Join Sian and Rachael in the studio as they welcome guest Elizabeth Prager, co-founder of Aila Money, a digital finance coach that empowers everyone to manage their money better.
Listen in (you can also follow along with the transcript using the tab at the top) to find out…
Did you know women taking a career break to have a baby risk losing a significant amount of their pension - yet a few simple steps could sort this out?
High earners could be walking away from over £400,000 in their career, just because they didn’t make a few simple adjustments.
If you already know you want to invest, how do you pick the right advisor for you?
Perhaps you’re embarrassed to get financial advice because you don’t think you have or earn enough money, or you’re in debt.
Listen in to get ideas for wherever you are in your financial journey.
This episode was recorded live in our UK Studio and became a podcast for eternity. If you want to follow along or get references quickly, the transcript is in the tabs.
We would love your comments about your experiences or thoughts on the topic of this show. Also, if you have ideas about other subjects you would like us to cover, please use the comments to share.
Meet Our Guest
Elizabeth Prager
Elisabeth Prager is the co-founder of Aila Money, a digital financial coach that empowers everyone to better manage their money, so they can find the financial freedom they are seeking.
Before starting Aila Money, Elizabeth was a freelance strategy and management consultant working in the impact sector with UN agencies.
Elizabeth in her own words…
I started in the financial services sector in life and pensions (Standard Life), before moving into private banking (Coutts).
Then I joined a boutique consulting firm (Elixirr) where I had the opportunity to hone my strategy and innovation skills. It was a fabulous opportunity to see how many different companies solve similar problems.
Eventually, I started asking myself what the purpose was behind my work, and then had the opportunity to start working in the philanthropic sector; namely the Tata Trust - Asia's largest foundation in Mumbai.
From there, "life" took over - I moved to Copenhagen with my partner heavily pregnant and didn't want to sit idly. So I started freelancing. I've done that ever since for various impact investing, impact consulting and multi-lateral / UN organisations.
For the past couple of months, I have embarked on the journey of Entrepreneurship; with Aila Money.
I have had the pleasure of living and working across Europe, Asia, Africa and North America; which gives an insight into my sense of adventure!
Why did I establish Aila?
My co-founder, Nitika, and I bonded because we both worked in finance. Working in the sector, it struck us how much financial advice was available to people who had money.
But at the same time, our friends were coming to us for guidance on investing. Questions like ‘How does investing work and what kind of product or fund might be right for me?’ or ‘What is ESG (Environmental Social and Governance) investing and how do I know my money is doing good?’ kept cropping up.
We became increasingly dissatisfied with how the financial services industry is exacerbating wealth inequalities. There is a huge money advice gap, especially with the younger generation and women. A Royal London report estimated that approximately 75% of the UK population don’t receive independent financial advice, and without this, individuals stand to lose an estimated £48k on average every ten years. In addition, the gender investment gap is substantial, with high-earning women losing out on almost £800k over their careers by not investing (Ellevest 2018).
At the same time, we realised there was a huge inter-generational wealth transfer taking place. In the UK alone, between 2020-2050, £5.5tn is due to be transferred into the Millennials’ and Gen Z’s hands (FT Advisor, 2020). In addition, by 2025, 60% of the UK’s wealth is projected to belong to women (WealthiHer, 2019). For these groups, having access to high-quality independent financial advice is essential.
With the current cost of living crisis, rising interest rates and high inflation, financial stress is also on the rise. These gaps and inequalities seemed worthy issues to tackle.
So, what is Aila Money?
Aila Money is a personal finance coaching solution for people embarking on or in the middle of successful careers, who are looking to be more financially effective and efficient.
Aila comprises three core capabilities:
Aila Assistant is a digital financial assistant that provides users with a complete overview of their finances and gives them personalised prompts and information to help them better plan and manage their money, in line with their life goals and financial situation. The prompts leverage behavioural science principles to nudge people into action. Financial learning modules are also embedded into Aila Assistant.
An example of a prompt might be something along the lines of ‘I notice you don’t have a Lifetime ISA, did you know as a first-time buyer if you save £4,000 a year, the Government will add an additional £1,000?’.
Aila Coach gives users access to an accredited financial coach - a human - to guide their financial journey and hold them to account. When interviewing people about money, we realised that their financial behaviours were often intertwined with emotion. From lacking the confidence to invest to feeling a heightened sense of financial responsibility when becoming a parent; emotions and money are inextricably linked. Aila’s accredited financial coaches help users address the emotions and the money side of things.
Aila Advisor connects users to a network of experts and vetted advisors to help with more complex money situations. For example, you might need to speak to a mortgage advisor or lawyer if you want to buy a house - or a pension advisor if you are looking to plan for retirement.
Connect with Elizabeth at her website https://ailamoney.com
Meet Our Hosts
Host and Creator Sian Murphy
Sian Murphy is an accomplished broadcaster, event host, coach, and writer who has dedicated her career to helping female entrepreneurs and creative professionals gain visibility and share their brilliance with the world. She is the founder and host of The Women In Business Radio Show, a live weekly program broadcasted on Channel Radio that provides inspiration, unfiltered discussions, and valuable insights to businesswomen.
Through her radio show, Sian creates a platform where down-to-earth businesswomen can share their ideas, tactics, and stories. This platform not only empowers women in business but also fosters a community of shared experiences and support.
In addition to her role as a radio host, Sian is also the CEO of Women in Business Events CIC, a social enterprise that organizes regular events and fairs centered around health, beauty, and handmade products. These events provide an additional avenue for women entrepreneurs to showcase their products and services, further amplifying their reach and impact.
Sian's work extends to the digital realm as well, with a strong presence on platforms like Medium where she shares her thoughts and experiences hosting shows for women in business and running numerous events. Her engaging and relatable content resonates with her audience, further establishing her as a trusted voice in the field.
Whether through her radio show, events, or online content, Sian Murphy continues to make a significant contribution to the empowerment of women in business. Her passion for supporting female entrepreneurs shines through in all her endeavors, making her a true champion for women in the business world.
https://show-event-introduction.zohobookings.eu/
Her website is https://sianmurphy.com/
Co-Host Rachael Bryant
Rachael Bryant
Rachael is the Create Disruptive Director of Your Video Team.
With over 10 years in the Photography and Videography world, she can bring an array of knowledge, having captured Live Events, Created Training and HR Videos and Multi-Platform Social Media content.
Find Rachael at her website https://www.yourvideoteam.co.uk/
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