Serena Wong wants more women to talk about Money
Source: A Plus Singapore
This veteran finance professional urges women to have more open discussions about money in her new book.
Career chameleon Serena Wong’s over two decade- long stint in the finance industry has included senior management roles with giants such as GIC Private Limited, Singapore’s sovereign wealth fund, the Indonesian private banking sector at JP Morgan, and Société Générale Corporate & Investment Bank in Paris and London. She was also head of advisory at Kamet Capital, a Singapore-based multi-family office, for over five years.
In addition, the Singaporean’s newly released book Why Women Don’t Talk Money, which she co-authored with her secondary school classmate Sharon Sim, also a financial industry veteran, is one of Amazon’s best sellers.
Growing up, her personal narrative around money was very different. Her parents, part of the resilient and hardworking generation of Singaporeans born around the end of World War II, believed education was the only way to rise in society. “In my 20s and even to some extent in my 30s, my money narrative was: go to school, get a good education, get a good job, get married, and have a family,” she says. “It has really always been a means to an end for us.”
She entered the world of finance without being privy to any “finessed discussions” around money and its value. This conditioning is true for most women, especially in Asia, who are brought up according to the Confucianism code of conduct, adds Wong. Her book explores this further. About the title, she explains: “It’s a bit tongue in cheek. It’s a statement, not a question. We really wanted to dig under the hood around this topic.”
The authors interviewed 24 women in the Singaporean context. The sheer discomfort associated with conversations about money was one of the most common themes. Men talk about money with each other—how much they make, what cars they are willing to buy, and what investments they plan to make. In contrast, women are more comfortable talking about their relationships, families, and children, says Wong. Their salaries, whether they are getting market rates, or how much interest they pay on their homes are rarely discussed.
In a high-cost place such as Singapore, there is more strength in aggregating with a partner or spouse on long-term investments.
Women need to exercise their own financial muscle as well. Why not have a separate small investment pot that could grow and become more significant in the future?
That is the premise of her book. “To begin with, we are trying to provoke or agitate the discussion by letting women know that we need to have this discussion with each other. This is a safe space.” Open discussions can help women acknowledge the money narratives that they “hold between their ears, not their heads”.
Wong and Sim uncovered a few positive stories, too, from mothers of a younger generation who have taken it upon themselves to teach their daughters the value of money, including planning their pocket money spending and thoughtfully investing their hongbaos, as well as women who were influenced by more powerful female role models as children.
By debunking the “girl math” stereotype, the book seeks to dispel certain myths regarding the topic. “Research shows that women have an investing edge because when we put our money to work, we do it for the longer term. We don’t trade in and out as much as men do,” says Wong. “We want women to realise their ability to bring the two together and navigate the space.”
Producer: Adora Wong
Art director: Ed Harland
Videographer: Alicia Chong
Photographers: Mun Kong & Cher Him
Photographer’s assistant: RJ Teo
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