Page 39 - DIY INVESTOR MAGAZINE - NOVEMBER 2018
P. 39

 39 DIY Investor Magazine | Dec 2018
THE DOCTOR WILL SEE YOU NOW: HOW MONEY PROBLEMS CAN AFFECT PHYSICAL AND MENTAL WELLBEING AND WHY FOR SOME WOMEN THE ONLY WAY IS ETHICS
My name is Dr Nikki Ramskill, and I am a UK- based GP Registrar, with a specialist interest in how money affects my
patients and colleagues both mentally and physically. I have
plenty of personal experience of making money mistakes
throughout my 20s!
After I realised that things in my financial life needed to change, I started noticing money problems among my patients - the so called ‘elephant’ in the room. Money problems stop patients from taking time off work to get well or attend clinic appointments. It stops them from purchasing their prescriptions or eating healthily. It leads to numerous mental health problems like anxiety and depression, and can lead to burnout and stress in the workplace. It’s a big problem that as a GP, I had no idea how to start addressing.
This inspired me to write about my experiences and what I am learning in the world of personal finance so that I can help others to avoid doing the same. In turn, my hope is that they can improve their overall health and well-being and reduce the stress in their lives.
And So The Female Money Doctor was born!
On my website, I cover topics that I think are useful for women in particular, as I enjoy working with and for women, and I wanted to add my voice to the growing body of female personal finance bloggers and experts. One of the issues that particularly interests me is how women are not investing as much as men are, and I want to do what I can to help change that. Women are more likely to outlive their male partners, and are far more likely to end up in poverty in old age. Investing in a pension and in additional accounts like stocks and shares ISAs could go a long way to prevent this from happening. Yet investing is not on the radar for many people.
IT LEADS TO NUMEROUS MENTAL HEALTH PROBLEMS LIKE ANXIETY AND DEPRESSION, AND CAN LEAD TO BURNOUT AND STRESS IN THE WORKPLACE
Why Aren’t More Women Investing?
It’s seen as complicated, risky and as a consequence, unsafe. The financial industry has long been a domain for men, and women are still a minority voice in the masses. Films like ‘Wolf of Wallstreet’, while entertaining, hardly improve the industry’s image.
Even the terminology we use of bears and bulls to describe the performance of the markets is strongly masculine - it’s no wonder that many women are put off. Thankfully however there is a movement building in women’s finance; more and more women are taking control of the finances at home, and more women are out-earning their spouses than ever before.
But coming from a financial lay-person perspective, investing still isn’t mainstream.
I was a having a conversation with some friends over drinks a few weeks ago, and only one of them had an investing account recommended by a financial advisor. I asked the others why they didn’t invest, or even why they chose not to learn how to. All of them cited over- complication and difficulty and hence not enough time to learn.
LACK OF SPARE MONEY, LACK OF UNDERSTANDING AND CONCERN OVER LOSING MONEY WERE ALL REASONS CITED FOR NOT WANTING TO INVEST
Now these are intelligent women - all doctors.
How could it be that they thought this was hard to un- derstand after gruelling away for many years at medical school to learn about the human body? It’s hardly child’s play!
















































































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