Latest news with #financialempowerment
SBS Australia
4 days ago
- SBS Australia
Bronté escaped a life confined to the home, only to face a 'chasm' on the other side
Women who have experienced domestic violence are often at a disadvantage when it comes to their finances. Source: Getty, iStockphoto / Primipil The Humans of Purpose Academy provides training in digital tech skills for domestic violence survivors. It aims to empower women to upskill and help them become more financially secure. At the same time, changes to the Family Law Act recognise the financial impact of domestic violence on women affected by it. This article contains references to domestic violence. Bronté got married before her 18th birthday and was expected to stay home to take care of the house and family. She felt controlled by her husband, who she said "believed a woman's place is in the house, taking care of the children and maintaining the house". Bronté (not her real name) told SBS News she was not permitted to work or make financial decisions for her family. So when she left her husband after seven years of marriage, she was not in a good financial position. Findings in a report by Australian researchers released in February highlighted employment and education gaps between the general population of women and those who have experienced domestic violence. It noted how these gaps contributed to a "large financial chasm", with victim-survivors having reported financial problems at higher rates than other women. Earlier this month Bronté celebrated a year in a job in digital marketing, something she said she could never have imagined herself doing a couple of years ago. But it was not a simple road to get there. Bronté said she had thought about leaving her husband many times but she had been fearful about how she would get by financially, as he was the family breadwinner and she had not been allowed any role in organising the family's finances. "The fear of: 'I don't have any extra income, how am I going to manage the finances, all of the bills?' I never really had experience with that." After years of being controlled and abused, she took her two children and they escaped the situation. While Bronté may have finally felt safe, she faced many challenges in trying to set up a new life. She said it was not only her finances that were lacking, she also did not have a great deal of confidence and no real experience to put on a resume. "There had been a lot of mental and emotional abuse, nothing I ever did was good enough, lots of name-calling, my self-esteem had plummeted massively," Bronté said. "I found myself stuck in a trauma fog," she said. By the time she reached a point where she felt she had the capacity to look for work, she had a work gap of more than a decade. "I think I spent a year-and-a-half straight applying for jobs that were within my capabilities, without luck," Bronté said. The Cost of Domestic Violence to Women's Employment and Education report, by researchers from the University of Technology Sydney and the Australian National University, found victim-survivors reported financial problems at much higher rates than other women. In 2021 43.9 per cent of women who experienced physical or sexual violence by a partner in the past five years had cash flow issues compared to 7.2 per cent of women who have never experienced partner violence. Financial hardship was also an issue for 31.4 per cent of women who experienced partner emotional abuse and 37.7 per cent of women who experienced partner economic abuse. It was a referral to do job skills training with a not-for-profit that finally gave Bronté a stepping stone to a career and the many extra benefits she said come with that. Melanie Globo started the Humans of Purpose Academy in 2023, offering free online training in digital technologies. The virtual hub not only provides digital skills training for survivors of domestic and family violence but connects women to career mentoring and personal development coaching. A total of 64 women have completed skills training through the academy and 22 of those have done six-month work placements following that training, either with Globo's own company or other businesses affiliated with the academy. Globo's digital marketing agency has 15 staff members, 13 of who are domestic violence survivors who have gone through the academy's training pipeline. "It's an aspirational model but it's working for us, we want these women to have highly skilled and highly paid careers," she said. "It's about lifting our gaze and looking beyond what can help them day to day, this is about creating careers they thrive in and long-term financial independence. "What we also see as a part of this retraining is a huge uplift in their self-esteem and self-confidence as well." Globo said there was "huge potential for upskilling and training particularly around digital