A study from the WealthiHer Network has revealed that three quarters of all females surveyed struggle to understand the world of investments and lack financial confidence, whilst two thirds believe they are not financially savvy.
The largest of its kind in the UK, The Changing Faces of Women’s Wealth provides new insights into women’s wants and needs within wealth, business and finance.
In compiling the report, the global think tank surveyed over 2239 British men and women through interviews and online surveys, whilst building on existing knowledge from sources such as The World Bank and The Institute of Fiscal Studies.
The WealthiHer Network, which seeks to drive the economic advancement of women, believes the research will facilitate an improved understanding of women by the financial industry, enabling them to protect and grow their wealth.
By 2023, women globally will be worth $93trn, compared to a current figure of $77trn. Despite this major inter-generational transfer of wealth, one third of women still regard finance as a man’s world.
Tamara Gillan, CEO at the WealthiHer Network explained the importance of the findings: “You cannot change what you do not understand. Our extensive global research seeks to highlight where change is needed to better serve and empower women financially, so they can prosper, particularly in these challenging times. We leverage the power of our partners’ knowledge to give women with the know-how they need to advance, unlock value for themselves and other women.”
Gillan believes the pandemic has been particularly detrimental to women: “While wealth is controlled by more women than ever before and growing fast, this group has been more negatively impacted by the pandemic and their self-esteem and financial confidence has suffered.”
A means to an end
The study also revealed differences between male and female priorities, with 89% of women believing business and investments should be environmentally and socially responsible. This is compared to 70% of men. One third of women see money as a way of making a difference.
According to a statement from the WealthiHer Network, wealth means health, happiness, family and security for women. For men, wealth means happiness, early retirement and being able to live wherever they please.
This month, the WealthiHer Network will launch By Association, which aims to bring women together in the sharing of knowledge. By Association is led by Michelle King, who is the former head of UN Women’s Global Innovation Coalition for Change.
Gillan continued: “Our research showed that nearly two thirds of women want a community around them. It’s for this reason that we are launching WealthiHer: By Association. We aim to fuel women with vital knowledge to ensure they are on the right path to secure and protect their futures. We will inspire and instil confidence during these difficult times through thought leadership from the world’s most influential and informed women to valuable advice from the experts in their field all tailored to the wants and needs of today’s woman.”