Last week, Cherry London chief executive and WealthiHer Network co-founder Tamara Gillan unveiled The WealthiHer Network Report for 2019, which provides an analysis of women’s attitude to wealth.
The WealthiHer Network Report 2019: Understanding the Diversity of Women’s Wealth, is the UK’s largest ever study into the female experience of wealth and the finance industry, with 2,542 British adults taking part.
The report aims to understand women's attitudes to the financial sector through recording their experiences of wealth and success.
The results reveal that there are indeed crucial differences between men and women; suggesting that women and men have different investment attitudes; men are more likely to take risks then women; and women value personal goals over their financial performance. The findings showed that women viewed wealth as an enabler; they saw it as a tool that created opportunities, granted independence and allowed them to provide care for those closest to them.
However, most women were looking for another way of instiling value into their lives with over half wanting to work on making positive impacts in their day-to-day, given predictions that 60% of the UK’s Wealth will be in the hands of women by 2025 - which is already mirrored in emerging markets in the US and Asia.
Tamara Gillan says: “Our report found that women believe financial performance is important, but personal goals are paramount. For women, wealth is not an end in itself but a means to an end. We will work together with our partners to bring the necessary changes needed, in order that women are better served and championed.”
The survey reveals the following five ways the industry can better serve women:
- Make the industry more open and accessible with less jargon;
- Improve financial education;
- Offer a more personalised service;
- Provide better access to networks; and
- Include more women in finance roles.
Participants were given an online form to fill out, compiled by research consultancy agency, Kantar, as well as took part in small interviews and larger focus groups with over 100 high-networth women.
The report includes interviews with women including broadcaster, author and Investec ambassador Claire Balding, HSBC Private Banking client and founder of Seraphine, Cécile Reinaud and social warrior Sian Sutherland co-founder A Plastic Planet.
The report launched at the start of the month and was commissioned by the WealthiHer Network's founding partners, Barclays Private Bank, Brewin Dolphin, Brown Advisory, C5 Capital, Chubb, Close Brothers Asset Management, HSBC Private Banking, Investec Private Bank, J.P. Morgan, Julius Baer and Kleinwort Hambros. Featured women were divided into the following categories for easy identificartion; the Pragmatists; the Independence Seekers; the Adventurers; the Democrats; the Providers; the Supporters; and the Legacy Creators.
Gillan adds: "Thank you to everybody who made this possible, and for those of you here today who shared your stories. It’s critical because women want to hear stories of other women who have forged ahead and as importantly, who have overcome obstacles because confidence remains a common theme. On a side note I have found myself in female heaven having had the opportunity to have met and spoken to some awe-inspiring women who have contributed to the report."
L-R: Cherry London and co-founder WealthiHer CEO, Tamara Gillan; The Telegraph managing editor Jo Morrell, Life Peer Baroness Prosser; and A Plastic Planet co-founder Sian Sutherland.