Half of UK women have taken a greater interest in their finances in lieu of the pandemic, but they remain stuck in a saving rather than investing mindset.
These are the findings of a new WealthiHer Network poll to gauge the financial sentiments of women in light of the pandemic.
The survey of more than 2000 adults revealed that just over half of UK women have taken a keener interest in their finances as a result of the pandemic, but are lagging far behind men in making investing their priority.
Forty per cent of women put saving for an unexpected life event as their top financial priority. But only 10 per cent of women listed long-term investing as a top concern.
Another familiar trope is persistent feedback from women that the industry does not understand them. Roughly three-quarters of women polled by WealthiHer expressed this sentiment, perpetuating their reticence to invest.
However, the survey found that when women do invest, they are more likely than men to want to do so responsibly. Nine in 10 women said they wished to make investments that are socially responsible compared with seven in 10 men.
The group points to the UK hosting COP26 as an ideal opportunity for advisors to engage with female clients.
WealthiHer was founded by executives Tamara Gillan, Cherry London, and Lauren von Stackelberg in 2019, and has partnered with a number of financial institutions, including HSBC Private Banking, JP Morgan and St James’s Place Wealth Management to further womens' financial security.
“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. Along with our partners, we continue to reach out to equip women with the knowledge and confidence to invest,” Gillan said.
“With the 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,” she added.
Part of the group's ongoing outreach has been hosting The F Word, a series of events drawing attention to female financial themes, including impact investing. Entrepreneurs including Trinny Woodall, Edwina Dunn OBE, and Tamara Lohan have taken part alongside business figures, including Manchester United COO Collette Roche.