Barclays Wealth Insights
Volume 2: A Question of Gender
In co-operation with the Economist Intelligence Unit
About Barclays Wealth
Foreword
Barclays Wealth is the UK's leading wealth manager and has £93bn (US$184bn) client assets globally. It serves affluent, high net
At Barclays Wealth we constantly seek to understand our clients’ evolving needs and aspirations. In partnership with the Economist
worth and intermediary clients worldwide, providing international and private banking, financial planning, investment services and
Intelligence Unit, we are encouraging industry debate on how to meet our clients’ changing circumstances and desires.
brokerage. Thomas L. Kalaris is the Chief Executive of Barclays Wealth and he joined the business at the start of 2006.
Our first report, The Future of Wealth 2006-2016, emphasised the unprecedented levels of growth in global wealth. A Question of
Barclays Wealth is part of the Barclays Group, a UK-based financial services group, with a large international presence in
Gender, the second chapter in our Barclays Wealth Insights series, endeavours to bring greater understanding and scholarship to
Europe, Middle East, the USA, Africa and Asia. Barclays has been operating for more than 300 years with 25 million customers
what being wealthy means in the 21st century.
and 122,600 employees in over 50 countries.
As this latest Insights report reveals, women are wielding greater economic power than ever before, indisputably contributing to the
wealth explosion. This trend raises several questions: how do women approach their financial and wealth management? How does
this compare with the attitudes of men? Is their appetite for risk likely to be higher or lower? Do they invest differently, and do they
save more than men? Are they more or less likely to seek advice on their finances?
A Question of Gender explores these and other differences in attitudes to wealth creation between women and men.
Questions about gender touch the very heart of Barclays Wealth’s culture. As an organisation we are committed to the pursuit of
diversity, since we believe that only a diverse workforce can bring the levels of creativity and productivity that is required to serve our
clients. Attracting, developing and motivating diverse talent is a core priority for us.
We hope that you find this second report in our series of interest. We believe it provides cause for deeper thought and reflection on
some of the issues facing women and the wealth management industry.
Thomas L. Kalaris
Chief Executive
Barclays Wealth
Barclays Wealth is the wealth management division of Barclays and operates through
Barclays Bank PLC and its subsidiaries. Barclays Bank PLC is registered in England
and authorised and regulated by the Financial Services Authority. Registered number
is 1026167 and its registered office is 1 Churchill Place, London E14 5HP.
© Barclays Wealth 2007. All rights reserved.
For information or permission to reprint, please contact Barclays Wealth at: Barclays
Wealth Insights, Barclays Wealth, 1 Churchill Place, London, UK, E14 5HP
+44 (0)800 851 851 or visit www.barclayswealth.com
1
Our Insights Panel
Dr Ros Altmann, Governor of the London School of Economics
Gerard Aquilina, Head of Barclays International Private Bank
Sika Giunta, Chief Executive Officer of US software company, Managed Objects
Headline findings
of the report include:
Dr Rebecca Harding, Senior Fellow in the Foundation for Entrepreneurial Management at the London Business School, and
voluntary/community sector
Affluence of women
is increasing
Mark Kibblewhite, Managing Director and Head of Barclays Wealth UK Private Banking
• ‘Women’ and ‘wealth’ are two words being heard together
Director of Global Entrepreneurship Monitor (Gem UK)
Emma Harrison, Chairman and Founder of A4E, one of the largest UK suppliers of services to the public, private and
Kalpana Morparia, joint Managing Director of ICICI Bank
Amy Nauiokas, Managing Director and Head of Brokerage, Barclays Wealth
Women as wise investors
• Motivations to amass and protect wealth are neatly divided
between spending on the present and saving for the future.
