Tapping into women’s wealth

There is a clear need to support more women across the UK to engage with matters of investment, financial planning and the importance of advice. Emma Thomas, Chief Financial Officer at Parmenion, highlights an exciting new campaign designed to improve awareness and boost business opportunities for advice professionals.

It is anticipated that 60% of wealth will be held by women by 2025 . And yet women have pension pots that are, on average, 80% smaller than men.

It’s hard to reconcile those two figures. It certainly begs the question – if women have all this money, where are they putting it? Why aren’t they investing it for long-term growth?

The answer may lie in new figures from The Wisdom Council (TWC), which is exploring the gulf in attitudes in investing between men and women. Parmenion are working closely with TWC on a new #AdviseHer campaign which champions the need for better financial advice for women.

Unconscious investors

While there is a lot of talk about women not investing, the ‘why’ has not been explored in the same depth. TWC statistics show us that understanding this is incredibly important as the first step on the journey to engaging women on better money management. Take the fact that 59% of non-investing women have never thought of investing as an option for them – this insight is invaluable to advisers.

Not least because many women are investors. Autoenrolment into pension schemes increased the number of women saving into a workplace scheme from 40% to 73% between 2012 and 2016 . That’s an extra 632,000 women ‘investing’ their money, though that’s not how they view it.

The clear disconnect between the concept of investing and the actual practice of investing needs to be addressed to bring more women into the fold. For years, the idea of investing has been shrouded in jargon and bamboozling phrases and that’s turned half the population away. It’s time to show that a little common sense and some good advice is all anyone needs to become an investor.

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