Bank like a woman - Survey on experiences with financial institutions

Recently, I took part in a survey that was focused on women and financial institutions. I found this survey very interesting and I love the idea of someone researching women’s experiences with banking institutions. This had me reflecting on my own journey with my finances.

Starting off at a young age, my mom emphasized the importance saving and, truth be told, I didn’t understand it much beyond I got more money back after a certain amount of time (first experience with interest!). After getting my first job, there continued to be an emphasis on saving but I had more freedom to spend. This began the fine balance between spending and saving. I had a part time job from 16 until 20. At this point, I relied heavily upon my student line of credit, which, along with my vehicle loan, became my first real experience with debt. What surprises me is we still don’t get taught how to manage our finances. I’m fortunate in that I had that support at home but not many do.

I believe everyone could benefit by being taught the fundamentals young. Explain the difference between debits and credits, highlight the benefits of savings programs such as a TFSA or RRSP, provide a caution on credit cards and explain things like loans, mortgages and lines of credits. I believe this education could serve everyone more than some of the subjects I remember taking in high school.

Now to bring it back to the purpose of this post, why is there the discomfort and lack of knowledge for women when it comes to their finances? Financial institutions can be intimidating. In my experience, I’ve had everything from being questioned if I truly need the loan amount to the advisor speaking to the other person in the room even though I had been presented as the decision maker. All of these experiences have led some women to rely on the hope that everything will just turn out. If that works for them, great!

I think an atmosphere where everyone, men and women, iscomfortable in asking questions and having conversations about their money and their plans is key. It will be great when we start moving to an environment like that!