Elena Vinton: Educating girls from a young age is the key to boosting financial independence among women
This International Women’s Day, Elena Vinton, Head of Client Services at Public Trust, explains the importance of diversity in the workplace, personal challenges she’s faced, and why she’s determined to help educate her daughter to be financially independent.
Elena Vinton was determined to forge a different life to her mother who was trapped financially in a relationship, forced to stay with her breadwinner husband.
That was the catalyst for Elena to build her own financial independence and encourage other women to do the same.
“When I was a teenager, my parents’ marriage wasn’t great. My mum knew that if they were to separate, she would not be able to raise two children on her own income. I never wanted to be in the same position as my mother, where you’re only in the relationship because your husband is the financial provider.”
Fast forward, and Elena is now the Head of Client Services Auckland at Public Trust, after time spent in banking, tax and legal industries, including time in London. She plays a vital leadership role in Public Trust’s Corporate Trustee Services team.
Passing on knowledge to daughter Sasha
Elena's a mum to 11-year-old Sasha, and encouraging confidence in finances and financial education is important to Elena.
“Sasha has her weekly pocket money and we talk about spending and saving, and I show her the power of compound interest. Interestingly, she’s the kind of child who thinks about saving,” she says.
Learning these skills were important because so many factors worked against women, and often end up with less retirement savings than men.
“I’ve seen so many women after a separation left with nothing. It can be very hard for a woman to rebuild her life financially, especially later in life,” Elena explains.
“Quite often, women have to learn the hard way. When they separate, it’s often too late to start thinking about KiwiSaver contributions, investments, protecting your financial interests, and can be challenging to start learning. Women never think these things will happen to them, and it can take decades for women to build their own financial security, rather than be an extension of their husband.”
Encouraging girls from a young age
Elena’s tip is to encourage women from a young age – at high school – that money isn’t something to be afraid of, and to upskill themselves. Even as an adult, starting small and being engaged in things like your KiwiSaver account and learning about compound interest and how investing works can go a long way. Learning about and creating a will and enduring powers of attorney (EPAs) were an important part of financial literacy too, she said.
“It’s important to educate girls from a young age that they need to be thinking about their financial independence, because things can and do happen, and they can happen in the blink of an eye.”
This International Women’s Day, the theme #inspireinclusion hits personally for Elena, who has lived in New Zealand for 24 years.
“Being Russian and a woman, and having an accent, you’re different. Whether you like it or not, there are stereotypes, and you have to work hard to remove them."
At one point, Elena even changed her name to Helen to fit in with colleagues and assimilate.
“My most important message is to be confident and comfortable in your own skin. This is me, I can’t change it. I need to believe in myself and accept who I am.”
“Often when we talk about inclusion, it’s only gender that’s discussed. But it’s also race, religion, backgrounds, and different points of view. It is important to have a diverse range of views and opinions and we are all the better for having that in the workplace.”
Be confident to enter financial services industry
Elena encouraged women to not be afraid to enter the financial services industry, saying although there was still work to be done to improve inclusivity in a male-dominated space, things had progressed.
“It is one of the few industries where female participation is actively encouraged, and there are a lot of industry events specifically for females. It’s such a broad industry and you’re always challenged. You will never get bored and you’re always learning.”