Asian women 30% less likely to be main investment decision maker
Women now account for 40% of global wealth but women in Asia claim to be less confident about their financial knowledge
The WealthiHer Network, an organisation founded to make the financial industry more female-focused, has announced it will be launching in Asia in 2020. A founding partner of The WealthiHer Network Asia and the United Kingdom, J.P. Morgan will spearhead the network’s expansion to empower women in the region to grow and protect their wealth.
“We at J.P. Morgan are thrilled to be the first in Asia to announce our support to the networking effect of women helping other women improve their financial health,” says Kam Shing Kwang, Chief Executive Officer, J.P. Morgan Asia Private Bank.
The WealthiHer Network Asia will be a collaboration of major banks working together to drive the global empowerment and advancement of women. In addition to events and information, the network will commission a major study to understand gender differences on attitudes about wealth and the specific needs of women in Asia.
“Expanding to Asia is a huge milestone for The WealthiHer Network, and we’re grateful to J.P. Morgan to help us start and grow quickly. It is our plan to launch The WealthiHer Network in Hong Kong through a collaboration with the leading change agents from the financial sector,” says Tamara Gillan, founder, The WealthiHer Network.
Women now account for 40% of global wealth, according to the World Bank’s Labour Force Gender Ratio report, but many women in Asia claim to be less confident about their financial knowledge.
The WealthiHer Network commissioned new research from Kantar that shows women in Asia are as engaged as men in finance overall but that:
• 49% of women in Asia say they lack confidence in financial matters
• 68% of women in Hong Kong are likely to be denied funding
• 80% of women in Singapore are concerned about gender bias in the finance industry
• Asian women are 33% less likely to be the sole decision maker on investment products than Asian men.
The Women In Finance Asia report conducted by Kantar looked at the differences in attitude towards wealth and finance between men and women in Hong Kong, Singapore, Malaysia and Vietnam.
It found that Asian women overall are 30% less likely to treat investment as their top financial product than men.
In Vietnam women are 50% less likely to treat “investment products” as their number one financial priority than men; in Singapore women are 31% less likely; in Hong Kong women are 29% less likely and in Malaysia women are 25% less likely.
The WealthiHer Network will conduct further research to understand gender differences in attitudes about finance, as well as ways for the financial industry to best support the advancement of women.
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