Women’s wealth and advising women on how to attain financial independence and financial security for themselves and their families is part of NSBS’s strategic vision, and in line with the government’s national strategy for financial capability.
On average, women’s financial literacy is significantly lower than men. Women experience pay inequity in the labour market, and tend to be the family members taking time out of the workforce to care for children or older relatives, arriving at retirement with less. They are disproportionately impacted financially by divorce and domestic abuse, and they are bearing the brunt of the pandemic with higher rates of job loss than men.
Over 80% of New Zealand women rate their level of financial wellbeing as moderate, low or very low, and over 70% feel that financial wellbeing influences their overall wellbeing, the Financial Services Council reports.
At NSBS, 60% of our clients are female. By focusing on women’s financial capability needs we are able to support their security and empowerment, and follow the government’s goal of developing women’s financial literacy.
Female clients come to NSBS after they have made the decision to get a grip of their family’s financial goals and want to ensure future stability. Many of our female clients are young and independent with careers and no dependents. They are conscious of buy-now-pay-later lenders and want to set goals and make savings plans for a wedding, house, holiday or car.
Our mentors empower and enhance our clients on their journeys of financial capability. We offer female mentors to clients who feel more comfortable with one, and adapt times and schedules around family commitments and work hours, with Zoom-call mentoring a popular option.