According to research from Liverpool Victoria, by the year 2025, women will hold around 60% of the UK's personal wealth. At present, women hold around 48%, and this is increasing rapidly, due to better educational performances by women, higher levels of home ownership among single women than single men and longer life expectancy.
Although this is good news for women in general, the report showed that their finances were not as well planned as men's in some areas and could benefit from financial advice. Only 5.2 million women hold an ISA compared to 5.9 million men. Women are only half as likely to hold a stakeholder pension with 2 million women compared to 4.2 million men. Single women were also found to be far less likely to have mortgage protection, employment protection or permanent health insurance compared to the national average of 40%.
Our view
It is logical as women take more control, become more independent, and of course live longer, that they will control more wealth. Financial services companies need to plan ahead for this.