skills and platforms." "AI is poised to significantly transform the global labour market over the next decade and by equipping women with these skills we can accelerate them towards well paid careers," she said. Globo noted that one of the benefits of the tech industry was the ability to have flexibility and remote work options, as "women who have fled an abusive partner and often face multiple and complex challenges to attending a physical workplace". She said one of these challenges was sometimes ongoing court proceedings. Globo welcomed changes to the Family Law Act from 10 June that better acknowledge the use and impact of financial abuse as part of domestic violence. The changes will mean the economic effect of family violence are considered, where relevant, when decisions about property and finances after separation are to be made. According to the attorney-general's department, the amendments also make clear that economic or financial abuse may constitute family violence. "This might include where a person has controlled all of the finances or spending," a fact sheet from the department reads. "The impact of family violence could be relevant when assessing a party's contributions to the property pool and to the welfare of the family (for example, if they were not allowed to work), and when assessing their current and future circumstances." Law Council of Australia president Juliana Warner said the council supported the changes. "It is critical that victim-survivors of family violence can readily understand how, and when, family violence considerations may be raised, and how these may be relevant during proceedings, including in respect of the division of property," Warner said. "Numerous inquiries into the family law system in Australia have referenced evidence that people affected by family violence may struggle to achieve a fair division of property and suffer long-term financial disadvantage. "The Law Council strongly supports measures that seek to eradicate family violence in society, and that strengthen the capacity of our family law system to recognise the harmful, and often long-term impacts, of family violence on victim survivors". However, Warner said the council was concerned that appropriate investment in resources to support the changes had not been made. "The profession holds considerable 'floodgates' concerns about the effect the changes will have on the costs of litigation, the availability of experts and the resources of the courts applying the Family Law Act because of the high prevalence of family violence in society, and the proportion of matters where family violence is reported," she said. She said cases that include consideration of financial and property matters were typically more expensive, harder to resolve, took longer to get to trial and extended the duration of trials. "Therefore, they must be accompanied by appropriate, ongoing resourcing and funding, not only of the courts, but also the legal assistance sector, and programs such as the Family Violence and Cross-Examination of Parties Scheme," she said. "Litigants' costs will increase at each stage of litigation, both in preparation of material and in trial costs, including a need for increased numbers of expert witnesses, including medical professionals and psychologists. "These costs may further disadvantage the victim-survivor of family violence, who is more often than not in a financially weaker position than the perpetrator." A spokesperson for the attorney-general's department said the department would "monitor any impacts of the reforms on the family law system after they commence," and there would be a statutory review of the amendments three years after they start. The spokesperson also pointed to the $3.9 billion of funding across the next five years for legal assistance providers under the National Access to Justice Partnership 2025-2030 under which family law and people experiencing family violence are a priority area. According to Humans of Purpose, women who have undergone six months of training and a paid employment placement are being paid on average $600 more a fortnight than they were before their training. Bronté, who is now a mother of three, works part-time, so still gets some financial support. "But it is nice to be starting to shift away from government support, it's more financially freeing," she said. Bronté said her aim was to eventually work full-time, earn more money and no longer have to rely on Centrelink at all. She said her increased financial stability brought her increased peace of mind and a sense of security for her future. "That independence is now something that I crave and love, it gives me the chance to be my own person and not an extension of someone else." If you or someone you know is impacted by domestic or family violence, call 1800RESPECT on 1800 737 732 or Lifeline – 13 11 14.
