Your Next Chapter Podcast Episode 42: Katherine Hann – The power of Financial Literacy

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Your Next Chapter Podcast Episode 42: Katherine Hann – The power of Financial Literacy

Katherine Hann started life with a huge advantage – an extraordinary role model. Her Mother was one of just 3 women in a class of 80 when she attended University in the 1950’s and she always told Katherine “anything is possible, you just have to try and it doesn’t matter if you don’t get there the first time, keep going”.

Those sage words provided a guiding light for Katherine as she moved through her own career from a Lab Technician to Call Centre Manager, to customer service and sales to Management roles in the Hungry Jacks chain. She was always seeking, changing, excelling and moving, not tied down by a particular plan, but always keenly aware of how each role appealed to her and when she needed more.

The chameleon in her began to set down the anchor for her next, and most rewarding, chapter when she had her “BBQ Moment”. A conversation with a friend, who became a Mentor, opened the door to the world of Financial Planning, a world that allowed Katherine to combine her love of travel with her deep affinity for helping people and natural aptitude for numbers.

In 2013 Affinity Financial Planning was born and Katherine has been empowering women with financial literacy ever since. Katherine was recognised in her field by winning the “Most Trusted Advisor in South Australia” in 2015 – clear evidence that she is most certainly in her zone of genius.

Every role you have had, every experience you have gathered readies you for Your Next Chapter… we just don’t always realise it at the time. I know you’ll enjoy this conversation.

Listen to the Episode

Show Notes

  • A thirst for knowledge is a very, very good thing – self-education in the areas and topics that draw you in is always a great investment in yourself
  • Be aware of your strengths, your skills and what you love – these will provide the signposts to guide you more successfully on your journey than anything else
  • It’s not always easy – we all experience doubt, but be willing to tune in and listen to yourself and take that next step that feels right, even if you don’t know exactly where that path may lead!
  • Be aware of your short, medium and long term goals but stay open to opportunities and have a flexible mindset
  • Many women have been exposed to a massive gap in the life skill of managing money – our parents did not always have the skill to pass on to us and it wasn’t taught in schools, but it is never too late to empower yourself with knowledge
  • Women often find to easier to ask for help and input and that makes it far easier for us to learn these new skills
  • You don’t need to be wealthy to see and have a relationship with a financial adviser

Links and More Information

Katherine refers to “the five key tools of financial literacy” (and how they will make a huge difference for you and your family) in our conversation and here they are:

Financial Literacy is a combination of financial knowledge, skills, attitudes and behaviours required to make sound financial decisions to improve your financial wellbeing.

There are five key behaviours that relate to your financial literacy:

  • Keeping track of finances – how to manage everyday income and expenses.
  • Planning ahead -plan for the medium and longer term, including for your retirement and beyond.
  • Choosing financial products – understand and assess different investment options and their underlying risks.
  • Staying informed – use of information, tools, legislation and guidance.
  • Financial control – savings behaviour and managing debt.

Why is financial literacy important to you and your family?
The households of Australians aged 55 and over currently own a combined $2.8 trillion in assets and over the next two decades will pass on much of this.

Therefore, the next 20 to 30 years will see the largest intergenerational wealth transfer in Australia’s history and many of the younger generations will be the main beneficiaries.

What can you do to make sure your family are financially knowledgeable?

  • Sit down and having an open discussion about the money that is expected to flow through to the next generation.
  • Let your family know how you came to accumulate this wealth, the strategies that you have employed and any expectations that you might have around the use of these assets in future generations.
  • Seek professional advice about their existing circumstances. A professional adviser can put them on the path to understanding their current financial situation compared to where they would like to be in the future, and how best to handle receiving a future inheritance.

Katherine Hann

Katherine is the founder, owner and director of award the winning financial planning practice, Affinity Financial Planning Australia. She has been delivering strategic financial planning advice and investment management for private clients for nearly 7 years.

Katherine was the Financial Wisdom Rising Star in 2013 and in 2014 was awarded AFA Female Excellence in Advice Award national finalist.

In 2015 Katherine was named Most Trusted Adviser South Australia by “The Beddoes Institute”, nominated by her clients.

Prior to founding Affinity Financial Planning Australia, Katherine held an advisory role with Alan Donald Financial Services and has a wealth of experience in the banking industry focused on customer service.

Katherine has just completed the Fellow Chartered Financial Practioner’s qualification and has a keen interest in the technical aspects of personal finance.

Katherine has a passion for financial literacy and economic empowerment for women, believing that her role as a female financial planner gives her a unique insight into what women need.

She believes that a cornerstone of financial planning is the recognition that everyone’s economic and life situation is unique. Personalised service is essential when matching clients with the right financial products and services.

A commitment to professionalism and the cooperative development of the unique personal goals of each individual forms the foundation of any strong financial plan.

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Reviews are greatly appreciated and super helpful in spreading the word to other Next Chapter women. Thank you!

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