S4E4: How to close the £100k wealth gap - Emilie Bellet, CEO Vestpod
Jul 22, 2024
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Emilie Bellet, CEO of Vestpod, discusses closing the gender wealth gap through financial education and strategic investing. Topics include retirement savings, promoting women in business, personal finance habits, and investing in global index funds.
Businesses can enhance employees' financial well-being by providing tailored financial guidance and coaching at the workplace.
Addressing the gender wealth gap requires equal participation in investments, open communication about money, and early financial education for women.
Starting with a small investment portfolio and adopting a long-term investment approach can help individuals learn from mistakes and achieve sustainable gains.
Deep dives
Promoting Financial Literacy in the Workplace
Going into businesses to provide financial guidance and coaching to staff members within companies is proposed as a solution to the lack of understanding of personal finances among professionals, even those working in the finance sector. By offering talks, guidance, and bespoke content supported by financial experts, businesses aim to enhance employees' engagement with their workplace pension schemes and overall financial well-being.
Addressing the Gender Pay Gap and Wealth Disparity
The podcast episode highlights the gender pay gap, particularly affecting women in senior positions due to career breaks for child-rearing, resulting in the 'motherhood penalty.' The discussion emphasizes the importance of addressing not only pay discrepancies but also wealth gaps through fostering open communication about money and encouraging equal participation and investment from both men and women.
Empowering Women in Finance and Investing
The episode underscores the significance of educating women on personal finances and investing early on, challenging traditional gender biases that hinder women's financial confidence. Encouraging women to start investing, reframe risk perception, and seek financial independence are crucial steps towards narrowing the gender wealth gap and fostering more inclusive financial participation among women.
Challenges and Opportunities in Achieving Financial Equality
The podcast explores the complexities and societal impacts of financial inequality, especially in terms of the gender pension gap and women's retirement savings. Strategies such as promoting women's empowerment in the workplace, addressing biases in investment decisions, and providing accessible financial education are discussed as essential components for achieving gender financial equality and economic balance.
Starting Small and Learning from Mistakes in Investing
Starting with a smaller portfolio allows individuals to learn from mistakes early on, gradually rebuilding their investing knowledge. Many people are deterred by the fear of making errors, as initial losses can lead to disengagement. Short-term investments often lead to quick disillusionment, emphasizing the importance of a long-term investment approach for sustainable gains.
Encouraging Financial Literacy and Investment for Women
Initiatives like Vespot aim to empower women to start investing and build wealth, fostering conversations around finances that were previously taboo. By encouraging practical financial habits from a young age, like delayed gratification and budgeting, individuals can develop strong money management skills early on. Creating a supportive community for discussing money openly can help break down barriers and promote responsible financial decisions.
If you purchase a product or service using one of the links above, we may receive a commission. There will be no additional charge for you. Remember investments can fall and rise - and past performance is no guarantee of future results. Other fees may apply. Your money is at risk.
Disclaimer: This is not financial advice. The reason it’s not financial advice is because it’s not tailored to you. We explain the principles of building wealth but if you want personalised advice, it’s worth speaking to a financial advisor. As with everything financial, please do your own research. We really encourage that because no one cares more about your money than you and if you learn the basics then it will change your life.
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