Research Spotlight - the WealthiHer Report 2019
Women’s wealth is growing, some say that by 2025 60% of the UK’s wealth will sit in the hands of women. For many individuals and financial institutions this is not something that registers with them. For the ladies behind the WealthiHer Network, this was something that they saw as a very large gap in the market, and an opportunity for something to be created that recognised and championed women within the financial sector.
WealthiHer was created by Tamara Gillian, entrepreneur and founder of Cherry London and Lauren Von Stackelberg, a diversity change agent who spent 10 years in finance. Unlike a lot of other initiatives around women and wealth, the WealthiHer network’s creation was supported by 13 founding partners including Barclays Private Bank, Brewin Dolphin, Brown Advisory, C5 Capital, Chubb, Close Brothers Asset Management, HSBC Private Banking, Investec Private Banking, J. P. Morgan, Julius Baer and Kleinwort Hambros. All coming together to celebrate, inspire and empower their female clients.
Earlier this month they published their first report - The WealthiHer Report 2019: Understanding the Diversity of Women’s Wealth - which sought to dig deeper into women’s wealth, their financial needs and drivers, considerations when it comes to risk and how their source of wealth has an impact on what they do with it – along with many other areas.
It showed that confidence is still the key barrier to women engaging more actively with the finance industry. Of the women who participated in their deep dive survey, an astonishing 70% had self-esteem levels of average or below, dropping even further amongst women who were divorces. Lack of knowledge, excessive use of jargon and not feeling valued as a client were some of the barriers women cited.
Their study showed that the 5 key things that females want when it comes to the financial sector are:
1. More openness – Women are short on time and would like the industry to make it easier for them to engage by taking their service to them, both face to face and digitally
2. More education – Women want education around finances and investment to be improved and start at a younger age, to help boost knowledge and confidence
3. A personalised service - A more personalised and tailored is something that is expected from the finance industry – not just by women
4. Access to networks – Female networks hold their own special power, having the opportunity to connect with other women in the same boat as you, share your experiences and leverage each other’s networks to make better decisions is key
5. More women in finance – It’s no secret that women are underrepresented within the financial sector, Female Relationship Managers might better understand the pressures of their female clients vs their male counterparts.
The WealthiHer report Is an absolute treasure trove of findings around women and wealth, and is something that would be useful not just to those who either currently work within the financial sphere or are savvy with their money and seasoned investors.
If you are just starting out on your financial journey, this is an excellent place to go for information, to seek out potential contacts and see what is going on in the world of women in finance.
Please click here to find out more and download the full report
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