Building Inclusive Financial Support

By Noella Carroll, Founder and Managing Director of Pinnaklo Limited

For men and women alike managing money isn’t easy, it doesn’t take care of itself, there isn’t a regenerating bundle of money that keeps on replenishing, it just isn’t there… What is different for men and women when it comes to money is how we are individually made up and of course, our gender. In general, for men, if there is something on the table that involves money the decision-making thought process is practical and long-term whereas for women the view is different considering the needs of and implications for others, along with the day-to-day practicalities – a view that is shorter term. Putting these two views together results in a very balanced and more likely a good decision, an example of our thought process behind the benefits of diversity and inclusion.

We know men and women think differently when it comes to financial decisions. For better decisions, women need men and men need women. So how does this affect decision-making in the business world for businesses led by women? Let’s look at three cases.

Case 1. Take the woman with a thriving, very profitable, small food company built from the ground up with no investment, just putting back into the pot all profits earned and growing slowly bit by bit, the only external funding taken as non-repayable government grants and never from 3rd parties, such as banks or other investors. This company will continue to grow but in a slow risk-averse way, and this woman will continue to work hard to grow the company investing more of themself than perhaps they could have if they sought out external investment and grow at a faster rate… why didn’t they invest in growth, why won’t they?

Case 2. The woman who starts a business part-time in a space which is a passion of hers and she can work around her availability, where her husband is the main earner, her business is secondary to her husband’s career, therefore negotiated in and around the kids, the shopping, etc… why is this? Why doesn’t she press on and invest in the company she is so passionate about?

Case 3. Take then the woman that is the breadwinner of the family of three kids, a dog, and a stay-at-home dad, she must take risks, if she does not, she cannot put the bread and butter on the table. So, she kills herself trying to prove she can do it and does this but to the detriment of her health. Why?

To win big you sometimes need to take big risks.’ Bill Gates

These cases are typical of the women I meet in my work as a finance mentor. My conclusions from working with these women, and many others, is there is a fear within all women, fear of taking a risk, fear of not being good enough, fear of making mistakes and getting the blame but one consistent fear is money… this fear is too strong to take financial risk.

Being financially literate is a powerful thing, especially for women’ Otegha Uwagba

Is this not something that we can begin to address and really make a difference?

Financial literacy features as a key element for inclusive ecosystems in many of the WeRin partner countries’ regional scans. Download and discover the current state of gender inclusivity across five European regions here.

About Noella Carroll

Noella is a Chartered Management Accountant (CIMA) with a degree in business (BBS) from Waterford Institute of Technology and a career in Finance spanning 26 years as an accountant, finance manager, controller, director, and now a consultant. Supporting organisations from small family businesses to large, working her way up through the ranks to hold positions of responsibility with her drive and energy for achievement, strong people skills, and a passion for mentoring others to achieve.

Noella brings her experience as a finance leader to the Society of Chartered Surveyors of Ireland in her role as non-executive director on the board and the audit and finance sub-committee and to the Cork branch of Network Ireland as Treasurer.

In January 2020 Noella set up her own company Pinnaklo Ltd, a financial mentoring company providing robust financial strategies, management, and advice stretching far beyond accounting, strengthening organisations, and empowering CEO’s and management teams.

Noella’s power is to simplify and build strength around financial processes, allowing her clients to make decisions backed with key financial information, empowering organisations to grow, strengthen and succeed which brings fulfilment, and satisfaction to Noella and her clients.