Why Wealth Management for Women Matters
There may be many ways in which women have not yet achieved equality with men, but when it comes to wealth creation, they appear to be headed in the right direction. Growing numbers of women are now taking on senior and executive roles in business. This, combined with increasing amounts of personal wealth for the boomer generation, heralds a new era. According to research carried out in the US, women will soon control the majority of household wealth.
Paradoxically, this rise in the financial stakes for women, hasn’t been accompanied by a comparative growth in economic confidence. Having shouldered the burden of household responsibility for decades, women tend to be more risk averse than men when it comes to financial management. Wealth management for women, therefore, needs to be tailored in order to take into account the different life journeys they experience.
5 Financial Challenges Faced by Women
The Harpur Wealth Management team has identified 5 challenges which, for the most part, affect the financial lives of women more than men:
- Maternity Leave. Taking maternity leave can still prove disadvantageous to promotional and employment opportunities for women.
- Childcare Responsibilities. As we’ve seen during the pandemic, women still tend to carry the burden for childcare, and family care requirements. This may mean time away from work to care for family members.
- Gender Pay Gap. The gender pay gap 2020 in the UK (2020) is 15.5%.
- Interrupted Career Path. Women are more likely than men to have a broken career trajectory which may reduce pension opportunities, or limit pay increases.
- Lack of Wealth Management Experience. Investment is a traditionally male dominated sector. This is now changing, but as a legacy many women have not experienced the same support for seeking out investment opportunities as their male counterparts.
How Wealth Management for Women Works
The majority of women are superb at financial management, but are less likely to make long term financial plans than men. This may be because they come from families in which the men dealt with wealth creation, or they may not have had the opportunity to work with a wealth management company.
Harpur Wealth advisors begin in the same way with all our clients. We listen to what their goals are, and then talk about what they’re already doing to achieve them. This may be around planning for retirement, paying university fees, or protecting your current lifestyle into the future.
Once we have defined goals, Harpur Wealth financial advisors can start to put together a plan, involving savings and investments, in order to ensure their achievement. Wealth management for women provides an opportunity to create a tailored plan that takes into account their specific life experiences.
Suppose Things Change
The past year has taught us all about the ways in which our plans can be thrown off course in an instant. Our financial planning has adaptability baked in. Should you need to change job, take time out, or deal with the death of a lived one, we can re-align your plans without it impacting adversely on your long-term goals.
A Long-Term Professional Relationship
Our aim for all our clients is to provide trusted and knowledgeable advisors who will work with you, over the years, to safeguard your financial goals. A Harpur Wealth advisor will set up regular review meetings, and can be available at any time when you require advice, or to talk through ideas or investment opportunities.