Financial confidence is not just about how much money you earn. It's about understanding it, managing it, protecting it and making it work for your future.
Financial well-being is closely connected to our mental and physical health. Yet, for many women, money remains one of the biggest sources of stress and one of the least openly discussed subjects.
That is exactly why we brought together our community for Money Reimagined, a HerSphere financial education workshop with Carla De Silvo from “Finsbury Wealth” and Charis Marr with Shana Doherty from “In Good Wealth”.
The session explored an important question: Are we actually making our money work for us, or are we simply working to earn it?
The conversation went beyond budgeting and saving. It challenged participants to think differently about financial independence, long-term wealth creation and the importance of being financially prepared for life's unexpected changes.
Financial well-being is part of overall well-being
Money worries rarely stay confined to our bank accounts. They affect our sleep, relationships, confidence, decision-making and even our performance at work.
Financial stress can follow us into almost every aspect of daily life.
For women navigating career changes, divorce, bereavement, raising a family, returning to employment or starting a business, having financial confidence is particularly important.
Financial independence is not simply about earning more. It is about having the knowledge and confidence to make informed decisions about what you earn, what you save and how you prepare for the future.
The five pillars of prosperity
One of the key frameworks introduced during the workshop was the Prosperity Power framework, built around five interconnected pillars.
Think of them as different parts of your financial fitness. Each one plays an important role.
1. Earn – Create income and value
Your income is the starting point. This includes your salary, business income, investments and other sources of earnings. Understanding how you generate income and identifying opportunities to increase it are essential foundations.
2. Save – Build financial stability
Savings provide security and flexibility. Emergency funds and short-term reserves help protect you from unexpected expenses and reduce the need to rely on borrowing when life takes an unexpected turn.
3. Grow – Build wealth for the future
Saving alone may not be enough to maintain your purchasing power over time. Long-term investing can help your money grow through compounding and participation in financial markets.
4. Spend – Enjoy your money intentionally
Financial well-being is not about restricting every expense. It is about making conscious spending decisions that reflect your priorities, values and lifestyle, without unnecessary guilt.
5. Protect – Safeguard what you have built
This is often the overlooked pillar. Insurance, appropriate estate planning, wills and understanding where important financial documents are kept all contribute to protecting your assets and the people who depend on you.
The five pillars work together. Building wealth without protection, for example, can leave you vulnerable when unexpected circumstances arise.
Inflation: The hidden cost of keeping money in cash
One of the most interesting parts of the discussion was understanding how inflation affects our everyday lives.
We often think that having AED 100,000 sitting in the bank means we still have AED 100,000 in value ten years later.
But purchasing power tells a different story.
The workshop illustrated this using examples from everyday life in the UAE, including rising grocery costs, coffee prices, petrol and entry to Dubai Miracle Garden.
One particularly striking example was the reported increase in petrol prices over the past decade.
Using an illustrative annual inflation assumption of 3%, AED 100,000 kept in cash for ten years would have purchasing power equivalent to approximately AED 74,409 today.
The money has not disappeared. Its ability to buy goods and services has simply declined.
This is why understanding the difference between saving and investing matters.
The power of compounding
Compounding is one of the most important concepts in long-term wealth creation.
It means earning returns not only on your original investment but also on the returns accumulated over time.
The longer money remains invested and compounds, the greater the potential effect.
The workshop compared three illustrative scenarios for AED 100,000 over ten years:
Keeping the money in cash, assuming 3% annual inflation, would reduce its purchasing power to approximately AED 74,409.
A savings account earning a return that offsets inflation would broadly preserve its purchasing power.
An investment growing at an assumed 7% annually would reach approximately AED 196,715 before inflation.
The important lesson was not that investments guarantee these returns. They do not. It was that time, consistency and an understanding of risk can make a significant difference to long-term financial outcomes.
Investing: You don't have to pick the winning company
For many people, investing feels complicated or intimidating.
There is often a perception that you need to understand individual companies, follow the stock market every day or have substantial capital before you can participate.
The workshop introduced the concept of exchange-traded funds (ETFs) and diversification.
Rather than trying to identify one winning company, investors can consider broad funds that provide exposure to a basket of companies.
The speakers used a simple analogy: instead of trying to find the needle in the haystack, consider buying the haystack.
Diversification can help reduce the risk associated with relying on a single company, although it does not eliminate investment risk.
