Category

Leadership

March 15, 2024
Jacqui Sherlock
In Family, Financial Advice, Financial Planning, Goals, Health and Wellbeing, Latest Updates, Leadership, Lifestyle

Why women are set to lead the Great Wealth Transfer

A mother, grandmother and daughter sit together to review their finances

The Great Wealth transfer is underway, with around $3.5 trillion expected to be passed on during the next 30 years in Australia and women are set to be the major beneficiaries of this transfer.1https://www.moneymag.com.au/why-women-will-lead-the-intergenerational-wealth-transfer  

Still expected to live longer than men, women may inherit three times in their lifetime – from parents, parents-in-law and husbands, meaning they have an 80 percent chance of being in sole control of their family’s finances at some point in their lives.2 https://www.afr.com/wealth/personal-finance/baby-boomers-and-their-families-ill-prepared-for-big-wealth-transfer-20231002-p5e95w  

This is fantastic news for financial gender equality. Becoming the director of family wealth can be empowering provided women have the resources and confidence to make good financial decisions. 

Challenges and Empowerment: Women Taking Charge of Family Finances

A survey by Household, Income and Labour Dynamics in Australia (HILDA) in 2021 found that financial literacy scores had declined for both men and women since their previous survey in 2016, with women scoring lower than men in all age groups in both cases.3https://www.afr.com/wealth/personal-finance/most-australians-can-t-answer-all-of-these-five-basic-money-questions-20221130-p5c2kv

Women were also found to be more likely to opt out of receiving financial advice after the death or divorce of a partner – a time where making informed financial decisions is crucial.4https://www.afr.com/wealth/personal-finance/baby-boomers-and-their-families-ill-prepared-for-big-wealth-transfer-20231002-p5e95w   

Over the past decade, the team and I have worked hard to encourage greater engagement from women in their financial affairs and we are pleased to see increasing numbers becoming more actively involved. More women are attending meetings, asking questions, owning the relationship with us, taking on the role of family CFO and playing an active role in decision making. 

While this is a promising shift, there is still a large gap in financial knowledge and wellbeing between men and women.5https://www.anz.com.au/content/dam/anzcomau/documents/pdf/aboutus/esg/financial-wellbeing/financial-wellbeing-australian-women-report-march-2023.pdf?mboxid=session%235f1cc59f3f9b4c138642a9abd10dd8eb%231710111128%7CPC%235f1cc59f3f9b4c138642a9abd10dd8eb.36_0%231773354068&adobe_mc=MCMID%3D64954702081314620664266727136715856507%7CMCORGID%3D67A216D751E567B20A490D4C%2540AdobeOrg%7CTS%3D1710109268

Building Financial Confidence: Essential Steps for Women and Families

As with every client relationship, we find the crucial first step involves active engagement in the advice process. It is essential that women follow the same approach and lean into the process themselves in order to cultivate confidence and readiness for the Great Wealth Transfer.

Here are some key things that can help you become engaged with your personal and family finances. Remember, knowledge is power. 

  • Take an active interest wherever you can. 
  • Stop telling yourself it’s boring or that you aren’t capable. 
  • Don’t be afraid to ask questions – nothing is too stupid. 
  • Talk about it at the dinner table.  
  • Engage your children and grandchildren. 
  • Seek advice. 
  • Attend meetings and get it done.
  • Read what you are signing before you sign it! 

With such a large transfer of wealth headed our way, it is crucial that we overcome these barriers and prepare ourselves for the responsibilities that come with the ownership of family wealth. 

 

View Jacqui’s website profile here or connect with her on LinkedIn here.

Closing thoughts from Jacqui

To have the impact we intend for our clients, as a team, we must continuously work on ways to manage our time effectively. I frequently engage with our team, discussing strategies to elevate our collaborative efforts while prioritising our client’s time. These principles are not limited to the workplace but can be seamlessly integrated into our daily lives, fostering a deep respect for both our time and that of our clients. I trust that this article has offered valuable insights on how you can optimise your time management each day.

Jacqui Sherlock – CEO

 

 

January 15, 2024
admin
In Business, Goals, Latest Updates, Leadership

Time management – the meaning, importance & benefits

It is often said that ‘Time and tide wait for no one.’ Therefore, to achieve success in life, one needs to develop a deep appreciation for time.

Anyone can benefit from time management — whether in school, the office or life in general. You can realise your career goals, boost productivity, reduce stress, and experience better work-life balance by knowing how to manage your time.

In this post, we’ll talk about effective time management. We’ll discuss the importance of time management and the many benefits it provides.

Meaning of time management

Time management refers to the practice of organising and planning how you can split your time between specific tasks and objectives. Effective time management ensures you devote the appropriate amount of time to certain activities to achieve your goals for the day, week, month or year.

Individuals applying time management typically assign specific time slots to activities based on their importance or relevance. And since time is finite, the goal of time management is to make the most of one’s available time.

Importance and benefits of time management

To realise the value or importance of time management, one must be aware of the consequences of failing to use time effectively.

  • Low quality work
  • Mistakes or errors
  • Missed deadlines
  • Poor workflow
  • Career stagnation
  • High levels of stress

When we understand the value of time management and plan to apply it, we become more effective at work and in life. We can even transform our lives and the world around us by working toward developing effective time management skills.

Below are other benefits of time management:

  • Increase in productivity
  • Stress reduction
  • Adequate rest and sleep
  • More time and energy for leisure
  • Improved focus
  • High-quality work
  • Good reputation in the workplace
  • Finish more projects and fulfil everyday goals
  • Better decision-making skills
  • Increase in confidence and self-worth

Strategies to manage time effectively

If you want to know how to improve time management and implement it right away, here are some effective techniques so you can start experiencing the benefits of using your 24 hours a day wisely.

  • Set objectives that are achievable and measurable.
  • Prioritise tasks based on their urgency and importance.
  • Learn to delegate tasks whenever possible.
  • Set time limits for task completion.
  • Take breaks in between task performance.
  • Plan and organise your schedule.
  • Eliminate non-essential, time-wasting activities.

These strategies do not require special tools or devices to implement.

What you need is the commitment and discipline to make better use of your time so you can stress less, achieve more, and live a full, well-balanced life.

View Jacqui’s website profile here or connect with her on LinkedIn here.

Closing thoughts from Jacqui

To have the impact we intend for our clients, as a team, we must continuously work on ways to manage our time effectively. I frequently engage with our team, discussing strategies to elevate our collaborative efforts while prioritising our client’s time. These principles are not limited to the workplace but can be seamlessly integrated into our daily lives, fostering a deep respect for both our time and that of our clients. I trust that this article has offered valuable insights on how you can optimise your time management each day.

Jacqui Sherlock – CEO

 

 

 

Original article: Feedsy

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