Victoria Devine is fed up with the perception that women are bad with money. She is putting a stop to it by empowering a large audience of Millennial women to find financial freedom.
The basis of financial freedom comes from three things that women can do: budget, understand superannuation and know the basics of investing.
Devine is a Millennial, a financial adviser and the founder of the popular She’s on the Money podcast, a personal finance podcast directed at Millennial women.
She thinks there is an imbalance in the language and the way in which we speak about women’s finances.
She says: “If we got a bonus at work, people are asking: ‘are you going to buy some bags or some shoes with that?’. It is expected of women to be frivolous with money when that’s not the case.”
Women have the same financial goals as men but “the world is shading it differently for us”.
She’s on the Money has over one million downloads and a dedicated Facebook group boasting 50,000 members at last count.
It covers a range of topics from the basics of investing and working out personal money goals, to eliminating bad debt.
She says: “Women have not really been given that financial literacy, because that’s kind of always been a man’s world.”
Recent research undertaken by NGS Super reveals that 77 per cent of Millennial female respondents say financial independence is important to them. Despite this, less than half are confident in their financial future.
One of the most obvious financial tools for a woman to have is a budget. According to Devine, the importance of a budget is actually being aware of it.
This is making sure that money is being spent in line with personal money values so it is not just wasting away.
She says: “Having a budget means you’re really aware of the expenses you’re incurring so that if your salary increases, you can make the most of it.”
The podcast listeners have flocked to bank with Up, a neobank which helps with budgeting as it categorises spending and provides customers with actions to take control of their money such as bill and subscription reminders.
Devine says that more than 3000 listeners signed up using her referral code alone, noting that she does not make any commission for referrals. This number does not account for those that signed up and did not use the code.
Secondly, Devine wants Millennial women to understand their superannuation, including the insurances and what that actually means to their futures.
NGS Super research shows that only a third of respondents know how their superannuation is invested and nearly a quarter are unaware of how much super they have.
Devine stresses the importance of understanding the basics of investment. Whether that is able to be put to use now or in the future.
She says: “I think having such an understanding of investment that it is a priority to you, no matter what you want. In the future, that’s going to be something that you to commit to.”
Similarly to Up, over 2000 podcast listeners have downloaded micro-investing app, Raiz. They use this to gain a basic understanding of investing as well as a forced way of saving money.
Prior to becoming a financial adviser, Devine was working in organisational psychology as a culture and engagement consultant.
Psychology is what she leans on the most as an adviser and it has shaped the way she interacts with her clients and how she runs the podcast.
She says: “Money is psychology, the way people spend, the decisions they make the values they hold or come back to their thought behaviours and experience. Their money stories and if you can connect with someone and truly understand them, you’ll have a client for life.”
The podcast originated after she found herself having productive meetings with her clients but needed to re-explain basic financial concepts.
It was originally intended to resonate with young women who had just left school, but the majority of listeners are in their late 20s or early 30s and earning decent money. They just don’t know what to do with it.
She says: “The thing that people are craving the most seems to be around budgeting and cash flow and actually understanding their money. There are a lot of incredibly smart women who are bad with money.”
She has found the main difference in the advice offering for younger women compared with older Australians is that they don’t necessarily need advice on lump sums.
She says: “It’s different because we have the power to create the lifestyle, they want not just to use the money they have to create the lifestyle that they need. There’s so much power in young women getting advice right now.”