A recent study conducted by HSBC UK has shed light on the contrasting approaches to saving and investing between men and women.
Furthermore, two in three women (69%) don’t feel confident about investing money and one in four women (27%) say they don’t invest because they don’t know enough about it.
Key barriers identified include financial constraints (45%), limited understanding of investment principles (27%), and concerns about the perceived risks involved (19%). Notably, a substantial proportion of women (60%) fear potential financial losses associated with investment endeavors.
The survey notes the importance of financial wellbeing among women. HSBC UK’s head of wealth distribution, Rebecca Owers, said: “Women are facing significant barriers when it comes to money. We are living longer but can earn less than our male counterparts. We take more career breaks, but we need to work an extra 19 years to retire on the same pension savings as a man.
“We need to make our money work harder, so it’s important to consider options like investing. Financial education is key here – by talking openly about money and learning the different options available, women can gain the confidence needed to take control of their financial futures.”
To help tackle this confidence gap, HSBC UK has launched a series of money confidence webinars, open to both customers and non-customers, aimed at helping women enhance their financial wellbeing.
The bank has partnered with Katy Hill, performance and success coach, who aims to equip and empower women to get in the driver’s seat of all areas of life. See her top tips below:
1. BE HONEST!
Complete an audit of your finances and get honest about how things look right now. Avoidance is not an option!
2. FUTURE YOU
Ask yourself “Will my future self be grateful I took this action?”
Get clear on what the investment will mean for your future. And then, get excited about it!
3. COST / GAIN COMPARISON
Ask yourself “What’s the cost of NOT TAKING this action?”
Ask yourself “What’s the gain of TAKING this action?”
4. VALUES-BASED DECISIONS
Women have been proven to prefer values-based decisions so get clear on your values in life and get curious about which of your values this action supports.
5. TALK ABOUT IT!
Talk to your friends about money and normalise those conversations. Typically women hold back on talking about money yet want to learn more about it… so buddy up and start exploring together! When we partner up with goals and get accountable we become 95% more likely to take the action.
6. POWERFUL AFFIRMATIONS
Create some powerful affirmations to counter your inner money narrative
“I can create financial freedom and be a good person”
“I can know my worth and ask for it and be living with integrity”
7. GET COMFORTABLE GETTING UNCOMFORTABLE!
We’re all hard wired for comfort – which is why you can set resolutions every year and then ditch them by the end of January. Because nothing changes if nothing changes!
Those old habits are ingrained. So, decide it’s going to be different! Take control of your finances and do things you haven’t done before for a different outcome.
Find more information here: https://www.hsbc.co.uk/investments/investing-for-beginners/
