Written by Junaid Mujaver, Partner of Financial Services at operations consultancy Newton
As we recognise International Women’s Day 2023, it is a time to reflect on how far the fight for gender equality has come, and equally, how far there is still to go.
When it comes to finances, women have historically not had equal rights – it wasn’t until 1975 that a woman could open a bank account in her own name! Worryingly, we see that even today a significant proportion of women are financially vulnerable.
Financial vulnerability is an umbrella term that includes things like reduced financial education or limited financial resilience. It also covers those who have suffered economic abuse or financially controlling behaviour in relationships, which, according to the FCA, is true of one in five women.
Financial vulnerability is one of the segments of vulnerability highlighted by the FCA, which needs to be a key area of focus for financial services providers in the run up to Consumer Duty coming into effect this summer.
Firms will need to lean on data, insight, and expertise to ensure they’re treating all customers with adequate care. This year’s IWD theme is Embrace Equity; financial services must do exactly this, and strive for a future where no one, regardless of gender, is disadvantaged or poorly served.
