The growing wealth of women

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Last updated: May 1, 2024

We are seeing a growth in female entrepreneurism and income1, so how can we help women future-proof their finances?

Only 34% of women say they’re comfortable making investment decisions, according to Hargreaves Lansdown.2 With the same source saying that only a quarter of women actually invest their money.3 

In the wealth management sector, there is a growing need to better support female clients with investment as well as encourage the development of female employees.

Although the Women in Finance Charter4 review reported an improvement in female senior management, there is still a way to go. 70% of staff believe that diversity, equality & inclusion are an afterthought in the financial services industry.5 Moreover, reports have found that, out of all of the industry sub sectors, financial advice is lagging behind.6

Yet, Coutts have reported that women are controlling more of the world’s wealth.1 As women become wealthier, their impact is growing. They are starting to redefine areas that have historically been dominated by men such as STEM, finance, manufacturing and piloting.

The growing number of wealthy women is thanks to several influences including shifts in cultural attitudes, intergenerational wealth transfers, female entrepreneurship and female presence in the boardroom. Research suggests that businesses make better acquisition and investment decisions, with less aggressive risk taking, when they have women on the board. 7

As women become richer, the need to provide a financial service that caters to their priorities rises.

A report by WealthiHer, quoted by Barclays Private Bank, suggests “women want more information before committing to ambitious investment decisions. High Net Worth women may turn to wealth advisors and private bankers in this scenario but – with 36% of women feeling patronised by the industry and 28% wanting less jargon – it’s essential that advisors can communicate effectively while tailoring financial strategies to suit women’s requirements.” 8

As a small business at Stephen Eve Financial Planning, our reach and impact is not as wide as the corporates or the national bodies, but every effort counts. SMEs make up over 99% of the UK private business sector – imagine what would happen if we all pulled together.

In terms of financial education for women, initial consultations are always at our expense at Stephen Eve, and we’re happy to point you in the right direction to start your investment journey. The discovery part of our process is always complimentary, we’ll be open and honest about how you can learn, and provide plenty of free resources you can use. For those wanting to proceed to the paid advice part of our service, our aim is always to keep it personal, be transparent, and align to the values of the individual. We endeavour to make our investment approach inclusive.

Many financial advisers are following suit and, whilst there remains room for improvement in the industry, it is encouraging to see firms work towards a better financial future for women.

For women wanting to get into financial advice as a career, come and talk to us. Whilst we don’t currently have vacancies, we’re always willing to give guidance on getting into the industry and connect you with our network. We’ve seen other advice firms do the same and the opportunities for both individuals and business are abundant!


1 Coutts - The future of investing is female: How woman are increasingly looking to future proof their finances

2 Hargreaves Lansdown Financially Fearless

3 Hargreaves Lansdown Financially Fearless - Women and Investing

4 HM Treasury Women in Finance Charter: Annual Review 2022

5 Fintech Finance News - 70% insist diversity is an afterthought in the financial services sector

6 RSM UK - The culture shift to recruit and retain female talent

7 Harvard Business Review - Research: When Women Are on Boards, Male CEOs Are Less Overconfident

8 The WealthiHer Report 2019, WealthiHer

This content is for information purposes and should not be treated as financial advice. We would always recommend speaking to a professional before making decisions regarding your wealth. The value of investments can fall as well as rise and you may not get back the amount originally invested. Past performance is not a guarantee of future results. Values change frequently and past performance may not be repeated. Even a long-term investment approach cannot guarantee a profit.