Yahoo
31-05-2025
- Business
- Yahoo
How a financial influencer built a multiple six-figure portfolio
One of the most effective ways to achieve a comfortable lifestyle is by developing multiple streams of income. Recent research by Sage reveals that 32% of 24–44-year-olds have a second job, alongside 28% of those aged 45–54. Meanwhile, 68% of 16–34-year-olds report having multiple income streams or side hustles in addition to their main employment. Euronews spoke to financial influencer Jenny Okpechi (@savvymoneygirl) about how she built a multiple six-figure investment portfolio – and why she believes it's crucial for young people to start investing early. While a multiple six-figure portfolio might sound impressive, Okpechi emphasised that her success didn't happen overnight. She highlighted the importance of starting small and remaining consistent – even in the face of economic pressures and cultural barriers. Raised in a traditional African household, she saw first-hand how financial matters were often viewed as the domain of men, with cultural norms frequently limiting women's financial empowerment. 'I started very young – at 16 – by getting very intentional with my money. At the time, interest rates were fairly decent, and you could get a treasury bill investment with an annual return of 20%. I began learning how to run a business and manage finances as a woman, just to prove that I could do what a male could do – and the knowledge I acquired from doing so changed my life,' Okpechi said. Related Living in debt? Savings expert shares secret to 'spring clean your finances' Are you saving smartly? Top pension advice experts want you to hear Her approach involved meticulous budgeting, living within her means, and regularly putting money aside into savings. 'Over time, I moved from savings to investing in treasury bills, commercial papers, corporate bonds and stocks,' she noted. Many young people hold off on investing because they think they need to reach a certain income level before starting with a larger amount. However, Okpechi explained: 'I didn't wait to earn a lot. I started investing as a student with what I had and this made me seek out other ways of making extra income like paid surveys and online tutoring. I even attempted blogging but I had to stop because of my studies.' She added: 'Over time, thanks to compound interest and consistent investing, it grew. I treated wealth-building like a long-term relationship: commitment, patience, and check-ins.' The financial influencer currently has eight income streams. These include her full-time role as a Scrum Master and a part-time position as a healthcare assistant. Digital products – such as eBooks, finance guides, and vendor lists – form a third income stream, while sponsored content, including partnerships and brand collaborations, make up a fourth. Another source of income comes from her investments, which include real estate investment trusts (REITs), stocks, and index funds. At one point, Okpechi even earned five-figure dividends. Subscriptions – including paid members of her investment community – add yet another stream. She also earns through affiliate marketing and content creation, and is currently building Moneybestie, an AI-powered fintech app designed to simplify financial literacy, particularly for women and teenage girls. 'I pay myself first and invest consistently, I only invest in what I know and understand so I keep it pretty boring and simple.' Related New year, new habits? A guide to investing that covers the basics High or low risk? Here's where DIY investors are putting their money One of the key pieces of advice Okpechi offered young people starting to build their portfolios is to start small—but start smart, by tracking spending and maintaining a budget. She also emphasised the importance of living below one's means and resisting peer pressure, as well as acquiring a valuable skill. 'There are good debts and bad debts, avoid the bad debts. Invest early and consistently, even if it's just £25 (€29.8) a month. Automate your savings and investments if you must, that way compound interest will help grow your money faster. Time in the market beats timing the market,' Okpechi pointed out. She also highlighted the importance of avoiding lifestyle inflation, which occurs when spending rises alongside income. 'Learn about money like your financial freedom depends on it, because it does!' she said. According to the 2024 Schwab Modern Wealth survey, Generation Z are starting to invest much earlier than previous generations, at an average age of 19. This contrasts with baby boomers, who began investing at around 35, and millennials, who typically started at 25. Okpechi also recommends websites such as Nasdaq, Seeking Alpha and for young investors just starting out. She suggests books like The Richest Man in Babylon by George Clason, The Intelligent Investor by Benjamin Graham, and Rich Dad Poor Dad by Robert Kiyosaki as valuable resources. Related Managing money as a couple: All's fair in love and…budgeting? Okpechi highlighted that consciously unlearning traditional African views on money was a significant challenge in her journey. This is especially true as many African cultures prioritise passing on wealth and assets, such as property, to male heirs. Girls are often expected to marry, move into their husband's home, and rely on their husbands for financial security. Consequently, investing in daughters is frequently seen as a waste of resources, which means many women from African backgrounds struggle to achieve financial independence later in life. Another challenge Okpechi faced was dealing with imposter syndrome as a woman working in finance and technology, while also confronting gender stereotypes in a predominantly male industry. Investing and finance remain largely male-dominated fields, with women investors and experts often having to continually prove their expertise and credibility, especially when addressing audiences. Juggling multiple jobs and coping with burnout, along with resisting social spending and peer pressure, were further obstacles. 'I learned to forgive myself for financial mistakes and keep going anyway. If I had to do it again, I'd talk more openly about money. It breaks the shame and helps others grow too,' Okpechi said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
