Let’s start with the statistics:

• 72.5% of women believe men and women have different investment attitudes and styles*

• 36% of women have felt patronised when dealing with the financial services industry*

• 59% of women believe the most important role of wealth is to provide family security and comfort, with 23% looking for wealth to provide freedom and independence, compared with just 5% of women who see wealth as a defining marker of success*

• 70% of women said they have average or below average self-esteem*

• 36% of women feel that they have a lack of financial knowledge and have a fear of ‘getting it wrong’*

• It is estimated that 60% of Britain’s wealth will be held by women by 2025**

 And what does all of this mean?

 I believe these statistics first and foremost show that women need to feel more comfortable in the financial planning environment; they need to feel that their financial advisor and the financial planning provided, applies to their ideologies and circumstances; they are not looking for ‘traditional’ transactional financial advice but rather life-long financial planning and coaching and ultimately women see wealth as what it can do for them, opportunities and / or security – the creation of wealth is not in itself the end goal.

Historically the financial services world has been dominated by and marketed to men and although the industry as a whole has made a more inclusive shift particularly over the last 10 – 20 years, because women identify that they have different objectives and motivations when compared to men, it is a world from which women can still feel alienated.

According to the Office of National Statistics, regardless of when we were born, women will likely outlive their male counterparts and at a time of great vulnerability it could be more important than ever that women understand their financial position, their options and feel in control, indeed other life changing events such as divorce or retirement could also be felt more deeply by women due to general low self- esteem and confidence and I believe education is key.

Many (many) years ago I studied English literature at ‘A’ level and on the curriculum was a screen play – Educating Rita – a quote that has stayed in my mind ever since is “education gives you a choice”, Rita’s growth in confidence throughout the play is directly linked to her education and if I could impress on anyone one thing, it is that education, learning and understanding will give you the tools to make the right decision for you – not anyone else – just you.

Talking to a financial planner does not mean you need to understand what caused the banking crisis, or indeed how emerging market investments differ from the developed markets, what is important is that you can explain what your goals are in life, what is important to you, what you would like to achieve and what you need your money to do for you. A good financial planner will explain your choices and take the time to explain what are often seen as the complexities or jargon of taxation, investing and financial products, enabling you to make choices you understand and thus feel comfortable with, putting you in control of your financial plan, after all “education gives you a choice”!

 *The WEALTHiHER Study 2019

**Centre for Economics and Business Research

November 2020