Added: Oct 24, 2023
The guest on the podcast is Jayne-Anne Gadhia, the CEO of Virgin Money and the government's Women in Finance Champion. Gadhia discusses the importance of equality and diversity in business, stating that it is not only socially right but also economically right. She reflects on her upbringing and how money was always scarce in her household. Her mother instilled in her the importance of looking after the pennies and saving money.Gadhia shares that her career in banking was accidental. After meeting her future husband in university, they needed to find work and both decided to study to become chartered accountants. She worked for an insurance company called Norwich Union and later joined Virgin Financial Services, where she helped launch asset management and insurance products. Eventually, they ventured into banking with the support of Richard Branson. Gadhia reflects on the challenges of taking risks in business, particularly as a woman, and regrets not taking more risks earlier in her career.
The conversation shifts to Gadhia's leadership role and the difficulties she faced. She emphasizes the challenge of knowing how much risk to take and shares a story about proposing a solution to the Northern Rock crisis, which was met with skepticism from others. She highlights the importance of having supporters and encourages listeners to pursue their ideas and take risks.
When asked about her insights into how people spend money and how they can save more, Gadhia explains that people often understand how to save but may not always take action. She discusses the value of budgeting tools like Snoop, which provide insights into spending patterns and help individuals manage their finances. She also mentions the reluctance of people to switch banks due to the hassle involved, which can lead to banks providing suboptimal services.
The conversation then focuses on Snoop, a financial management app that Gadhia helped create. She explains that Snoop gained traction through social media and TikTok influencers, who shared their experiences with the app. The app's ability to aggregate and analyze personal financial data through open banking was a unique selling point. Gadhia expresses surprise at the high percentage of users who were willing to connect their bank accounts to Snoop, highlighting the importance of financial insight and its positive impact on mental health.
The discussion continues with Gadhia sharing her experience of scaling Snoop quickly through social media and customer feedback. She mentions the unexpected interest from potential acquirers and the decision to sell to a bank, which aligned with Snoop's goal of offering financial products and services. The timing felt right due to funding requirements and the opportunity to partner with a bank.
The conversation then shifts to Gadhia's journey to becoming a Dame, a prestigious title in the UK. She explains that the honors system in the UK recognizes individuals who have had successful careers and made significant contributions to society beyond their day jobs. Gadhia's work in gender equality, particularly her review on the underrepresentation of women in senior positions in financial services, played a significant role in her receiving the honor. She highlights the importance of addressing cultural barriers and biases that hinder women's progress in the workplace.
The discussion delves deeper into the challenges faced by women in male-dominated industries, such as finance and law. Gadhia shares her own experiences of gender inequality, including being paid less than her male counterparts. She emphasizes the need for women to fight for equal opportunities and for powerful men to support gender equality initiatives. Gadhia believes that meaningful change can only be achieved when both men and women work together to challenge and change existing cultural norms.
The conversation then turns to the concept of work-life balance. Gadhia acknowledges that achieving a balance between work and personal life is crucial. She reflects on her own experiences, admitting that she prioritized her career over starting a family, which she now regrets. Gadhia advises individuals to find fulfillment in both their work and personal lives, emphasizing the importance of having a family if that is something they desire. She also shares her personal struggles with postnatal depression and the challenges of juggling work and motherhood.
Gadhia discusses the career advice she gives to others, particularly young people. She encourages individuals to pursue what they are good at and passionate about. She also suggests considering additional qualifications or training that can provide a solid foundation and open up more opportunities. Gadhia believes that starting one's own business is an excellent path to take, as it allows individuals to have more control over their careers and make a meaningful impact. She also emphasizes the importance of authenticity and staying true to oneself in the business world.
The conversation concludes with Gadhia discussing the pressure to constantly outdo oneself and the value of anonymity. She shares her realization that quieter achievements can often be more fulfilling and that the opinions of others should not dictate one's actions. Gadhia encourages listeners to never take no for an answer, ask questions, and pursue their goals in life.