31-05-2025
- Business
- Yahoo
How a financial influencer built a multiple six-figure portfolio
One of the most effective ways to achieve a comfortable lifestyle is by developing multiple streams of income. Recent research by Sage reveals that 32% of 24–44-year-olds have a second job, alongside 28% of those aged 45–54. Meanwhile, 68% of 16–34-year-olds report having multiple income streams or side hustles in addition to their main employment. Euronews spoke to financial influencer Jenny Okpechi (@savvymoneygirl) about how she built a multiple six-figure investment portfolio – and why she believes it's crucial for young people to start investing early. While a multiple six-figure portfolio might sound impressive, Okpechi emphasised that her success didn't happen overnight. She highlighted the importance of starting small and remaining consistent – even in the face of economic pressures and cultural barriers. Raised in a traditional African household, she saw first-hand how financial matters were often viewed as the domain of men, with cultural norms frequently limiting women's financial empowerment. 'I started very young – at 16 – by getting very intentional with my money. At the time, interest rates were fairly decent, and you could get a treasury bill investment with an annual return of 20%. I began learning how to run a business and manage finances as a woman, just to prove that I could do what a male could do – and the knowledge I acquired from doing so changed my life,' Okpechi said. Related Living in debt? Savings expert shares secret to 'spring clean your finances' Are you saving smartly? Top pension advice experts want you to hear Her approach involved meticulous budgeting, living within her means, and regularly putting money aside into savings. 'Over time, I moved from savings to investing in treasury bills, commercial papers, corporate bonds and stocks,' she noted. Many young people hold off on investing because they think they need to reach a certain income level before starting with a larger amount. However, Okpechi explained: 'I didn't wait to earn a lot. I started investing as a student with what I had and this made me seek out other ways of making extra income like paid surveys and online tutoring. I even attempted blogging but I had to stop because of my studies.' She added: 'Over time, thanks to compound interest and consistent investing, it grew. I treated wealth-building like a long-term relationship: commitment, patience, and check-ins.' The financial influencer currently has eight income streams. These include her full-time role as a Scrum Master and a part-time position as a healthcare assistant. Digital products – such as eBooks, finance guides, and vendor lists – form a third income stream, while sponsored content, including partnerships and brand collaborations, make up a fourth. Another source of income comes from her investments, which include real estate investment trusts (REITs), stocks, and index funds. At one point, Okpechi even earned five-figure dividends. Subscriptions – including paid members of her investment community – add yet another stream. She also earns through affiliate marketing and content creation, and is currently building Moneybestie, an AI-powered fintech app designed to simplify financial literacy, particularly for women and teenage girls. 'I pay myself first and invest consistently, I only invest in what I know and understand so I keep it pretty boring and simple.' Related New year, new habits? A guide to investing that covers the basics High or low risk? Here's where DIY investors are putting their money One of the key pieces of advice Okpechi offered young people starting to build their portfolios is to start small—but start smart, by tracking spending and maintaining a budget. She also emphasised the importance of living below one's means and resisting peer pressure, as well as acquiring a valuable skill. 'There are good debts and bad debts, avoid the bad debts. Invest early and consistently, even if it's just £25 (€29.8) a month. Automate your savings and investments if you must, that way compound interest will help grow your money faster. Time in the market beats timing the market,' Okpechi pointed out. She also highlighted the importance of avoiding lifestyle inflation, which occurs when spending rises alongside income. 