Financial security in retirement is the main goal, followed by
more frequently, and the commercial world is sitting up and
a better personal lifestyle and enjoyment of the finer things
taking notice of women’s growing spending power. Globally
in life. See page 10
women are becoming an economic force with which to be
Holly Sargent, Senior Associate Dean for Advancement and Senior Director for University Women’s Studies at Harvard University
reckoned. See page 4
Promilla Sehgal, Entrepreneur and Founder of Visage Imports
Alison Steed, contributing author of the report and a freelance journalist, who writes for Wealth Briefing,
the Daily Mail and the Daily Telegraph
The ‘Glass Ceiling’ persists
Perween Warsi, Founder & Chief Executive Officer, S&A Foods
• While the US and UK lead on the number of management
An appetite for risk
• Women have a more cautious approach to risk, proving
themselves to be ‘purpose driven’ investors, less focused on
income and growth. Women want to know more about and
positions held by women, the ‘glass ceiling’ persists and an
understand an investment proposition, and financial services
equal number of women to men on company boards and in
providers are paying considerable attention to making their
government is predicted to still be some way off. See page 6
offer more female-focused. Experts claim that by applying this
same energy, other industries will be better-placed to tap into
this fast-growing market. See page 11
Business as a driver
of wealth
becoming outdated, but as women become more independent
Better knowledge…
or over confidence?
and increasingly common in the world of business, what price
• Overall, the majority of men make the financial decisions in a
• The perception of wealth gained via inheritance or marriage is
does their success have on family and lifestyle? See page 8
marriage or partnership, but this is changing for the younger
generations as the Internet, newspapers and specialist
publications play an increasing role in helping women become
Education is the
cornerstone
• While men and women have broadly similar views about the
key determinants of their wealth, in particular around education,
a significant difference between the genders is that women are
better informed about personal finance. See page 13
Enjoyment of wealth
• Travel, eating out and cultural events are the most popular ways
of enjoying wealth for both men and women. See page 15
more likely to cite a strong family background as being
influential. See page 10
2
3
Introduction
The commercial world is starting to sit
More generally, it is clear that women around the world are
becoming an economic force with which to be reckoned. Since
up and take notice of women’s growing
the 1950s, the proportion of the female workforce in Sweden,
spending power, and is now redoubling
the UK and the US has risen from one-third to two-thirds. In
its efforts to tap into this money-
impressive economic growth, women hold two-thirds of jobs in
spinning market
South-east Asia, a region that has in recent years enjoyed
the export industry. Perhaps most strikingly of all, a recent
report in The Economist suggested that, over the past decade,
the increased employment of women in developed countries has
A recent study from Datamonitor, an independent research
contributed much more to global growth than China.
company, finds that the gap between the wealth held by male
and female millionaires is narrowing. In 1998, the average male
“Women” and “wealth” are two words that are being heard together
millionaire in the UK was worth £2.71m (US$5.42m), while the
average female millionaire owned just £1.28m (US$2.56m). By
more frequently as the number of high net worth females in the world
female millionaire worth £1.97m (US$3.94m) compared with
£2.96m (US$5.92m) for men.
the commercial world is starting to sit up and take notice of women’s
This increase in female wealth has not been limited to developed
economies. In 2006, the female paper tycoon Zhang Yin was
listed by the Hurun Report as the wealthiest person in China, with
an estimated US$3.4bn. Even in Saudi Arabia, a country in which
this money-spinning market.
richest women in 2007 is £33.27bn
2006, women had caught up considerably, with the average
continues to rise. From luxury goods manufacturers to private banks,
growing spending power, and is now redoubling its efforts to tap into
The combined wealth of Britain’s 100
women can neither vote nor drive a car, women are making their
presence felt in the higher reaches of business. In 2005, Nahed
Taher became the first Saudi woman to head a large investment
bank when she founded the Gulf One Investment Bank in Bahrain.
The flip side of wealth creation is spending, and women’s
spending habits are being watched more closely than ever by
companies that are keen to tap into this rich vein of opportunity.
With some studies suggesting that as much as 80 per cent of all
purchasing decisions are made by women, the importance of
developing products and services that meet their needs,
combined with clear and effective marketing, cannot be
overstated. This has been recognised for a number of years by
luxury brands, and even by the traditional male bastions of cars
and gadgets. Other industries, such as financial services, have
The affluence of women is increasing in no uncertain terms,
Rich List, a club that requires wealth of at least £70m (US$138m)
with the number of female entrepreneurs and senior company
to join. The combined wealth of Britain’s 100 richest women in
flex their muscles in the global economy, this is a trend that can
executives burgeoning in the UK and abroad. Some 30 years
2007 is £33.27bn (US$66bn), and data from the Centre for
only accelerate across the entire business world.
