High net worth (HNW) women are increasingly becoming more involved in the financial dynamics of wealthy families, research by Barclays Private Bank shows.
The study polled more than 400 global HNW families with at least £5m ($6.7m, €5.5m) in assets, and interviewed 20 HNW families with their bankers and intermediaries.
The bank found that more HNW women than ever are holding similar levels of direct ownership in the family business to men – 54% and 57%, respectively.
Additionally, a greater number of them are achieving postgraduate qualifications (43%) compared to their parents (14%).
Some four-in-five expect to inherit substantial wealth during the next 20 years, yet 41% are not currently involved in family decision making.
Also, the research found HNW women are twice as likely as men to not have a financial adviser, as they believe financial services has not adapted to women’s growing presence and more than half (56%) think a financial adviser would treat them differently to men.
Gender imbalance
Lisa Francis, head of UK private bank and Crown Dependencies at Barclays PB, said: “As traditional family roles change and more women hold prominent positions in international business, their growing global influence is going to be a major economic force over the next decade, redefining areas that have historically been focused on, and dominated by, men.
“We focus on engaging both women and men of the next generation in succession planning and wider wealth management, as part of setting up the long-term security of their family legacy. For us, it’s a priority to make sure that they have the knowledge, confidence and support to feel comfortable leading the next generation of family wealth and shaping it towards their individual ambitions.”
Ylva Baeckstrom, behavioural finance and gender expert, added: “The financial world has historically been male gendered. It was created by men, for men, to suit their purposes, in both subtle and fundamental ways.
“These established systems mean that women have been excluded from finance until relatively recently and are still treated differently. Many women haven’t gained the financial confidence and independence that is going to be crucial as many more come into wealth.
“The industry needs to overcome existing biases, work to deliver services and advice that are the equal of those presented to their male relatives and provide women with the base to support their role as global business leaders of the future.”
