Welcome to our #242 weekly newsletter.
“For women taking control of their financial future”
-Jana Hlistova
From The Purse
In this week’s newsletter, we highlight a short excerpt from the interview on The Purse Podcast with financial psychiastrist Vicky Reynal.
We talk about how financial psychotherapy can help address money issues, evolving gender roles, money habits, money avoidance, the impact on relationships, crisis points, and how women can engage more with their money. Please enjoy!
Listen to the full interview here.
***
And you can review the news in brief so you stay on top of global financial, economic and investing trends.
I hope you enjoy this week’s newsletter.
Until next week,
Jana
Financial psychotherapy, evolving gender roles and money habits.
Financial psychotherapist, Vicky Reynal joined us on The Purse Podcast to talk about money, money behaviours, how this impacts our relationships and more.
We interviewed financial psychiatrist, Vicky Reynal on The Purse Podcast.
Vicky runs a London-based private practice that specialises in financial psychotherapy.
She is the author of Money on your Mind: the Psychology behind your Financial Habits, which recently won Best Book at The Money Awareness and Inclusion Awards.
With a dual background in psychology/psychotherapy and an MBA from London Business School, she has worked with people from a range of industries, public sector, and creative professions.
She has years of experience as a psychotherapist in the private and public sectors, including the British NHS and has lived and worked in nine different countries across three continents.
We talk about gender roles and money, childhood influences on money behaviour, money avoidance and crisis points, money dynamics in relationships, therapy sessions about money issues and how women can engage more with their money.
Here is a a short excerpt from the interview:
Jana: “…How are gender roles evolving as a result of women earning more, inheriting more, owning more…?”
Vicky’s response:
..Things are evolving, they are changing, but how much that translates into different dynamics within couples? It's slow.
And I think many women… might have had the arguments with their partner at home around… why does the childcare and household responsibilities still default to her, even though they're both in full time employment?
Despite having similar salaries, I might still see the man managing the investments and assets, and then the woman managing more the household and holiday budgets, for example.
It is not an uncommon scenario, and it's taking time to shift because as humans, we default to what's familiar.
And even if a part of us would rationally not agree with how we're handling things and would rationally think that yes, we should both manage investments and we should both equally contribute we default to what we know.
And that's because many of us grew up in a ‘traditional model’; it is hard to fight against those tendencies and those stereotypes that we carry internally.
In Money On Your Mind, I talk about the paradigm of money equals power, and one couple in particular has gone to couples therapy, and the partner confesses that they feel entitled to less housework because they earn more money.
But I have seen cases in which even when they earn the same or the woman earns even more, she's still burdened with those responsibilities.
And so you can see that at one level, we believe one thing, but at another level, it's hard to apply it.
Jana: “It is hard to apply it. And I can understand how we want to have harmonious relationships… but it becomes difficult if you really want…(something) to change and the other partner won't let you…”
Vicky’s response:
But I've heard many times women say: ‘oh, but you know, he takes charge of it. He doesn't let me do anything’.
And I think in order to shift dynamics, we need to take some responsibility for are half of it, are half of the dynamic.
And sometimes I challenge that a little and I say": well, when was the last time you asked to do more, or you took some initiative, or even tried, or even simply just brought it up that you think it should be balanced differently and you want to learn how to manage the investments”.
And the answer is, often not.
Often we sit comfortably and that dynamic on the one hand and then maybe complain about it on the other hand, but we haven't really taken the steps to allow it to shift.
Jana: “Right we haven't really done the work. So for example, I love this idea of a ‘money date’ with your partner and maybe suggesting a money date once a week initially..and you can decide what you cover… that's a positive step, isn't it?”
Listen to the full interview here.
News in Brief
Financial news
Japan's Yen weakens beyond 160 per dollar, the weakest level since 1986. A weaker yen squeezes households by increasing import costs.
Financial markets at risk of 'sharp correction', warns Bank of England. In its latest financial stability report, the BoE says that high inflation, or geopolitical risks, could trigger a selloff.
Global wave of elections could hit UK financial system, warns Bank of England. Central bank raises concerns over newly elected governments as more than 80 countries go to polls this year.
The assets in Cathie Wood’s ARK Innovation ETF have shrunk by $22.2bn. Just ~$11bn came from cumulative outflows, the rest from price losses.
The descent is as fast as the ascent: Nvidia is now only number 3 and again worth less than $3tn.
Amazon enters elite $2tn club as AI optimism fuels rally. Amazon up ~27% this year, driven by improving growth trends as AI re-accelerates its cloud-computing business. The milestone puts Amazon into an exclusive club of comps worth $2tn or more: Alphabet crossed the level in April, while Nvidia, Microsoft, and Apple are all worth north of $3tn.
Crypto: bitcoin, ethereum, DeFi
Bitcoin plunges 5%+ as funds see most outflows over 2 weeks since ETF approval. Bitcoin investment products saw ~$600m in outflows for a second consecutive week. It is currently trading at $60,890.
Ethereum has dropped 3%+ over the past week, it is currently trading at $3,365.
Solana leaped by an impressive 6% this week to over $142 thanks to VanEck pitching the first-ever application for a U.S.-based Solana ETF. It’s a prevalent bullish thesis for altcoin investors, eager for a taste of the Wall Street inflows that Bitcoin ETFs enjoyed earlier this year. And 21Shares followed up with its own Solana ETF filing on Friday, continuing the buzz.
Alternative runner-up smart contract platforms including Cardano (ADA), Avalanche (AVAX) and Polkadot (DOT) also rose approximately 5.5%, 11%, and 7% respectively.
The Telegram-linked Toncoin (TON) recovered some of its gains from earlier this month following a steep correction last week, rising over 5% in the last seven days. It has now successfully eclipsed Dogecoin as the 9th largest crypto by market cap.
Kaspa (KAS)—a top 25 crypto by market cap exploded 23% this week after Marathon Digital announced that it was mining the cryptocurrency.
Blast (BLAST) was a major focus for traders this week, as the token tied to the Ethereum layer-2 network finally launched alongside a sizeable airdrop that put $354 million into the wallets of users.
The Solana-based Joe Biden “Jeo Boden” (BODEN) token plummetted 52% in a single day whilst Donald Trump’s, “Doland Tremp” (TREMP) token plunge late Thursday into Friday—though it's still up 13% on the week.
SEC returns S-1 forms to Ethereum ETF issuers, with at least one more round to go. ETH ETF go-live expected on 4 July.
On Thursday, Coinbase sued the SEC agency and the FDIC over its handling of FOIA information requests.
On Friday the SEC sued MetaMask-maker Consensys over the $250m in fees it's collected.
The Purse Podcast
We cover the following on our conversation:
What is financial psychotherapy
Gender roles and money
Generational differences in women's financial behaviour
Childhood influences on money habits
Money avoidance and crisis points
Money behaviours and self-sabotage
Money dynamics in relationships
Therapy sessions and overcoming financial issues
How women can engage more with their money
Please enjoy! Listen on Apple Podcasts and Spotify+
Coffee Break? Read This
We’d love to hear from you. Get in touch with Jana via the The Purse website or tweet @jointhepurse and janicka. We do no provide investment advice. Please do your own research or speak to a financial adviser.
The Purse Ltd. Copyright 2024 & All Rights Reserved
Financial psychotherapy, evolving gender roles and money habits. Listen to the podcast interview with Vicky Reynal