Leaders within the world’s biggest financial institutions have pledged to change the finance industry following a report on women’s experiences with wealth.
Commissioned by The WealthiHer Network, the report ‘Understanding the diversity of women’s wealth’ is the UK’s biggest ever study into the female experience of wealth and the finance industry.
The report collates a study of 2,542 British adults carried out online by research consultancy Kantar along with an in-depth survey, 1-2-1 interviews and focus groups with over 100 high-net-worth women including Claire Balding, Dame Stephanie Shirley CH and CEO of Citroen Linda Jackson.
The study found five ways the industry must improve to better cater to women:
- Make the industry more open and accessible with less jargon
- Improve financial education
- Offer a more personalised service
- Provide better access to networks
- Include more women in finance roles
The full report is available to read here.
The report is supported by the private banking arms of city firms worth trillions in assets including Barclays Private Bank, Brewin Dolphin, Brown Advisory, C5 Capital, Chubb, Close Brothers Asset Management, HSBC Private Bank, Investec Private Bank, J.P. Morgan, Julius Baer and Kleinwort Hambros.
The WealthiHer Network, which launched on International Women’s Day this year, was formed to transform the industry’s approach to women.
The WealthiHer Network Co-Founder and entrepreneur Tamara Gillan said: “We’ve 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, to ensure that women are better served and championed.”