Another concept discussed was dollar-cost averaging: investing a fixed amount regularly, regardless of market conditions.
When prices are lower, the same contribution buys more shares. When prices are higher, it buys fewer. Over time, this approach can help investors maintain consistency rather than trying to predict market movements.
Market downturns are part of investing.
Financial markets do not move in a straight line.
The discussion explored historical market downturns, including the Great Depression, the 2008 financial crisis and the COVID-19 market shock.
Each involved significant losses before subsequent recoveries.
The lesson was that investing requires patience and an understanding of market volatility.
Emotional reactions can be one of the biggest challenges. When markets rise, investors can become overly optimistic. When markets fall, fear can encourage people to sell at the wrong time.
Having a long-term strategy and understanding your own risk tolerance can help prevent short-term emotions from driving important financial decisions.
What does your retirement actually cost?
One of the most thought-provoking exercises involved a fictional case study of Sarah, aged 45, who wanted to retire at 60 with a monthly lifestyle budget of $5,000.
With an assumed 3% annual inflation rate, her required monthly income at retirement would increase to approximately $7,790.
The illustration estimated that she would need around $1.87 million in capital, based on a 5% annual withdrawal assumption.
Different savings and investment scenarios demonstrated just how much the outcome could change depending on contributions, returns and starting capital.
The exercise highlighted an important point: retirement planning should not begin when retirement is approaching.
It should start with understanding the lifestyle you want, estimating what it may cost and working backwards to establish a realistic plan.
The financial independence gap among women
An interesting discussion during the workshop focused on the disconnect between women's financial ambitions and their participation in investing.
The figures presented highlighted that although financial independence is a priority for many women in the UAE, a significant proportion of assets managed by women remain in cash rather than invested.
Confidence, access to knowledge and uncertainty about where to begin can all contribute to this gap.
This is precisely why financial education matters.
Women should feel comfortable asking questions, understanding financial products, discussing money and seeking professional guidance without feeling that investing is something reserved for experts.
Don't forget to protect your financial future
One of the most important reminders from the session was that financial planning is not just about building wealth.
It is also about protecting it.
Life can change unexpectedly. Bereavement, illness, separation, property damage or changes in employment can have significant financial consequences.
Having appropriate insurance, a valid will, organised financial documents and a clear understanding of your financial arrangements can make an enormous difference when circumstances change.
It is also important for couples and families to communicate openly about financial responsibilities, accounts, investments and where important documents are kept.
These conversations should not be postponed until they become urgent.
Your next steps: Start with what you have
You don't need to transform your finances overnight. The most important thing is to start.
Following the workshop, participants were encouraged to take three practical steps:
Review your monthly expenses. Understand your fixed costs, spending habits and how much you have available after essential commitments.
Assess your financial position. Explore the free interactive tools and Prosperity Pulse assessment available through In Good Wealth to identify potential gaps across the five pillars.
Start having financial conversations. Discuss financial responsibilities, future plans and the location of important documents with your partner or family. Revisit these conversations regularly.
Small, consistent steps can create meaningful changes over time.
Why conversations like these matter at HerSphere
At HerSphere, we believe that rebuilding independence means looking at the whole picture.
It is not just about returning to work, developing a business or finding new professional opportunities. It is also about rebuilding confidence, understanding your choices and creating a more secure future.
Financial literacy is an essential part of that journey.
Whether you are starting over, returning to work after a career break, navigating a major life transition or simply wanting to take greater control of your finances, understanding money gives you more choices.
And choices create independence.
A big thank you to Carla De Silvo and Charis Marr for sharing their knowledge, insights and practical guidance, and to everyone who joined us for this important conversation.
Because financial independence begins with financial confidence. And it is never too late to start.
Please note: The workshop was educational in nature and did not constitute individual financial or investment advice. Investment returns are not guaranteed, and any financial decisions should take account of individual circumstances and risk tolerance.
For further individual financial advice, where you stand, how to move forward, and how to manage and grow your wealth, please contact our trusted partner, Carla De Silvo (ACSI) - Senior Financial Advisor based in Dubai:
M: +971 (0) 52 168 3614
T: +971 (0) 4 320 8065
E: carla.desilvo@finsburywealth.com
W: www.finsburywealth.com
linkedin.com/in/carla-de-silvo-wealth-managment
or Charis Marr from “In Good Wealth” - financial coach in Abu Dhabi:
IG: @InGoodWealthhub or visit www.InGoodWealthHub.com