ago, it would have been rare to find women owning their own
Economics and Business Research suggests that, by 2020,
businesses, or even being members of the board in large
53 per cent of millionaires in the UK will be female.
been slower to catch onto this trend, but as women increasingly
corporations. Now, there are 92 women on the Sunday Times
4
5
The
The lack of senior female directors is bewildering for many
stronger than men in areas such as leadership and collaboration,
commentators, not least because studies have shown that
which are regularly cited as vital for business success.
companies with more women at the top tend to perform better
“Glass
Ceiling”
than those with fewer. For example, a study by research
Companies today face more pressure than ever to increase
organisation Catalyst found that companies with the highest
female representation at the highest management levels. As
female representation on their senior management teams
well as evidence that points to stronger performance among
enjoyed a 34 per cent higher return on equity than those with
companies with female directors, a more rigorous corporate
the lowest representation.
governance requirement in the wake of the Enron scandal has
encouraged boards to dismantle the “clubbiness” of the
Numerous reasons have been put forward to explain this
boardroom and look further afield for new talent. Over time, it is
phenomenon, but a common thread seems to be that a
hoped that these trends will accelerate the promotion of women
diversity of opinions on management boards is likely to lead to
to senior management teams, so that one day we may see 50
more rigorous analysis of problems and therefore improved
female chief executives in the FTSE 100, instead of just one.
decision-making. It may also be because women tend to be
Table 1: Percentages of employees in managerial posts
2004 or latest year available
Directors & Managers
%
18
17
Over the past few decades, the number of women who hold elevated
Male
16
Female
15
positions in business and government has steadily increased.
14
13
12
According to data from the OECD, which combines Labour Force
per cent have more than one, according to a report by Spencer
surveys of a sample of private households undertaken separately
Stuart, the recruitment firm.
11
10
FTSE 100 companies, and up to 200 years to achieve an equal
1
companies, and 77 per cent of those companies have at least
number of women in Parliament.
0
one woman on their board. In the US, 89 per cent of companies
on the S&P500 have at least one woman on their board, and 64
Spain
better represented. There are 117 female directors of FTSE 100
Greece
2
Italy
another 60 years to achieve an equal number of female directors of
Luxembourg
At the highest levels of business, women have gradually become
Portugal
3
Germany
compiled by the UK’s Equal Opportunities Commission, it will take
Denmark
4
Sweden
cent on the S&P500. According to the annual Sex and Power Index
Czech Republic
cent of male employees (see Table 1).
Slovak Republic
5
Poland
FTSE 100 companies are held by women, compared with 16 per
Netherlands
figure for women rises to 12.1 per cent, compared with 15.6 per
Finland
6
OECD average
countries and industries. Only 10.35 per cent of all directorships on
France
countries, compared with 7.1 per cent of men. In the US, the
Norway
7
Belgium
business, the much-discussed “glass ceiling” persists in many
Hungary
employees now hold managerial positions in business in OECD
Iceland
8
Ireland
But despite the considerable advances made by women in
United States
Current Population Survey, around four per cent of female
United Kingdom
9
by European Union member countries, with data from the US
Sources: OECD, European Labour Force surveys and US Current Population Survey
6
7
Drivers and goals
of wealth
“Younger women are becoming more independent and going
through the career profile more swiftly”
As well as climbing the corporate ladder with greater ease,
Dr Harding agrees, and notes that women at home who have time
women are also becoming increasingly common in the world of
and resources behind them are likely to go into the labour market
The traditional sources of wealth for women have been
Dr Rebecca Harding, Senior Fellow in the Foundation for
entrepreneurship. Holly Sargent, Senior Associate Dean for
by being entrepreneurial. “Their businesses are more likely to be
inheritance from their parents or deceased husbands, or
Entrepreneurial Management at the London Business School,
Advancement and Senior Director for University Women’s
family orientated, less commercial, and more socially, or ‘gap in the
financial gain from the divorce of a wealthy husband. While
and Director of Global Entrepreneurship Monitor (Gem UK),
Studies at Harvard University, points out that when women do
market’ based,” she explains. “A lot of innovative products are
these methods of achieving wealth status are still evident, a
corroborates this general shift in sources of female wealth. “A lot
start a business, it often does not have the sole purpose of
created around female-orientated gaps in the market.”
recent global survey conducted by the Economist Intelligence
of the female wealth is still coming from divorce,” she says, “but
generating wealth. More often than not, there will be a social
Unit on behalf of Barclays Wealth of 600 affluent, high net
younger women are becoming more independent and going
element to their entrepreneurship, which is often as important,
worth and ultra high net worth individuals indicates that this
through the career profile more swiftly.”
if not more so, as their need and willingness to create wealth.
perception is becoming outdated.
