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June 13, 2018

Entrepreneurial women in the UK are prioritising legacy and social impact

By Mishelle Thurai

A report commissioned by RBC Wealth Management and conducted by The Economist Intelligence Unit (EIU), has revealed that women in the UK are increasingly entrepreneurial and own a growing number of businesses which many of them run with a focus on social impact and legacy.

It has also been highlighted that younger high net worth (HNW) women in the UK are more in control of their financial situation and how they manage they manage their wealth compared to previous generations.

Ross Jennings, head of sales and relationship management at RBC Wealth Management said: We are pleased and encouraged by these findings, which verify that what we have been seeing across our client base for some time is indicative of a broader shift in wealth creation.”

The report finds that 26% of UK women surveyed are business owners, and that they manage their businesses with a greater focus on driving social change than has been seen by previous generations.

Women are building their businesses with the community in mind, representing the importance they place on doing good.

The survey’s findings also demonstrate the importance of legacy for female business owners in the UK, with 42% of those surveyed affirming that they want to pass their business on to their family, in line with a society-wide movement towards women increasingly becoming successors.

Fiona Lucas, managing director, relationship management at RBC Wealth Management commented: “Men have previously been the generators of wealth but women are breaking this trend, increasingly establishing themselves at the forefront of business ownership and decision making across the UK. As such, preparing the next generation to take on business responsibilities is a core priority for many of our clients, as it is for us as advisers.

“We recognise that the growing number of female entrepreneurs and business owners will have a significant positive impact on society, as they focus on using their wealth to help their families and make a positive social impact. We are excited by the opportunity to partner with today’s high net worth women and a generation of young women who will inherit businesses and build their own wealth as they create and preserve lasting and meaningful legacies.”

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