours. 

Take calculated risks and start investing 

Fear and lack of confidence is holding back many women from maximising their wealth growth. The wealth conversation has traditionally skewed towards conservatism**** among women – their approach to wealth management is to save while the opposite gender tends to be more risky in growing their wealth.

 

But everyone should invest, and here’s why: money depreciates over time. If you have a low risk appetite, then look for an investment instrument that suits you. Keeping your money in a basic savings account would be a bigger loss in the long-run from all the missed opportunities.

 

 

Get a (preferably female) financial advisor


Get sound advice from professionally certified financial planners or advisors, and try to choose a woman while you’re at it.
 
A female advisor will be able to relate to your personal journey and share the experience and unique financial challenges of being a woman. And it has been shown that women investors outperform men at their jobs*****. Women’s approach to investing can be more focused on what their life outcome will be like down the road, rather than talking numbers and products.
 
Virginia Woolf’s seminal essay 100 years ago, A Room of One’s Own, laid out the truth that a woman needs to be financially independent to be truly independent in other areas of life. For independent modern women, the answer to having a room of one’s own is still the same – financial empowerment.
 

This article is brought to you by CIMB as part of our ongoing efforts to raise the level of financial literacy among Malaysians. Financial knowledge and understanding are key to making well-informed and meaningful financial decisions that will improve all our well-being. This, in turn, achieves CIMB’s purpose of advancing customers and society.
 
Source:
 

*https://www.wsj.com/articles/womens-other-economic-gap-financial-acumen-11567432800

 

**https://www.thestar.com.my/news/nation/2019/11/24/the-gender-wage-gap-is-real

 

***https://www.cnbc.com/2019/03/18/women-are-more-likely-to-leave-money-decisions-to-their-spouses.html

 

****https://www.theguardian.com/lifeandstyle/2019/apr/08/why-women-need-to-stop-saving-their-cash-and-start-investing

 

*****https://www.ft.com/content/f3835072-66a6-11e9-9adc-98bf1d35a056

 

 

 

#Save #FinancialIndependence&Empowerment #WealthCreation

You may also like

Related products for you

You are about to enter a third party website & CIMB Group's privacy policy will cease to apply.

This link is provided for your convenience only and shall not be considered or construed as an endorsement or verification of such linked website or its contents by CIMB Bank.

 

CIMB Bank makes no warranties as to the status of this link or information contained in the website you are about to access.

 

Do you wish to proceed?

Yes, please proceed