As women generate more of their own wealth from income and
Table 2: Sources of personal wealth cited by women
The vast majority of those surveyed – both men and women –
investments, an unfortunate side effect is that we may see
Which of the following have been most important to you as sources of your personal wealth? Select up to three responses
have earned their money through their job or the ownership of a
divorce levels increasing. Recent research by Randall Kesselring,
business, although in both cases, the proportions are slightly
Professor of Economics at Arkansas University, in which the
higher among men. Less than one-fifth of women, and just over
finances of more than 100,000 women were examined, found
one-sixth of men, have generated significant wealth from an
that, with every US$20,000 that a woman’s wealth increased
inheritance. Meanwhile, marriage is a significant source of
relative to the family’s overall income, the chances of marital
wealth for around one-quarter of women, compared with just
break-up rose by one per cent.
one in 10 men. Looking in greater detail at the research, one
finds notable differences between the regions. For example, the
proportion of women who say that marriage is a significant
source of wealth is highest in the Middle East and Africa, at 30
per cent, and is lowest in North America, at 19 per cent.
Asia
North
America
Europe
Middle East
& Africa
Inheritance
26.8 %
22.2 %
15.2 %
25.9 %
Income from job
53.7 %
75.0 %
64.6 %
63.0 %
Income from investments
34.1 %
38.9 %
24.1 %
44.4 %
Income from property rental
12.2 %
11.1 %
8.9 %
11.1 %
Income from sale of property
9.8 %
16.7 %
8.9 %
0.0 %
Income from a business
26.8 %
16.7 %
19.0 %
18.5 %
Sale of a business
9.8 %
11.1 %
7.6 %
14.8 %
Pension
14.6 %
11.1 %
12.7 %
3.7 %
Rich benefactor
4.9 %
0.0 %
8.9 %
3.7 %
Marriage
24.4 %
19.4 %
27.8 %
29.6 %
Gambling/lottery win
2.4 %
2.8 %
7.6 %
7.4 %
Divorce settlement
2.4 %
5.6 %
0.0 %
3.7 %
Other
0.0 %
0.0 %
2.5 %
0.0 %
Source: EIU/Barclays Wealth
8
9
Education is the cornerstone
So given this shift in the likely sources of female wealth, what
Comparing the regions, we find that women around the world
are perceived to be the most important factors that influence
have slightly differing views as to the key factors that influence
wealth accumulation? Men and women have broadly similar
wealth generation. While education is perceived universally as
views about the key determinants of their wealth, and they tend
Table 4: Motivations to amass and protect wealth
(rankings in order of importance)
Table 5: Wealth and lifestyle (comparison of attitudes of mass affluent
and high net worth women)
What are the main motivations for you to amass and protect
your wealth?
What impact has increased personal wealth had on the following
areas of your life?
Women with
assets
under $1m
Women
with assets
over $1m
More leisure time
56%
70%
More time with family
41%
59%
More stress
55%
59%
Greater personal happiness
70%
80%
Better health
54%
64%
Better relationships with family
57%
53%
Job satisfaction
74%
63%
Women
Men
Financial security in retirement
1
1
being the single most important influence, the family is seen as
Better personal lifestyle
2
2
to be grouped around education (in particular, university or
a more dominant influence in the Middle East and Africa than in
Enjoyment of the finer things in life
3
3
college), determination, and being allowed to live independently
other regions. Respondents from those regions are more likely
Ability to travel extensively
4
4=
at a young age. The only significant difference between the
than those from elsewhere to cite strong family ties, a wealthy
Ability to retire early
5
6
genders is that women are more likely to cite a strong family
family background and the influence of an individual family
Ability to afford a large property
6
7
background as being influential. Both genders see propensity for
member as being important factors that have helped them
Financial security for children
7
4=
wealth as being a nurture, rather than nature issue, with very
accumulate wealth.
