The pandemic has dealt women a particularly challenging hand when it comes to their finances. For this year’s International Women’s Day, Samantha Kaye from Wellesley Wealth Advisory called for women to reclaim their financial self-esteem
Women’s wealth worldwide is a force to be reckoned with. 32% of the world’s wealth is already held by us ladies, a figure expected to reach a whopping £93 trillion by 2023!1 Despite this, we’ve taken the lion’s share of the negative effects of COVID-19 – from job losses to a disproportionate impact on female business owners.
A new report by the WealthiHer Network, ‘The Changing Faces of Women’s Wealth’, highlights some shocking statistics:2
• Women make up 54% of job losses due to the virus
• 62% of women are feeling less financially secure
• 74% of female entrepreneurs are concerned about access to funding and bias in the process
• 62% of women say their personal and financial goals have been impacted, with retirement plans changing as a result.
While COVID-19 has affected everyone’s financial outlook and goals, the report found that it has been harder for women, with many feeling it’s reversed decades of progress on equality. For instance, the gender pay gap and gender pensions gap are likely to further widen.
Not only have women’s financial plans taken a hit, but perhaps one of the most worrying statistics in the WealthiHer report is that 75% of women said they had ‘low’ or ‘average’ self-esteem.3
But it’s not all bad news! With the pandemic leading to women re-evaluating their priorities when it comes to wealth, life, business and careers, the importance of health and family has come to the fore. Indeed, 47% of UK women say wealth, to them, means ‘health and happiness’.4
And, while it may not seem like an obvious one, financial security can be an important factor in promoting mental health and well-being. 46% of the women asked identified financial autonomy as a key driver of self-esteem5 – and this is where taking financial advice comes into its own!
Advice = empowerment
We know that taking advice can inspire women to become financially secure – studies show women who had done so felt more empowered to make informed decisions.6
As a financial adviser, I’m here to help you take that first step along the road towards financial autonomy and peace of mind. I offer both personal and business advice – whether it’s getting your long-term retirement plans back on track, or giving you the confidence you need to achieve your business ambitions.
This International Women’s Day, let’s show the world what we’re made of!
1-5 WealthiHer, ‘The Changing Faces of Women’s Wealth’ report, January 2021, total number surveyed 2,239
6 ILC, ‘Peace of Mind: Understanding the non-financial value of financial advice’ report, conducted via in-depth interviews with 32 UK individuals in 2020.