Apart from the glaringly obvious colour psychology occurring here, what is even more stark is the word ‘money’ only appears on the boys’ magnet set, while the word ‘love’ can only be found on the girls’ magnet set. This alone could spark many more articles for this issue, however if we couple this with the surrounding words that situate boys in the ‘active’ and girls in the ‘passive’, how different are their concepts of what finances are whilst growing up?

Today, more steps are being laid for women to enter, thrive and remain in the workplace yet there seems to be a glaring flaw in the foundations: financial literacy. Historically, the role of managing finances was left to men and often still is within typical familial set ups. As women, the go-to girlboss statements range from ‘get a seat at the table’ to ‘make your own money moves’.

But what if we don’t know how to move once we make the money?

Enter Beth Clay, founder of FinanceHerWell, who operates in Dubai and gave us an insight into what financial wellness means to her, the connection between money and mindset and the importance of giving yourself financial grace.

HL: Before Finance Her Well came to fruition, what were your thoughts regarding women and their relationships/connections to finance?

BC: Growing up throughout my university life and then into my career, I was struck by many friends and colleagues who left their finances to their partners/husbands to handle. Taking away that sense of control over your finances always unnerved me as I’d seen for myself the challenges that someone in the relationship has if they don’t understand how the finances work. I strongly believe both genders have the ability to build their own wealth and set financial goals that give them something to work towards.

HL: Do you feel that financial literacy is considered a key part of financial success, or are they often still viewed in isolation?

BC: Financial literacy is one of the key pillars of financial success and sets the scene for your future financial growth. My strongest advice to anyone is to invest in your financial education, whether that’s reading, listening to podcasts and seeking financial coaching. Understanding how you can grow your money and manage it effectively will set you up for life.

HL: To build on the previous question: when we think about women attaining financial success (which has been a historic struggle across cultures), is another layer of stress and expectation added when it comes to sustaining it? 

BC: Historically and still today, there remain challenges for many women around the world when it comes to managing finances. Evidence suggests that there is still 169 years to go until we close the financial gender equality gap. This is unacceptable and I am strong proponent of being vocal and honest about the additional challenges women face when it comes to finances. These can include anything from saving for maternity leave, leaving work earlier to care for elderly relatives and wage gaps in the workplace.

 Unfortunately, one of the areas I see as presenting a strong challenge is how money is handled in the home and within relationships. In so many households, naturally men have absorbed the role of taking care of finances meaning financial literacy for women falls behind, often appearing as a red flag once relationships break down or once the husband is deceased. This is why it’s imperative that both genders understand financial management from the outset and both sides have a say on the financial goals set at home.

HL: With the above in mind, how would you define financial wellness?

BC: Financial wellness is the foundation upon which a fulfilling life is built. It’s more than just managing money; it’s about achieving peace of mind, confidence, and the freedom to pursue your passions. Financial wellness empowers you to make choices aligned with your values and goals, creating a sense of security and control over your future.

HL: What was the process of establishing Finance Her Well and what were you most excited/motivated by?

BC: The more I studied around the psychology of money, I was blown away by how much every part of our lives is affected by our financial wellness and our relationship with money. That’s why I wanted to focus on the ‘wellness’ side of financial management and empower more people to improve their money mindset and feel in control of their finances.

HL: Were there any underlying feelings of doubt? If so, what were your approaches to overcoming them?

BC: Naturally the common question I get asked is ‘are you a financial advisor?’

Which I’m not. I’m not here to sell you a product; the work I do is the front end of this. Although I’ve undergone training in holistic financial coaching, I often felt I had to justify why I’m so connected to financial wellness when I’ve come from a very different route. Initially, I had to consciously remind myself of the huge value my 15 years spent communicating hard-core economic policy and corporate financial communications had in relation to breaking down financial jargon to make it relatable to anyone wanting to improve their financial situation.

HL: Do you feel that there is a level of shame associated with not knowing how to manage finances, especially if you’re already a working woman?

BC: Financial shame is a common experience for many people, regardless of gender. There’s often an unspoken pressure to achieve specific financial milestones by a certain age. When we fall short of these self-imposed or societal expectations, it can lead to feelings of disappointment and self-blame. It’s important to remember that everyone’s financial journey is unique.

Be kind to yourself. Past mistakes don’t define your financial future. Start by building a solid financial foundation: invest in your financial knowledge, create an emergency fund, and begin saving consistently. Remember, progress, not perfection, is key.

HL: Should there be more onus on education systems to provide and support financial literacy for young women and men?

BC: 100%. The first place we can learn about financial literacy is in the home. The second place is schools. There’s so much evidence that financially literate individuals are more likely to achieve their goals, build wealth, and make informed decisions. That’s why I strongly advocate for incorporating comprehensive financial education into school curricula from an early age. By doing so, we can empower the next generation to achieve financial well-being.

HL: How important of a factor is networking when establishing something on your own in a city like Dubai?

BC: I tell everyone I meet that networking both here in Dubai, but wherever you are is so important. The more people you can build meaningful connections with, the more opportunities you can have. Dubai has so many networking groups to join. From business councils through to ‘netwalking’, I’d encourage anyone wanting to build or grow their business to give them a try.

HL: Lastly, what do you want Finance Her Well to help women accomplish moving forward?

BC: I built Finance Her Well to empower every woman I could to understand how to achieve a stronger relationship with money. I’ve made it my mission to educate thousands of women to change their financial situation, whether that’s understanding how to budget, or how to ask for money with confidence. As long as there’s a woman who needs support, I’m committed to making a difference.