Standard Bank Wealth and Investment has launched its Woman’s Wealth Academy in Johannesburg, so as to service the needs of wealthy African women.

The South African bank’s new service aims to strengthen the financial literacy of its female client base, whilst also delving into issues such as family wealth planning and philanthropy.

The Woman’s Wealth Academy is available to all clients of Standard Bank Wealth and Investment. The Academy is currently only available in Johannesburg but the Bank plan to expand the provision in other geographies across South Africa, Kenya, Nigeria, Mauritius, London and Jersey.

Margaret Nienaber, Global CEO of Wealth and Investment at Standard Bank, said "We know that women often assume multiple roles, as business woman, mothers, wives, philanthropists and home executives, to name but a few. Effectively undertaking these roles requires an understanding of the world of investing and finance, both for themselves and their families. "

According to research conducted by the Corporate Executive Board, HNW woman control almost one-third of the world’s investable assets, and 11% of Africa’s assets, yet are less confident when it comes to knowledge of financial matters than HNW men.

The research also suggests that 80% of men die married, whilst 80% of women die single – meaning that women are more than likely to be in a position where they are taking care of financial affairs.

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By GlobalData