Why nearly half of women feel confident about their finances but only 28% feel empowered to take action
A study conducted by Bank of America found that nearly half of women feel confident about their finances but only 28% feel empowered to take action and their top financial regret is not saving and investing sooner in life.
As financial planners, this would not come as a surprise! But the question is, how do we guide and support more women to actually take action, in particular with saving and investing sooner in life?
Whilst it might sound counterintuitive, helping clients understand and become aware of their money blocks and limiting beliefs and then re-program them is the key to them taking action when it comes to their finances.
Whilst most of us think we are operating from our logical and conscious mind, the reality is 95% of the time we are operating from our subconscious.
Throughout our lives we have picked up beliefs about money and created stories about money, that aren’t even true.
Things like money is the root of all evil, rich people are greedy, you have to work hard to have money, you need to have money to make money and money doesn’t grow on trees.
Whilst our logical minds know that these aren’t true, our subconscious mind doesn’t and is playing patterns on repeat.
Our subconscious mind is made up of the things that we’ve either heard repeatedly, said to ourselves repeatedly or a significant emotional event has embedded them in our subconscious.
It is these subconscious beliefs that are causing the inaction when it comes to actually saving and/or investing.
Money mindset coaching provides you with a process to guide clients through understanding and becoming aware of their money blocks, identifying limiting beliefs and blocks and creating, new more powerful beliefs around money.
It will help bridge the gap between confidence and action.
For more information about Money Mindset Coaching, click here.