Ability to help others (e.g. philanthropy)
8
8
Private education for children
9
9
Status
10
11
Enjoyment of making money
11
10
Perceptions of the benefits of wealth also vary considerably
Ability to afford more than one property
12
12
between the regions. In general, respondents from Asia appear to
few respondents considering that an innate talent for wealth
generation is an important factor.
Spend and save are
the main goals
Table 3: Factors that have influenced wealth
(rankings in order of importance)
How influential do you think the following factors have been in helping
you achieve the wealth you now hold?
Women
Men
University Education
1
1
and enjoyment of the finer things in life. In other words, the
School Education
2
3
goals appear to be neatly divided between spending on the
Determination
3
2
present and saving for the future. More intangible factors, such
Strong family ties
4
9
as status and the sheer enjoyment of making money, come
Understanding of money from early age
5
5
much further down the list. The only substantial difference
Independence from an early age
6
4
between the sexes is that men are more likely to see financial
seen as the main priority, followed by a better personal lifestyle
Peer group
7
7
security of children as a priority. There is, however, an
High appetite for risk
8
6
interesting difference between women in different regions:
Wealthy family background
9
11
those in the Middle East and Africa are more likely than those
Support from individual family member
10
10
Innate talent for wealth generation
11
8
Modest family background
12
12
elsewhere to consider financial security for children as a key
motivation, with 63 per cent seeing it as important. This is
further evidence of the strong family ties that the survey
suggests are characteristic of the region.
have been able to enjoy more leisure time and time with their
families as a result of their wealth. Conversely, respondents from
Motivations for amassing and protecting wealth are almost
identical for men and women. Financial security in retirement is
Source: EIU/Barclays Wealth
Source: EIU/Barclays Wealth
Source: EIU/Barclays Wealth
The emotional
impact of wealth
North America are least likely to consider that greater wealth has
given them more time with their families, and are second least
likely (after the Middle East and Africa) to consider that it has
given them more leisure time. Despite these constraints on their
time, they are however most likely to think that greater wealth
It is often said that money cannot buy you happiness, but the
has enhanced their levels of personal happiness.
results of the survey suggest that this old cliché may be somewhat
wide of the mark. The women questioned who hold assets in
excess of $1m were more likely than those with assets below that
threshold to think that increased wealth had brought them more
leisure time, more time with their family, better health and, yes,
increased levels of happiness. Women below the $1m mark could
Women and
personal finance
console themselves that they generally had greater levels of job
Many experts contend that women are far less likely to take risks
satisfaction but, on the minus side, they suffered from similar
with their money, whether in their personal finance or business
levels of stress to those with greater wealth.
affairs. This perception is borne out by the research, which finds
that, in the past three years, more men than women have
invested in vehicles that are generally considered to be at the
riskier end of the financial spectrum, such as hedge funds,
private equity, structured products and derivatives. Men are also
more likely to have invested in stocks and shares.
10
11
Amy Nauiokas, Managing Director and Head of Brokerage,
The survey suggests that women in North America have a
This observation may come down to the fact that women
cent higher than the proportion of women although, in reality,
Barclays Wealth, says that this analysis fits with the typical
propensity to be most sophisticated in terms of the breadth of
generally want to know more about an investment proposition,
this could simply be put down to over confidence rather than
female customer profile. “Our female investors tend to be
their investments. The continent has the highest proportion of
and fully understand it, before they are prepared to sign up.
any superior knowledge. The single notable exception is the
between 45 and 65, and they tend to have a more cautious
women that invest in stocks and shares, bonds, property and
Financial institutions will tell you that, in general, women want
working of the stock market, where the knowledge gap extends
approach to risk,” she says.
personal pensions. Women in the Middle East, however, are more
more help in making their financial decisions than men, and
to around 20 per cent between men and women. The greater
likely to invest in commodities, such as gold, and hedge funds,
often the level of reassurance they need about the decisions
extent of this difference suggests that this is one area where
than those in any other region. European women, meanwhile, are
they are making is much higher.
men do have a genuine edge over women.
