It was recently revealed that for the first time, the number of women plunged into bankruptcy is equal to the number of men. Debt experts say it is not driven by women buying Ferraris or luxury holidays, but a sign of how they are struggling to survive this double-dip recession.
One in five single women risk living in poverty when they want to retire.
Our emotional response to money could also be the reason why women, on average, earn 15 per cent less than men and are more likely to be made redundant in a downturn. Now, more than ever, women need to get their house’s in order and be honest, or at least pinpoint where our complex psychological patterns around money originate.
Why do many women find it so hard to say: ‘I’m stretched a bit thin right now,’ or ‘I had an expensive month, so can we go somewhere cheaper?’
We think, as good girls, we shouldn’t let anyone down. Money isn’t just dollars and cents, it brings up passions and desires and fears and insecurities.
‘If we just paid attention to the facts staring us in the face — we need to spend less, we need to budget — we could start to charge our behavior. But in our heads it’s a lot more complicated than it is.’
When you ask for a raise and your boss tells you, ‘my hands are tied’. women are all too ready to accept that overused excuse and walk away with a smaller pay package.
Many of us self-sabotage around money, whether it’s an overwhelming need to be liked, fear of confrontation, being uncomfortable with the concept of success, or even a sense of false pride that we can manage.
Becoming aware of the psychological triggers is the first step to getting them under control.
Women need to share financial insecurities and start by mentioning the M-word to friends.‘If we can talk about a friend’s sex life, we can discuss their take-home pay. That way we can tell who is having a tough time.
‘In the current economic climate it’s easier. People are more concerned about affordability, it’s giving us an excuse to be frank, because everyone’s struggling.’
The Real Cougar Woman is a 5-carat diamond who knows the importance of taking care of her health, beauty, relationships, finances and spirituality. Linda Franklin says,”there is no stopping a woman who has a strong belief system, passion and a dream. All things are possible”. Linda’s book, Don’t Ever Call Me Ma’am helps women of all ages tap into their power and live life to the fullest.