American women, according to a McKinsey research piece, are expected to take charge of $30 trillion of wealth in a decade.
Today, women control about a third of financial assets with that number expected to grow exponentially over the next decade. According to the study, women in the United States typically marry partners roughly two years older than they are and outlive men by average of 5 years. In the survey, taken by more than 10,000 affluent investors, almost 3,000 whom are female decision-makers, only 25% say “they are comfortable making investment decisions, 15% lower than their male counter-parts”.
The financial services industry will have to start re-thinking how they match their offerings with the needs of their female clients. The concerns between men and women differ dramatically in relationship to important topics such as healthcare, retirement assets and savings plans. Firms that fail to acknowledge these needs are at risk of losing assets and clients.
This study has re-affirmed the necessity and intention of the Aspen Women’s Wealth community. A community to connect like-minded individuals with resources to help empower the financial decision making process. A link to the full report can be found here https://www.mckinsey.com/industries/financial-services/our-insights/women-as-the-next-wave-of-growth-in-us-wealth-management.
Source: Baghai, Pooneh, et al. “Women as the next Wave of Growth in US Wealth Management.” McKinsey & Company, McKinsey & Company, 29 July 2020, www.mckinsey.com/industries/financial-services/our-insights/women-as-the-next-wave-of-growth-in-us-wealth-management.
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