Many of the roadblocks women face with money are based not in reality, but in beliefs we’ve absorbed over time.
Here are six common limiting beliefs – and how to move past them so you can get on the path to financial freedom.
1 “I’m not good at maths”
From an early age, we are led to believe that as females we are better at words than numbers. This myth can have lasting effects on our financial confidence. The truth is, you don’t need to be a maths whizz to manage your money or invest. You likely have all the numerical skills you need – you’ve just been conditioned to believe otherwise.
2 “I don’t understand finance”
You don’t need a finance degree – or a pinstripe suit – to be financially savvy. If you’re open to learning, you’ll quickly find that managing money is far less complex than it’s often made to seem.
In fact, research shows women may have a natural edge: by favouring diversified portfolios over risky personal bets, women tend to earn better long-term returns.
3 “I don’t have enough money to invest”
Investing isn’t just for the wealthy. Many platforms let you start with as little as £5 a month, though £50 is more typical.
If you have even a small amount of spare cash (meaning money not needed for essentials or debt repayment), you can and should start investing. The key is starting early and being consistent.
4 “My husband takes care of this sort of thing”
While many women manage day-to-day household spending, research from Royal London shows that men still tend to make the “big” financial decisions. But your partner probably isn’t more qualified than you – society may have simply nudged you into traditional roles.
A large-scale UK survey – “Sex Differences in Money Pathology in the General Population” – of around 100,000 participants found women are more likely to associate money with love and generosity, while men link it to power and freedom. Take some time to explore your own feelings about money – and how they might be holding you back.
5 “I have too much debt to invest”
Debt doesn’t always mean investing is off the table. It depends on the type of debt, how much you owe, and the interest rate.
If you’re on track to pay it off, make more than the minimum payments, and your debt isn’t costing you interest (e.g. you have a zero per cent credit card), you might consider investing. But – always avoid putting yourself at risk of more debt through investing.
6 “I’m just waiting for the right time”
Women like to be prepared and often delay investing. But waiting for the stars to align could mean missing out on valuable time for your money to grow.
The best time to start? Now – even if it’s just a small step.
Download our Good Guide to Financial Wellbeing for Women
