CHANGING FACES OF WOMEN’S WEALTH REVEALED

Think tank ‘the WealthiHer Network’ reveals changing attitudes among women to money, investments and wealth in 2020

HONG KONG SAR, December 17, 2020 /EINPresswire.com/ — • Think tank ‘the WealthiHer Network’ reveals changing attitudes among women to money, investments and wealth in 2020 – over 2000 women in Hong Kong, Singapore, mainland China and UK were surveyed
• Hong Kong women have much higher levels of self-esteem than women in UK
• Hong Kong women are more confident about managing both their everyday money and investments than either women or men in UK
• Most women in the three Asian markets think the financial industry understands men, but fewer think it understands the needs of women
• For women in Hong Kong, wealth equates to not having to worry about the cost of living, followed by being able to maintain good health and happiness
• Throughout Asia self-confidence is linked to financial autonomy

The difference between the sexes in attitudes to earnings and investments is revealed by the WealthiHer Network, which seeks to drive the economic advancement of women by leveraging the power of collaboration.

The WealthiHer Network 2020 Report “The Changing Faces of Women’s Wealth” gives new and valuable insights into women’s changing wants and needs around finance, wealth, business and careers and how levels of financial education and confidence are linked.

In turn it helps women to be better understood and catered for by the industry and in doing so supports them to protect and grow their wealth.

The report has been compiled from extensive online and separate qualitative surveys, carried out by market researchers Kantar (commissioned by the WealthiHer Network), one-to-one interviews and drawing on sources including The World Bank, Boston Consulting Group (BCG), Fawcett Society and The Institute of Fiscal Studies.

It also compared the financial aims of UK women (and men) with those in Hong Kong, Singapore and mainland China for the very first time.

The WealthiHer Network launch in Asia in early 2021 is being supported and led by J.P. Morgan Private Bank and HSBC.

Women’s attitudes in the three Asian markets and UK

There’s a big difference between women across the three Asian markets and UK when it comes to self-esteem and confidence. Women in Hong Kong (55%), mainland China (55%) and Singapore (61%) say they have high, or very high levels of self-esteem, whereas in UK 75% women say they have average or below average self-esteem.

A similar number of women in the three Asian markets are also confident about managing everyday finances, whereas two-thirds of British women feel they do not have a good financial education.

However, women everywhere express similar opinions when it comes to their impressions of the financial sector. In a signal for change, most women think the financial sector only takes notice of the needs of men.

67% of women in Hong Kong want more understanding of their goals from the industry.

Women’s assets are growing

Almost a third of the world’s wealth is now controlled by women and their assets are growing rapidly. By 2023 women globally will be worth $93trn, compared with $77trn today.

At the same time, female entrepreneurs are on the increase with one in three businesses now founded by women. Approximately 252 million around the world are entrepreneurs and another 153 million women are operating established businesses. In Hong Kong in 2019, female entrepreneurs made up 19.8% of business owners, up 0.9% on 2018

Quotes
“Women in Asia will play a bigger role in financial decisions for themselves and the future of their families and businesses. At HSBC Private Banking, we believe it is essential to understand the changing needs of women and provide relevant support and solutions that will build their confidence, connect them to opportunities and enable their aspirations.”

Siew Meng Tan, Regional Head of HSBC Private Banking, Asia Pacific – Hong Kong
“You cannot change what you do not understand. Our extensive global research seeks to highlight where change is needed to better serve and empower women financially, so they can prosper, particularly in these challenging times. We leverage the power of our partners’ knowledge to give women the know-how they need to advance and unlock value for themselves and other women.”
Tamara Gillan, CEO WealthiHer Network

Camilla Wright
WealthiHer Network
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