It was interesting to see that Jamaica Money Market Brokers, Ltd. (JMMB) launched a suite of products for women, who already make up 59% of their client base and account for nearly 60 percent of revenue, in this Jamaica Gleaner online post. JMBB Her Wealth promises to provide tailored financial products to make women financially stronger and position the company for growth.
I was excited to check out these products and services on the JMMB Her Wealth webpage, that are divided into 4 categories:
An education plan for your children
A maternity loan to cover those major expenses
Prepare with an emergency saving fund
Secure home loans.
Education loan solutions.
Personalised savings and investing plans.
Secure your future with a retirement goal plan.
Access a working capital loan to help grow your business.
Personalised savings and investment plans.
100% financing on auto loans.
Up to 15% discount on auto insurance.
A family indemnity plan, to cover funeral expenses for you and your loved ones.
After checking out these wealth product offerings, I was surprised to see that retirement planning was not the first on the list under her responsibility and was trying to figure out how a maternity loan, education loans and 100% financing on auto loans together would help Caribbean women build wealth.
JMMB’s Her Wealth’s webpage did not provide specific details on the terms and conditions of these loans and why a woman, who likely would be experiencing a drop in income, should opt for a maternity loan.
Here are my thoughts on how JMMB can improve their offerings to really make women financially strong,
Shift Retirement to the Top of her responsibility
Women absolutely need to prioritize investing for retirement above any other parental or familial commitment. It would be great to see this fact reflected as the first order of business under her responsibility. And while I’m talking women’s priorities to themselves, women should minimize the use of education loans for their own advancement and would benefit from an education plan for themselves, as well, not just their children.
[clickToTweet tweet=”Caribbean women absolutely need to prioritize saving for their retirement” quote=”Caribbean women absolutely need to prioritize saving for their retirement, even before their children’s education funds.” theme=”style2″]
Replace Maternity Loans with Maternity Funds
Maternity loan and wealth in the same sentence, is perplexing enough, and I really can’t imagine for a maternity loan can help women build wealth. A maternity fund as a replacement offering would help women be well prepared for the time they take off to bond with a newborn and care for herself, without going into debt and reducing her net worth.
[clickToTweet tweet=”It’s hard to figure out how @JMMBGroup can call a maternity loan ‘Her Wealth’… ” quote=”It’s hard to see how a maternity loan helps Caribbean women build wealth….” theme=”style2″]
Publish Rates, Fees and Financial Education Content Online
JMMB offers quarterly wellness workshops as an added benefit to its Her Wealth clientele, but in order for women, who are busy balancing varied responsibilities, to make informed decisions about financial products marketed to them, comprehensive information about fees, loan interest rates and investment options, need to be accessible online. This will simplify the process of comparison shopping and enable women to be well prepared before contacting a sales person.
Plus, since JMMB highlighted that women don’t trust themselves to make financial decisions, online educational content would be an even valuable benefit for the women to access 24/7. Are you a woman considering JMMB’s Her Wealth products? What do you think about these new women-tailored products?