This week sees the “celebration of women” on 2 separate days. International Women’s Day is a political achievement and Mothering Sunday(UK) is a celebration held by the Christian church to honour those who nurture and give care.
When the IWD was founded in America back in 1908 an awful lot of working women had to endure poor working conditions, they had no rights and poor pay. The household income was controlled mainly by men even though it was, and still is today, the women who had to work with the weekly budget for taking care of the family.
Fast forward to today when women all over the world have much more control and power over their finances. In a recent article in the Harvard Business Review, it was found that women now drive the world economy.
“Globally, they control about $20 trillion in annual consumer spending, and that figure could climb as high as $28 trillion in the next five years. Their $13 trillion in total yearly earnings could reach $18 trillion in the same period. In aggregate, women represent a growth market bigger than China and India combined....” Michael J. Silverstein and Kate Sayre
Given these numbers, it’s a wonder that more companies are not capitalising on that knowledge. It’s common to find products and services that are marketed to women to be condescending or patronising. Not every woman wants a pink something!... Women can drive cars now!
According to a BCG survey, 73 percent of women said they are “most dissatisfied” with the financial services industry. Women claim they are not respected, receive poor or contradictory advice, and get worse terms and deals than men.
One participant shared her frustrations saying, “I hate being stereotyped because of my gender and age, and I don’t appreciate being talked to like an infant.” In other words, their needs and desires are not being taken seriously.
Forward thinking companies take into account the role their female clients play in the running of the home, in terms of how she manages her personal finances, the family budget, school and college fees etc.
In the business arena for the last 20 years women have started new ventures at a 50% higher rate than men. As such, they are becoming more savvy about their finances, investments, profit and loss, tax planning and employee benefits.
Nowadays women in commerce are more proactive in managing their career progression taking into account such things as planning for family and retirement. They are not only demanding equal pay for equal work which is long time coming but also, in certain industries, beginning to command higher pay than her male counterpart.
And yet it’s quite interesting that when it comes to dealing with financial professionals and signing on the dotted line a couple would either do it together or the task is left to the husband or male partner. However, the woman still makes sure she is part of the decision-making.
Given all those facts it is still evident that it’s quite difficult for women to get financial advice without feeling patronised and undermined.
Our specialism is providing financial consultancy for our private clients and business owners who may have complex financial affairs. We have always given the same level of attention and care regardless of whether our clients are male or female. Focusing on the individual’s goals, aspirations and lifestyle, we do recognise those concerns that women have that are different to men.
So what do women want?
- Help in managing household finances quickly and easily
- Education on budgeting, saving, financial planning
- Financial advice that’s geared to their specific goals and stage in life
- Clear, honest, open and relevant communication regarding product and service offerings and how such offerings will benefit them personally
- A focus on long-term investment performance
- A relationship that’s built on empathy, understanding and trust
Building that trust, empathy and understanding of our clients situation regardless of being a female or male, is what we do best.
We offer a free one-hour, no obligation initial consultation with one of our advisers where we will help you identify what’s important to you, and the things you want to achieve in your lifetime.
Happy International Women’s Day and Mothering Sunday.
For your complimentary, one (1) hour, no obligation consultation, please call 01424 777156 to schedule your meeting today.
The information given and opinions expressed are subject to change and should not be interpreted as investment advice.
Past performance is no guide of future performance.
The value of your investments can go down as well as up, so you could get back less than you invested.
Mike Robertson Associates Limited is an appointed representative of Lighthouse Advisory Services Limited, which is authorised and regulated by The Financial Conduct Authority. Registered in England.