Don’t mention the bank shares – at least 300% on Kerry Group eased the pain!
How is HerMoney going?
Very well – and we have exciting plans for expansion over the next six months, so watch this space.
Are women particularly in need of financial advice?
Yes, that unfortunately seems to be the case. Our research shows that more women than men are not addressing their financial needs, particularly in relation to retirement planning and protecting themselves against illness/premature death.
How do you charge for advice – fees or commission?
HerMoney provides a transparent charging structure for its clients. We offer our clients the choice between a fixed fee or, if we receive commission from a product provider, this may be offset against the fee.
Any other financial issues to highlight?
More and more clients are coming to us with insurance policies that were sold to them by their ‘local friendly bank’ and – upon review and to their complete surprise – we are finding that they lack value and most are overpaying for their requirements.
The pay gap between men and women is 14%. Why?
There is a whole list of socioeconomic issues that contribute to the gender pay gap. However, it is fantastic that legislation to reduce this is set for later this year. With mandatory reporting [of gender pay gaps] being introduced, there will definitely be a reduction in the levels of remuneration differences between men and women. Senator Ivana Bacik should be greatly applauded for her work on this front.
Women used to be at a great disadvantage when it came to pensions as they missed out on the very regular contributions required when they took time out from work to start a family. Is this sorted by averaging contributions and providing Home Carer credits?
Yes, I am happy that this has now been successfully resolved with the introduction of the new approach. But women overall are still greatly unprepared in terms of having enough income in retirement. Most women are unaware of how generous the tax relief is on private pension funding, so are not contributing enough across the board.
Biggest financial issue for women otherwise?
We find that women who find themselves in the breadwinner role often have mixed emotions. Our studies show that working women continue to perform the majority of housework and child care duties as well, so it’s not surprising that female breadwinners prioritise financial matters immediately at hand (such as paying bills) but often don’t have time for longer-term financial planning in terms of retirement and protection.
Your best financial decision?
Investing in Kerry Group shares back in 2009 – 300% return is not to be sniffed at.
Worst? Investing in Irish bank shares.
What do you do to unwind?
I like nothing more than going for a nice walk somewhere by the sea like Ballycotton with my family, followed by some local fresh scampi in one of the nearby fab restaurants!
Most spontaneous thing you’ve done?
Walking up to my hero Richard Branson for a chat on Sydney Harbour on New Year’s Day a number of years ago. So happy I did – what an inspiring, charismatic, friendly gentleman!
Guilty treat?
An Indian Balti with garlic naan and pilau on the side – the spicier the better.
What would you do if you were made a minister tomorrow?
Well, as a qualified problem solver I would make a stab at trying to solve the housing crisis. I’m fairly sure I would do a better job than is being done currently! I would also love to work on reducing the gender pay gap, and would name and shame and make it illegal for companies to engage in same.
We’re getting three hours a day of free childcare under the Early Childhood Care and Education (ECCE) scheme. Is this enough?
As a mum of an almost three-yearold, who will be starting pre-school under this same scheme in September, I think the Government has made a fantastic start at easing the financial burden of childcare. However, I do feel that the hours are indeed quite limited and trying to get ‘a place’ in the centre of your choice is far from easy – with most booked out years in advance.