From little things big things grow - adveritsing and financial products target

How many times do you flick on the TV and see an ad that you think is sexist?  If you're anything like me it is every day.  I was at the gym earlier in the week when I noticed a couple of ads that were of particular offence.

One was for Real Insurance.  The ad showed a couple in the kitchen talking about friends of theirs who were out of work.  The woman in the ad said her husband should get onto their insurance company to talk about the Life Insurance product. 

Only a few moments later I saw an ad for IG Markets, an investment company that specialises in currency trading.  The sexism in this ad wasn't as obvious however to a media analyst like myself it stood out like a sore thumb.  The ad featured only men being interested in currency exchange.  On one of my previous blogs I responded to a Sydney Morning Herald article in which women's finances came under scrutiny.  One of the topics in this article said that women tend to "wait for a man" to come and help sort out their finances and that they don't take charge.  I can confirm this is what happens in real life.  Earlier in the year I worked at a company where the women didn't want to work and only were until they got married and had kids.  In another job I heard a woman say something along the lines of "why would you read the (Australian) Financial Review?"  As I believe in taking control of my life and finances I sat in disgust.

So why don't women take control of their finances?  I can't answer that question, but for me a big change came when I realised I had no back up.  You see, although I can live in Australia indefinitely if I lose one of my two jobs I have no back up because I'm not yet a citizen.  That means that potentially if I don't have reserves I could end up homeless on the street.  I think once you realise you have no back up you perceive things differently.  You realise you need to start taking control.  A man would be nice to have but he's not going to come along and magically solve your financial dramas for you.  You have to do that on your own.  I'm not going to lie.  Last November I came very close to bankruptcy, probably the worst position I've ever been in and while it was scary I looked to the future and thought, 'okay, what are my long term financial goals?'  I've always been interested in the sharemarket.  I can recall an assignment from high school in 6th form where my Accounting class had to mock trade on the stock exchange and I think it's always seemed relatively normal to me to invest in the sharemarket as family have done so.  You see, if you do declare yourself bankrupt you can't have financial assets worth more than $500.  The minimum to invest on the ASX or the NZX is $500.  And as the Australian Super Fund ad sings, "from little things big things grow".  You don't have to be a millionaire to invest on the sharemarket, you just have to have a small amount and watch it grow.  Granted I haven't been playing the stockmarket for long I've already made a 3% profit and as my investments grow, that dollar value of that profit will grow too. 

Although there are women aren't there, like myself who certainly take control of our finances the majority do think a man will be the magic bullet who comes along and saves the day.  It's never too early to start investing, when you think about it $500 is not a lot of money and if you diversify and gradually add to your portfolio you'll have yourself a nice little nest egg or the deposit for a house.

Part of the problem with finances is that financial products appear only to be targeted at men rather than women too.  These days women work and there is no guarantee that we will get married, there's no guarantee anyone will get married, so shouldn't financial products be targeted at both genders?  We are all going to need money in the future, it's not just men who do, women do too, maybe even more so because of the increased likelihood that women will take time off to have babies (a topic for another blog).  Not targeting financial products at women insinuates that men must still be the providers and that women are incapable of making financial decisions.

Education would change this.  It's ingrained in us from childhood that a man will provide, so although NZ's National led Government is working towards financial literacy education, that needs to have some focus towards women taking control of their finances and not waiting around for a man.

Some women are happy to have a man provide for them but what if things don't work out?  Don't you want to have financial freedom?  What if the man is abusive?  If you don't have reserves, and this is why prenups are a good idea, then you may end up having to stay in an abusive relationship with nowhere to go because you don't have the funds to leave.  That's often the case isn't it?  Women stay in abusive relationships because they can't afford to leave, so instead of teaching boys about investing and girls about staying home, shouldn't we be teaching both sexes about both so that we can control our futures?  By teaching both genders about both there won't be financial ignorance and people won't get themselves into huge debt due to making silly decisions.  I do speak with first hand experience here but I'm slowly paying down debt and building up my assets.

Advertising needs to play a part too.  In 2014 when women work and have equal rights it's time that financial products were advertised towards us too because our futures are just as important as men's.  And I can't emphasise enough, you don't need to have a lot to start.  Start with small investments and build up your wealth.  It's never too early to start.