Photography: Gabby Farr.
Thinking they weren’t good with finances led to years of shame and stress for Rachel Davies and Angela Meyer. In their forties, the pair found themselves to be “pretty broke”. Angela was running a creative agency in Wellington with a friend, while Rachel had come home from Hawai’i to look after her terminally ill mum, Wendy and was working part-time as a therapist.
Former filmmaker Rachel, 54, says, “Neither of us owned houses or had much in the way of savings and investments. And after years of freelance self-employment and travel, I didn’t even have Kiwisaver. We were capable, competent adult women in every other respect of our lives, except with money.”
Angela, who grew up in Palmerston North, had experienced a home life full of love, but cash was tight.
“Dad was entrepreneurial and charismatic,” shares the 51-year-old marketer.
“Yet despite his big ideas, he went bankrupt twice and we lost our house the first time. It’s still painful to think about.”
For Rachel, Wendy’s attitude to money meant she grew up “believing if I was clever and lucky, I’d be OK”.
Why women are rethinking money
Five years ago, the friends decided to team up and turn it all around, working on a plan to “treat money with respect”. Through reading finance books and listening to podcasts, they realised many other Kiwi women felt the same about money as they did. Data from Te Ara Ahunga Ora Retirement Commission released last year shows 62% of women are financially uncomfortable, compared to 51% of men, and the level of debt women carry is the highest since research began in July 2021.
To counter this, Rachel and Angela first developed a course called Hi Money, which has now brought hundreds of women together in groups to discuss finances.
“We’re not telling people what to do as there’s no right way to talk about money,” Angela says.
“We’re creating a safe place to talk about it.”
Taking their message further
With a focus on reaching as many people as possible, the pair have now taken what they’ve learnt from the course and turned it into a book called Money, Money, Money.
“Even if someone does have it together, job loss, illness or divorce can change things quickly,” explains Rachel.
“And when you realise the system is stacked against women, that’s another major motivator.”
The friends are quick to point out that the book is more than two women just talking about their feelings.
More than just opinions
“This isn’t our hot take on money,” tells Rachel.
“We’ve spoken to experts – from divorce lawyers and financial advisors, to professors and even a parental-leave expert.”
Angela also insists that people cannot budget their way out of poverty.
“Everyone should have a dignified income because right now, we’re experiencing a gendered financial crisis in New Zealand.”
The gender money gap
Add gender pay gaps and pay equity into the mix, and it’s no wonder women find it harder to build wealth. While Rachel and Angela are now well on their way with saving and investing, both are honest – they still make mistakes.
“I sometimes do weird perimenopausal shopping for makeup,” Rachel admits.
Meanwhile, Angela reveals she recently bought a very expensive pair of French knickers.
A sense of humour about money
“I didn’t factor in the exchange rate, so now I jokingly call them my heirloom knickers!”
Underwear aside, Rachel believes if the close mates had known more about finances earlier in life, it would have changed their trajectories.
“Helping women have better conversations about money, whether it’s feelings, salaries, savings or investing, is important because silence keeps us all broke,” tells Rachel.
Angela adds, “What we really want is to build a movement so more women are cashed up, in control and confident, because what’s good for women is good for communities and the planet!”
Money, Money, Money: How To Reset Your Money Mindset And Find Financial Freedom – Every Woman’s Guide ($35, Allen & Unwin) is out now.
To attend their book tour in Auckland, Wellington, Queenstown or Christchurch, go to himoney.co/events