'Learn about money like your financial freedom depends on it, because it does!' she said. According to the 2024 Schwab Modern Wealth survey, Generation Z are starting to invest much earlier than previous generations, at an average age of 19. This contrasts with baby boomers, who began investing at around 35, and millennials, who typically started at 25. Okpechi also recommends websites such as Nasdaq, Seeking Alpha and for young investors just starting out. She suggests books like The Richest Man in Babylon by George Clason, The Intelligent Investor by Benjamin Graham, and Rich Dad Poor Dad by Robert Kiyosaki as valuable resources. Related Managing money as a couple: All's fair in love and…budgeting? Okpechi highlighted that consciously unlearning traditional African views on money was a significant challenge in her journey. This is especially true as many African cultures prioritise passing on wealth and assets, such as property, to male heirs. Girls are often expected to marry, move into their husband's home, and rely on their husbands for financial security. Consequently, investing in daughters is frequently seen as a waste of resources, which means many women from African backgrounds struggle to achieve financial independence later in life. Another challenge Okpechi faced was dealing with imposter syndrome as a woman working in finance and technology, while also confronting gender stereotypes in a predominantly male industry. Investing and finance remain largely male-dominated fields, with women investors and experts often having to continually prove their expertise and credibility, especially when addressing audiences. Juggling multiple jobs and coping with burnout, along with resisting social spending and peer pressure, were further obstacles. 'I learned to forgive myself for financial mistakes and keep going anyway. If I had to do it again, I'd talk more openly about money. It breaks the shame and helps others grow too,' Okpechi said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Zawya
07-05-2025
- Business
- Zawya
Joseph Mews Champions Wealth Empowerment Journey for UAE
62.5% of female respondents report limited access to investment platforms and mentorship in the UAE Dubai, UAE – Joseph Mews, a leading UK property investment company with a curated portfolio of premium residential developments, has launched an exclusive initiative to support UAE-based investors in building cross-generational wealth through UK real estate. Designed to foster meaningful dialogue and deliver strategic insight, the initiative features a curated series of high-level workshops focused on financial empowerment and legacy-building. The first event in the series – Empowered Women: Property and Prosperity – Strategies for Success and Beyond – revealed eye-opening insights into property investment for legacy wealth. Led by a talented line-up of inspiring women, the event brought together a panel of thought leaders across key segments within UAE's real estate sector, including Helen Morris, Wealth Manager at Farrington Asset; Sophia Kazmi, Mortgage Advisor at Maidwell Group; Naomi Wharam-Adatia, Private Banker at GSB; Christiana Maxion, Founder of Maxion Matchmaking; and host - Sally Lockwood, Journalist at State of the World Show, and formerly at Sky News. Through insightful discussions, the session explored women's evolving role in property investment and addressed the knowledge gap in real estate investing. Themes included portfolio diversification, mortgage advisory, income vs. capital-growth strategies, and leveraging UK property as a stable long-term asset. To gain deeper insight into investor behaviour, Joseph Mews also conducted an exclusive on-site survey with the female participants. The results revealed that 100% of respondents believe real estate is essential for long-term financial security, yet 79% admitted they had not yet acted on their investment intentions. 67% of respondents stated they feel confident making independent investment decisions, while 46% reported not understanding the difference between income-generating and capital-growth properties. Furthermore, 29% indicated they are unfamiliar with the basic steps involved in purchasing an investment property. When considering international markets, over 83% of respondents found the UK to be an attractive destination for property investment. Notably, 62.5% of participants felt that women in the UAE do not have sufficient access to investment-focused platforms or mentorship opportunities. 'These insights underscore the need for more inclusive education and curated advisory tailored to women investors, a mission at the heart of Joseph Mews' new initiative,' says Johnny Conran, Managing Partner at Joseph Mews. 'We believe wealth is built through clarity, confidence, and long-term strategy. Through these sessions, we are providing access to prime UK real estate and cultivating a trusted platform where investors, particularly women, can make empowered, informed decisions.' Backed by a track record of delivering UK developments worth over £634 million, Joseph Mews offers a seamless, end-to-end investment experience designed for discerning investors, from acquisition to management. With a presence across the UK, UAE, Southeast Asia, and South Africa, the firm blends local insight with global reach, making it a trusted long-term partner in international real estate. The Empowered Women event marks the beginning of a wider series of private, community-driven workshops by Joseph Mews, with further editions scheduled throughout 2025. Each session will tackle key investment themes, while offering attendees exclusive access to market intelligence, expert speakers, and peer networking. The series is designed to offer individual investors, UAE residents, Emiratis, families and institutional investors a strategic approach to simplifying property investment journeys. About Joseph Mews Joseph Mews is a property investment company with over 10 years of expertise in residential developments in the United Kingdom (UK). Renowned for innovation and quality, Joseph Mews partners exclusively with trusted developers to deliver world-class projects while helping clients build wealth through UK property investment. Its 360-degree service combines a market-leading distribution network with dedicated customer support, ensuring excellence at every stage. It currently operates in four key global markets, including the UAE, UK, South-East Asia, and South Africa. With a commitment to quality and customer satisfaction, Joseph Mews is a trusted name in UK property investment, both locally and internationally.
