Financial stress often dominates our lives, especially for women, who are frequently socialised to feel uncertain about money management. We are taught it’s impolite to discuss the fine print, but chastised for not knowing enough and not asking more, and it is all to our collective detriment. It has been reported that women are more likely than men to feel “consumed” by money woes (50% versus 44%). In particular, women from underrepresented communities who often support more than just themselves, have an overwhelming pressure and desire to do and be better financially for the many they support and care about. While there is no overnight remedy to many of the practical problems we have to face in managing our finances, finding peace in the journey and  possessing financial understanding is essential.

You’re not alone if you feel a long way off from being financially well. Only a third (34%) of women consider themselves financially confident. Interest in “financial wellbeing” has doubled in the past 5 years according to Google trends data, so we know you want to! We hope these 6 strategies can increase the number of women possessing financial wellbeing. 

Gaining Financial Wellbeing

Having “Financial Wellbeing” means being in a state that leaves us feeling in control of our finances, whether they are “good” or “not so good”. Even when we have far-off seeming goals or growing worries, we are resolute in knowing we have strategies to survive (and hopefully enjoy) the journey to them. In a nutshell, this means possessing financial confidence. With this literacy, and some psychological reframing, we can build a spirit of resilience that enables us to take control of our financial futures, make informed decisions, and work towards a secure foundation for ourselves and our families.

Financial confidence isn’t just about knowing the numbers; it’s about believing in your ability to make sound financial decisions. Why? A study showed that women are more likely to engage in positive financial behaviours like saving and investing when they have a higher self-efficacy (i.e., confidence in their financial skills). 

This is where literacy comes in, and this is where many advisors and financial counsellors recommend starting. After all, another study published in the Journal of Financial Services found that individuals with higher financial literacy experienced higher financial self-efficacy and wellbeing. We agree that there’s a knowledge gap here, but in our experience with women, especially those from underrepresented backgrounds, it is more than just a ‘knowledge gap’. There is a level of ease and peace-of-mind that comes from regular engagement, interaction, and proximity to a certain theme or world that isn’t as widely offered or easily navigable for women. 

Confidence doesn’t come just from “being better” (i.e. the learning); but the regular doing and knowledge sharing, cultivation, nurturing and simply being more engaged in the wider world that happens alongside the learning. 

Here are the 6 strategies to help you achieve financial wellbeing:

1. Macro and Micro Learning

It should be more than just a book or two you read when you’re trying to fill that knowledge gap. The best books will speak to you in simple terms, while giving you the tools to understand how others think about finance and budgeting. This way, when you get to complementing your learnings, it doesn’t feel like you’re starting all over again.

Our favourite series that has a title for everyone is The Little Book; which includes “The Little Book that beats the Market”. The series is written as a mini dive into an introduction on exactly what the big investors make sound so big and difficult, while explaining and detailing simple suggestions through storytelling to help you get in on the action in smarter and more applicable ways.

To solidify the book’s introduction to the world of personal finance management, it would serve you well to complement the reading in the way that suits you best, and turbocharge your confidence along the way. Maybe try ‘microlearning’ There are an abundance of tools you can use to augment your greater learning with bite-sized exercises and quizzes.

Your Juno is a financial education app designed specifically for women. The app provides bite-sized lessons on various financial topics, including budgeting, investing, and debt management. Your Juno aims to make financial education accessible and engaging, offering interactive content and real-life scenarios to help users understand complex financial concepts. The app also features a community aspect where users can share experiences and seek advice, fostering a supportive environment for learning and growth.

FemaleInvest is a platform dedicated to empowering women through financial education and investment opportunities. The app offers a wide range of courses, webinars, and articles on topics such as stock market investing, personal finance management, and retirement planning. Female Invest is known for its user-friendly interface and practical approach, breaking down financial jargon and providing actionable insights. The platform also includes a vibrant community where members can connect, share knowledge, and support each other on their financial journeys.

2. Practice makes Perfect

With the foundations formed, practice growing your savings to inspire you in using real money. There are many mock investing platforms, but we like eToro for its complimentary eToro academy that provides the manual to make both your investment decisions and navigate their platform in doing so efficiently.

Use such platforms to practise the art of investing before going into the real deal, to build your understanding and confidence.

