More than half of women in the UK have taken a greater interest in their finances post-Covid according to new research, but they’re still less likely than men to prioritise investing their money.
The poll surveying 2,129 British adults conducted by female-focused think tank The WealthiHer Network found 51 percent of women have ‘taken more of an interest in their finances as a result of the coronavirus pandemic’.
The poll found 40 percent of women state that saving for unexpected life events was one of their top financial priorities. But just six percent included investing in stocks and shares, making them 3x less likely than men to list this as a financial priority. Just 10 percent of women included making long term investments as a priority, making them 1.5x less likely to than men.
A global report conducted during the coronavirus pandemic, also commissioned by the WealthiHer Network, revealed that 72 percent of women in the UK feel they are not understood by the finance industry, which could be a contributing factor to them being less likely to invest.
With interest rates at an all time low and inflation on the up, women’s inclination to save could put their finances at risk.
However, when women do invest they are more likely than men to do so responsibly. The global WealthiHer survey found 79 percent of women want to make investments that are environmentally responsible (compared to 65 percent of men), and 89 percent of women want to make investments that are socially responsible (compared to 70 percent of men).
The WealthiHer Network, through partnership and support from leading financial institutions including HSBC Private Banking, JP Morgan and St James’s Place Wealth Management, aims to drive the financial empowerment and financial advancement of women on a global scale.
It states the results showing half of women have taken a greater interest in their finances is positive, but there is work to do to ensure women are equipped with the necessary knowledge they need to grow their wealth, and the support of financial institutions is key to achieving this.
With COP26 taking place now and the need for impact investing being greater than ever, the WealthiHer Network argues that encouraging women to invest must be prioritised both to grow women’s wealth and to benefit the planet.
WealthiHer Network founder Tamara Gillan said: “It is heartening to see the results of the survey showing us that women have taken a greater interest in their finances and are prioritising securing and protecting their financial futures. But with current financial forecasts in the savings market, it is important to find ways to inspire women’s financial confidence and seek different forms of wealth growth.
“Women historically prioritise saving, but we need to turn them into investors because they are losing out on potential gains. We can see that women don’t feel that they are understood by the finance industry. At the WealthiHer Network along with our partners we continue to reach out to equip women with the knowledge and confidence to invest.”
In November, the WealthiHer Network in collaboration with its partner banks is hosting The F Word, a series of events to transform female financial futures, where 100 actions to drive change will be released and committed to by attendees.
Entrepreneurs such as Trinny Woodall, Edwina Dunn OBE and Tamara Lohan will be speaking at the events, alongside leading business women including Manchester United COO Collette Roche. The events taking place between the 8th and 12th of November will explore themes including resilience, breaking limits, impact investing, and how we can bring female finances and futures to the fore.
The events are designed to inspire women to enhance their financial confidence and literacy, and to encourage them to invest.