An interesting fact according to a recent survey is that women now hold 40% of global wealth. Perhaps even more significant is that this figure is set to rise. We looked deeper into this and found some interesting foundational data about this trend in women’s prosperity and their saving and investment habits.
Different Career Paths
For many women, the career path can be very different to their male counterparts. Women have less earning power compared to men. For many, there are still significant gender pay gaps in industries. Part of this earning power deficit is also due to women losing earnings as a result of time out of the workforce raising children. Women who choose to have a family are by necessity required to take at least a minimal time-out from the workplace and in some cases this can last for a number of years.
In general, women are shown to live longer than men (79 vs 72). With this longer life expectancy, there arises a need for additional retirement planning. Yet women generally do not prepare for a longer retirement with only 53% of women starting to save for retirement v’s 65% for men.
Women are smart investors but lack financial confidence. Studies suggest that women underestimate their financial knowledge but women as a group tend to outperform men. The trend is that women investors have a more long-term perspective. As women grow wealthier, their influence is growing. The growing trend is for women to take more control of their finances.
If you would like to know more about how to take control of your finances, give us a call and we would be happy to discuss your options.
At HTH Accountants, we have a team of highly skilled, professional women ready to help you and your business grow.