3. Stay in The Know

You’re already on track here. But keep it up! Regularly reading related content from Amaliah, The Economist and the likes will bolster your familiarity and introduce you to broader topics that give you an edge in navigating the basics. 

Had enough of reading? We enjoy listening to Bloomberg News on our morning commute or while getting ready in the morning. Not every phrase or argument will make sense, but the food for thought is not only something to talk about within your budding communities but the eventual mastery will serve as guidance for your future financial decision-making.

In the same vein, following a variety of accounts for a diverse selection of financial commentary on social media keeps you close to the content without costing too much of your time to seek it out if you’re already online. The key here is to not get too absorbed by one view or one opinion but diversify your sources. Some of our favourite financial voices online include

• @YoItsDevvie
• @PenniesToPounds
• @DeeperThanMoney

4. Find Your Flock

Since you’re reading this on Amaliah, you already may have attuned to the power of this strategy. The people we surround ourselves with significantly influence our habits, which includes the financial ones. If you find yourself thrown at the idea of discussing finances openly with your current circle, maybe look to grow a new one.

Platforms and collectives like Bumble BFF or The Stack are spaces you can unabashedly forge new connections centred on your financial interests and goals. If one-to-one feels intimidating, consider joining broader communities online and in person (just a few being Allbright or GLDN). These spaces, though less specific to finance, can be pivoted early on to a safe space for sharing financial woes and have grown from there thanks to circle-based sharing and similar practices incorporated into group meetups that let you shape the discussion. These can all allow you to acknowledge your dreams and worries in a safe, open and understanding space. 

Even within your social circle, don’t give up on creating the space yourself if you really want to. You can create and foster a supportive environment for financial growth for yourself and your loved ones. Being the first to open up and sharing experiences and insights can offer much-needed perspectives to others and foster a sense of solidarity in navigating financial challenges that goes on to be reciprocated. 

Is it proving painful staying on top of your budget while being the family designated host? Talk about it. While your near and dear may not have solutions, the sharing is valuable in itself.

Connection is a key antidote to stress, with research showing a strong network can buffer against the physical and mental health consequences of stress. Individuals who discuss financial matters with friends or family are more likely to feel confident in their financial decisions and report lower levels of financial stress. 

This highlights the positive impact of social support on financial wellbeing. Research from the National Endowment for Financial Education also backs this up. Millenial Wealth HQ was born out of a WhatsApp chat of like-minded women who felt like they had nothing but questions. Their questions turned out to be the answers for others. 

Don’t underestimate the value of connection when it comes to money and investing. Hey, start your own WhatsApp group!

5. Challenge the Conventional

For many of us, part of what eats away at our financial wellbeing is the distance from some financial goal or expectation. Whether it’s self-imposed, or wrapped in well-meaning advice (“you shouldn’t be spending so much on rent!”, “enough avocado toast!” anyone?), it can tinge every financial action we take. The worst feelings of financial shame come when we also agree. Maybe you too wish you didn’t need that coffee every morning .. but it just makes your commute that much more manageable. Free yourself from the guilt.

We would all be wise to reconsider financial advice with a more critical mindset. It’s not about disregarding conventional wisdom entirely, but rather questioning it and seeking alternative perspectives. Perhaps it’s getting on the property ladder that’s weighing on you? When the average age of a first-time buyer in the UK is 34, and the crisis in supply acknowledged by every popular political party to date: maybe you’re not the problem? 

Challenging these conventions allows us to reassess our own financial priorities, values, and aspirations, leading to more authentic and fulfilling financial decisions. Besides, “challenging” doesn’t mean rejecting. Just think about it a little more.

6. Getting Out of the Financial Freeze

One of my favourite phrases to call on, when I’m wracked with imposter syndrome and self-doubt, is “everyone who is excellent at anything, was once terrible too”. We all have to start somewhere, and the most important advice we have to offer is to start. This strategy and sentiment is the key to everything else. 

Too often we can fall into a state of “analysis paralysis” or more specifically “financially freeze”, when we stall, procrastinate, or literally ignore matters, to prevent having to deal with or take responsibility for a financial decision or situation.  So remember:

“Allah does not burden a soul beyond that it can bear…” (Surah Al-Baqarah 2:286)

With patience and perseverance, you can find financial wellbeing.