Source: Money Sweetspot
WELLINGTON: 12 November – With 80 per cent of New Zealand women reporting low financial wellbeing, a new collaboration aims to tackle what’s increasingly recognized as a gendered financial crisis.
This month, social enterprise lender Money Sweetspot and financial wellbeing initiative Hi Money have joined forces to provide a programme to help women on a debt-reset journey.
The Hi Money programme consists of 12 therapist-designed modules including, four live Zoom sessions and access to a supportive community of women who are on the same journey.
The aim, to help participants change the way they think about money and strengthen financial resilience.
Throughout November, Money Sweetspot will cover the programme costs for their female customers and allows participants to earn Sweetspot points which convert into extra money off their loan or into their savings account.
“Traditional financial systems have not been structured to meet women’s needs,” says CEO and Co-founder of Money Sweetspot, Sasha Lockley. “In our experience, women are some of our most motivated customers, but often need specific support to fully realize their financial potential.”
Research highlights the disparity: while women often live longer than men, they retire with an average of 25 per cent less in savings. Furthermore, the gender pay gap is at 8.9 per cent, leaving many women under-resourced and underprepared for retirement.
A Te Ara Ahunga Ora Retirement Commission study found that women score lower than men in resilience and preparedness for retirement, largely due to the gender pay gap and limited access to financial education. However, women excel in long-term thinking and impulse control compared to men.
“We’re living in a gendered financial crisis. Financial wellbeing isn’t just about maths; it’s about beliefs, ideas, and emotions,” says Co-founder of Hi Money, Angela Meyer.
“So, we start here-with your feelings, attitudes, and stories about money. Hi Money provides a safe, supportive space where women can examine and transform their relationship with money, surrounded by a fun and confidential community.”
Headed up by trailblazing women in finance, Money Sweetspot and Hi Money are well-equipped to empower women to help achieve financial stability and support them to explore their relationship with money.
“For both Hi Money and Money Sweetspot we want to see more money in the hands of more women, and we believe this collaboration will support this” says Meyer.
To date, Hi Money has helped over 500 women to shift from feeling financially overwhelmed to financially empowered, acknowledging the pressures to ‘instinctively know’ how to manage money.
“People need guidance and support, not judgment or harsh penalties,” says Lockley.
The financial transformations shared by Hi Money participants indicate that this female-focused approach to finance works.
Many of Hi Money’s previous cohort participants have begun investing and purchased their first homes. Others reported significant changes in their beliefs about money, enabling them to align their mindset with their financial goals.
“The sharing is incredible; women who didn’t know each other are connecting over financial topics in Zoom rooms and enjoying such great conversations that they meet up outside of the sessions” Meyer explains.
“Each person will have their own series of ‘a-ha’ moments and unique pathways, and we look forward to helping more women take control of their finances entering the New Year.”
Petra, a former Hi Money participant, describes her experience as profound.
“This has been a financial enlightenment. An awakening” she says.
About Money Sweet Spot:
Money Sweetspot works alongside Kiwi of all income levels to help them regain control of their finances. The first of its kind worldwide, Money Sweetspot enlist an empathetic approach to working with people to move out of debt and on with life. They create a financial ‘reset’ for customers by consolidating debt at lower interest rates, rewarding their customers engagement in financial education, and celebrating when they lose their customers. Real people. Real life. Out of debt. On with living. www.moneysweetspot.co.nz
About Hi Money:
Hi Money, is dedicated to empowering women through financial therapy. Co-founders Angela Meyer and Rachel Davies, are experts in the gendered nature of psychological and behavioural aspects of finance, connecting with audiences on a deeper level than just number crunching and investment returns. Hi Money explores the underlying psychology behind financial behaviours and creating an atmosphere for safe kōrero. https://www.himoney.nz/
