Here’s the thing: Women have different investment goals as opposed to men. According to a study that was recently conducted by Earnest & Young, fulfilling personal goals is seen as the most important investment priority by affluent women (40%), significantly ahead of market out performance (31%).
In contrast, male investors see pure performance as their leading objective (37%) and consider personal goals as a lesser priority (34%), notes the study.
“The split is even more marked among younger investors, with 30% of millennial women prioritizing personal goals, compared with just 21% of millennial men. This is a vital insight for wealth managers to grasp, and underpins many other gender based preferences,” the study reveals.
Both the global female income and wealth are growing way faster across the world than ever before. And more women than ever before, are pursuing higher education, increasing their future earning power. In developing countries like Kenya, women are pouring into evening classes in their masses, to pursue their higher education.
While women continue to outlive men, they are also retiring early in many markets and are therefore making up an increasingly important segment of retirement saving markets. The transfer of pension responsibilities from governments and corporations to individuals is also accelerating across the world, and guess who is taking charge of these pension funds? You guessed it right, women.
Bottom-line, women are a fast-growing economic power in many leading and developing economies and are quickly set to overtake their gender counterparts, sooner rather than later.
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George Wachiuri Blog: www.georgewachiuri.com
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