By 2030, women are expected to surpass men at the center of wealth management in the US, controlling more than half of American household assets, according to a study of McKinsey & Company.
By 2030, women are anticipated to exceed men in wealth management. Despite this significant shift, driven by baby boomers passing wealth to spouses, and younger women becoming more financially active, many financial institutions still lack offerings tailed to women rather than men.
Women have different investment objectives. The USB Women’s Wealth 2030 highlights that woman generally seek more information and advisory support, are more risk adverse and make life-oriented investment decisions. Moreover, women priorities ESG investments and prefer organisations that emphasize Diversity, Equity and Inclusion.
To attract and retain female customers, wealth management firms must adapt by rethinking risk systems, and expanding gender and value-based products. This starts with more granular data.
As an example, gender is not only relevant in the boardroom but has an even higher impact at the executive level. More women in executive teams correlate with lower gender pay gaps, a higher number of women in middle management, better maternity leave policies, and overall higher company-level gender performance. This strong correlation exists globally across all countries and industries. However, most regulations have historically focused on women in boards.
Denominator provides the largest global dataset on detailed gender data, covering more than 3.5 million companies. This enables new insights, product creations, and helps wealth management firms transition their offerings to the new reality in 2030.
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