Secret Bank Accounts

Ladies, should you have a secret bank account? Two-thirds of women whose partners are the primary breadwinners say they feel trapped.

I sat down with Global News to look at how (and why) women need to take more ownership of their financial picture.  Watch the segment here.

#1. Let's start with whether or not you should have a secret bank account.

  • Two-thirds of women whose partners are the primary breadwinners say they feel trapped
  • Sixty-four percent of those who have a joint bank account with their partner or spouse revealed they felt pressured into the decision.
  • While 71% percent of respondents think women should have a separate account from their partner, only 51% actually do.
  • One in five (19%) married women have hidden accounts from their spouses and 28% of women cohabitating with a romantic partner have the same.
  • 66% of Married women regret not having a safety net

#2. Why is it important for women to make more of their financial decisions?

  • Money is like oxygen, you just can’t let anyone else control your supply.
  • Researching my last book I was surprised to learn that the average age of divorced women is only 41 and 57 for widowhood.  And in divorce, she’ll need 30%
  • There’s a cool new digital tool to gauge your financial literacy – it’s out by the non-profit National Payroll Association called the Fitness Evaluator tool – you can find it at financiallyfit.ca and it’s going to guide you through a series of thought provoking financial questions that will help you assess if you’re financially stressed, coping, or comfortable.  Loads of great resources once you’re done – super easy and quick to complete.

#3. Another theme…perhaps why a number of women think they should have a secret bank account … the bag lady syndrome. What is that about?

  • Oprah has been quoted saying that even with her billions of dollars, she suffers from the back lad syndrome. An Allianz study of women with household incomes of $30k or higher found 49% of respondents “often” or “sometimes” feared losing all of their money and becoming homeless. 1/3rd of these women had incomes of $200k or more.  It’s a real concern for women regardless of income
  • It’s a fear of losing money no matter how much you have and limitations can include not taking risks with investments or career planning.

#4. You have a conference coming up designed to educate and empower women with their finances. Tell us about that.

  • My mission used to be for Canadians to feel good about money but that’s not good enough anymore.  Especially learning the research from my last book.  So my new mission is for women to claim their wealth.  There are literally millions of dollars of free money left on the table each year.  I want women to claim more of it.  We really are richer than we think.  Leaning into your financial freedom starts with learning what you didn’t realize you need to know.  At the end of the conference, women will know:
    • How to claim more of their wealth
    • Gain financial freedom
    • Break generational misconceptions and false beliefs about creating wealth for her and her family by creating prosperity that lasts
    • It’s a national virtual conference on April 6th.  There’s still tickets available and if you can’t make the full day, the recordings will be available for 30 days post event.  Find out more and register at kelleykeehn.com

Check out my fall events. Learn more