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Reading time: three minutes
On 24 February 2025, the Middle Temple opened its doors for a workshop led by Selina Flavius. Flavius is the founder of award winning financial coaching company Black Girl Finance, with an aim to make money conversations more inclusive. This workshop focused on the crucial nature of financial literacy, especially for barristers.
What is financial literacy?
Financial literacy refers to the ability to understand and effectively use various financial skills, including budgeting, investing, and debt management, as well as the skills to plan for long-term financial stability.
A high level of financial literacy enables individuals to navigate the complexities of the financial world, avoid financial pitfalls, and build wealth responsibly, contributing to overall financial wellbeing and security.
Read this article on socio-economic mobility in law:
https://thestudentlawyer.com/2024/08/25/socio-economic-mobility-in-the-legal-sector/
Cultural barriers: the stigma of economics
Financial literacy is declining as open conversations about money become less common, with many people finding financial discussions uncomfortable or even taboo. A study found that 57% of adults feel anxious when talking about personal finances, and 36% actively avoid money discussions altogether.
Flavius felt that cultural sensitivities regarding money discourages individuals from seeking advice or asking questions about personal finance, leading to gaps in knowledge about financial wellbeing. The reluctance to talk about money can lead to financial missteps, as people are left to navigate complex financial decisions on their own, often without the necessary skills.
Read this article on cultural and societal attitudes toward pay:
https://thestudentlawyer.com/2024/09/20/cultural-and-societal-attitudes-toward-pay
Further studies have revealed that 45% of white people had a ‘very positive’ experience after seeking financial help; that number dropped to 29% among people from minority ethnic groups. This gap is largely attributed to systemic inequalities, which underscores the importance of improving cultural representation and financial education to reduce long-standing racial wealth inequities.
Read this article on strategies for empowering Black women in law: https://thestudentlawyer.com/2024/10/01/strategies-for-empowering-black-women-in-law/
Aspiring barristers… Listen up!
Flavius emphasised that financial literacy is especially important for barristers, as they are self-employed and do not have the financial safety nets that come with working under a law firm. Unlike solicitors, who often have their taxes, pensions, and insurance contributions automatically deducted from their salaries, barristers typically manage these responsibilities themselves.
Barristers need to consider life and health insurance, especially if they have dependents, as well as professional indemnity and income protection to safeguard their practice. With so many financial responsibilities, Flavius stressed that aspiring barristers must start their journey in financial literacy early in their careers, in order to ensure stability, long-term security, and effective risk management.
So, how do I begin my financial literacy journey?
