It seems it's not just finance where young women fall behind their male counterparts; it's sport too.
Sport NZ announced a new campaign this week to encourage young women to get and stay active - #itsmymove. It aims to engage sector leaders, parents and young women in motivating and supporting young women in the world of sport and recreation.
Sport NZ research showed that from the age of 15, the number of physical activities young women participate in drops by 29%, compared to 18% for young men. They also drop out of organised physical activities and switch to self-driven or informal activities such as running, workouts and walking. The number of hours they spend participating is significantly lower than young men.
The supporting qualitative research also found, with more in-depth questioning, that women who initially said they were 'too busy or 'too tired' were actually intimidated by an environment or worried about their performance—worried about having someone to do it with and not wanting to fail. Women drop out based on their confidence and feeling, not because of a lack of options.
Internationally research has shown that confidence is also a key factor in maintaining the financial gap between women and men.
The FSC researched Women and Financial well-being last year. Their key findings were that women:
1. have lower financial confidence and well-being when compared to men;
2. have lower incomes due to a gender pay gap;
3. are impacted by foregoing income over their lifetime, amplifying financial well-being issues in retirement.
The key point being that a lack of confidence compounded by an interrupted career significantly impacts women financial confidence.
The #itsmymove movement has several high-profile movement ambassadors, including Wendy Petrie, Arizona Leger, Irene Van Dyk and April Ieremia. The ambassadors' role is to speak out and promote opportunities for women to find movement in their lives. The movement recommends that young women focus on finding time for exercise they enjoy. To listen to podcasts, try workouts and hear stories that encourage movement.
We can apply that approach to finance and insurance too. Reach out to other women and hear how they manage their money and protect their finances, listen to podcasts, reach out to experts – read our blog!
There are some fabulous women in senior finance roles across New Zealand, including our own Gillian Vaughan and Amy Cavanaugh. These women may not be as visible as our female sporting heroes, Dame Valerie, Lisa Carrington, Emma Twigg, Sophie Devine – that list could go on and on.
Being confident with finance isn't unreachable; it just takes confidence, asking questions and giving it a go.
