Karen Barrett, Founder and CEO of Unbiased.co.uk encourages women to talk about money
Many of us find it hard to talk about money or keep secrets from our friends and families. Let’s face it, starting a conversation about our finances can be awkward at the best of times. So, if we don’t feel completely on top of things like loans or credit cards, it’s tempting to leave it for another day.
But rather than suffer in silence, we’re all being urged to open-up and talk about our finances to mark the Money & Pension Services (MAPS) ‘Talk Money Week,’ which runs from November 8-12. Starting a conversation about savings, pensions or how to support loved-ones can make a really positive difference to our lives, according to Karen Barrett, who’s founder and chief executive of Unbiased.co.uk, an online platform that connects people with trusted, independent financial advice.
Karen Barrett, a mother-of-three, who’s on a mission to persuade more women to start actively managing their own finances, explains: “Women often take time out of the workplace to have children and it’s not uncommon for them to stop pension payments because they can’t afford them, even if they are in a relationship. But it’s not a given that things are going to end up how they expect, so they could be putting themselves in a very precarious position with regards to their long term financial future.”
Whatever stage of life or circumstances we’re in, taking control of our finances is one of the best ways to build resilience for the future, so that we’re ready to face whatever life throws at us.
Karen, who went through a family crisis which made her question everything and ultimately, triggered the idea for Unbiased.co.uk, knows this only too well.
She adds: “It gives you the confidence of knowing you can look after your loved ones and it’s incredibly empowering, because if you have financial security, you have choices.”
Karen’s top five financial advice conversations for women:
1. Retirement planning: Do you know how much you need to save for a comfortable retirement? Research shows that nearly three-quarters of women don’t know the answer. Don’t delay, get financial advice as soon as you can to help you prepare for life after work.
2. Till divorce do us part: The Office of National Statistics reveals that 42% of marriages now end in divorce and that the number of people aged 55+ divorcing has reached an all-time high. Women may need expert planning when it comes to potential pension sharing orders and asset investment as part of a divorce settlement.
3. Great expectations: Longer life expectancy for women (it currently stands at 83) is a consideration for later-life care. The average annual cost of a residential care home in the UK is around £35,000 and with the latest health and social care reforms changing the way care is funded, it’s important you seek the right financial advice in advance.
4. Look at Investing: Women are often conscientious savers but are more likely to miss out on the benefits of investing over the long term. With the current low-interest rates and inflation eating into your nest egg, now is a great time to look at how investing can make your money work hard for you. If you’re unsure of how to start, an adviser can give you all the support you need.
5. Willpower: Taking control of your finances is key for women and more women are also recognising that making a will and getting their lasting power of attorney in place is incredibly important. No matter your marital status, seek expert advice to ensure your affairs are in order.
Karen Barrett is CEO and Founder of Unbiased.co.uk, connecting people with trusted financial advice. The platform has helped more than 10 million people with professional advice on everything from starting a business to buying their dream home. Find your perfect financial adviser. www.unbiased.co.uk
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