Wealth planning issues of various kinds have been a real feature of our conversations with High Net Worth Individuals in recent weeks.
The growing financial power of women continues to be one of the world’s biggest trends. But there is still much to do to close the gender wealth gap. Read on for some important inspiration and resources for proactive women.
The picture on women’s wealth is full of contrasts. On the one hand, women boast incredible – and growing – financial power: they are thought to drive as much as 80% of household buying decisions, women now hold 30% of global private wealth and 60% of the UK’s wealth is expected to be in female hands by 20251. On the other, women are less likely to see their wealth work hard for them. As we recently highlighted, 24% of High Net Worth women in the UK have no investment portfolio compared to 14% of men2.
As we recently highlighted, 24% of High Net Worth women in the UK have no investment portfolio compared to 14% of men
Despite girls often outperforming boys in the classroom, there is a long way to go before this translates fully into the world of work and business. Although almost a third of board positions in the UK’s 100 biggest companies are held by women, gender parity is actually slipping, so that Britain now stands twenty-first in the world rankings3. Research shows female entrepreneurs also face far greater challenges in getting funding.
Women tend to live longer, but are likely to end up with much less wealth than men, due to a host of factors ranging from career breaks for caring responsibilities to a lack of investment confidence and a paucity of mentoring opportunities and networks
And these inequalities can have significant knock-on consequences across a woman’s lifetime. Women tend to live longer, but are likely to end up with much less wealth than men, due to a host of factors ranging from career breaks for caring responsibilities to a lack of investment confidence and a paucity of mentoring opportunities and networks. This has an impact on retirement, with 17% of wealthy pre-retirement women saying they don’t know how long their pension pot will last, compared to just 6% of men4.
It may seem strange to speak of half the population as being a specific client “segment”, but women do have particular wealth management needs. Taking professional advice is vital in closing the gender gap in wealth and doing so sooner rather than later makes all the difference. Whatever your situation, ensure your money is working as hard as possible for you.
We have seen the number of women coming to findaWEALTHMANAGER.com to find professional advice rising over the years, and we will continue to promote women’s wealth management issues strongly to build this proportion up further. This month, we are delighted to announce an exciting new initiative from UBS, one of the leading wealth managers on our panel.
It has taken its highly successful UBS Women Forum online with a series of exclusive live online events, podcasts, articles and special guest features focused on getting the most from your life and wealth, particularly in this challenging time. UBS is extending access to our users so that they can benefit from the content covering a huge range of topical issues, with highlights including:
The series features a host of high-profile entrepreneurs, economists, lawyers, philanthropists and more, from journalist Alex Holder to family wealth mentor, Diana Chambers, to offer advice and inspiration which will help you get more out of your wealth. Articles will be released weekly throughout July and August, and the team at findaWEALTHMANAGER.com highly recommend that you take part!