“Women are much more clinical in their need to know what they
Looking at the differences between the regions, we find that
are going to get before they sign up for something,” says Dr Ros
confidence levels among women are often highest in the Middle
Altmann, Governor of the London School of Economics. “Men have
East and Africa. Although the region has a relatively less
more of a mindset that you have to just go out and get it, and you
established investor culture, women there were most confident
can see their attitude towards risk taking in the games they play.”
about investing in funds and collective investments, and hedge
most likely to invest in alternative assets, such as antiques and art.
Table 6: Regional differences in investing (% of women who say they have invested)
In which of the following vehicles have you invested in the past three years?
Asia
North
America
Europe
Middle East
& Africa
Individual stocks and shares
65.9 %
69.4 %
65.8 %
48.1 %
Bonds
31.7 %
38.9 %
25.3 %
22.2 %
Gilts
14.6 %
5.6 %
10.1 %
14.8 %
Currency
19.5 %
13.9 %
10.1 %
18.5 %
Commodities (eg, gold)
9.8 %
19.4 %
15.2 %
33.3 %
Hedge funds
12.2 %
8.3 %
12.7 %
18.5 %
Property
19.5 %
44.4 %
36.7 %
29.6 %
Personal pension
17.1 %
38.9 %
36.7 %
29.6 %
Aware of the different approaches and requirement of the genders,
“One of the trends I have observed is the considerable increase in
Tracker funds
7.3 %
11.1 %
13.9 %
25.9 %
private banks and other financial services providers are now paying
the numbers of female investment bankers, financial fund
Investment trusts
17.1 %
22.2 %
20.3 %
22.2 %
considerable attention towards making their products and services
managers and portfolio managers in the region” he explains. “This
7.4 %
more female-focused. But there is still a language barrier when it
is a trend which would not have been seen some years ago, and is
3.7 %
comes to women and finance that is not going to change in the
testament to the growing influence of women in business.”
Derivatives (futures, options, CFDs etc)
Alternative assets (fine wine, antiques, art etc)
2.4 %
2.4 %
11.1 %
8.3 %
5.1 %
16.5 %
funds. They were also among the most confident in their
“Women want more nurturing, coaching
knowledge of investing in estate planning, retirement planning
and the capabilities of private banks.
and support, and a lot of that focuses on
Gerard Aquilina, Head of Barclays International Private Banking,
the language of finance”
comments that in recent years he has witnessed women in the
Middle East occupying greater prominence in the world of finance.
Private equity/co-investing
4.9 %
11.1 %
10.1 %
0.0 %
foreseeable future. “Women want more nurturing, coaching and
Structured Products
9.8 %
8.3 %
7.6 %
7.4 %
support, and a lot of that focuses on the language of finance,” says
Women from Europe, meanwhile, professed greatest
Credit/leveraging
9.8 %
2.8 %
6.3 %
7.4 %
Dr Harding. By taking more time and using more energy to
understanding of stocks and shares, with 38 per cent of women
understand the needs and considerations of women, businesses
saying they are confident in this area (North Americans were not
will be able to tap into a fast-growing market far more effectively.
far behind, with 36 per cent saying they are confident here).
Source: EIU/Barclays Wealth
The table above clearly shows that property is an important
Furthermore, when asked how they would choose to spend a cash
investment vehicle for many women around the world. In North
windfall, 25 per cent of women cited investment or personal
America and Europe, property was second only to stocks and
purchase of property if they were to receive $2m.
shares as the preferred investment over the past three years,
Women in Europe also seem to have a slight edge over those in
Better knowledge. . .
or over confidence?
and it also scored highly for women in Asia and the Middle East.
However, women tend to place less importance than men on
Large increases in property values since the 1990s have
their income from investments, and from property rental and
Male respondents to the survey profess a greater knowledge
encouraged many women to channel their funds into bricks and
property sales. “I keep coming back to the fact that women tend
than female respondents of every aspect of personal finance –
mortar, and have also been significant in terms of wealth
to have purpose-driven investing,” says Ms Nauiokas. “They will
from tax and estate planning to stock markets and investing in
creation. Income from property rental or the sale of property is
alter their approach as they reach their goal and will often act to
hedge funds. Almost across the board, the proportion of men
cited as an important source of wealth for 20 per cent of
protect what it is they have built up. Male investors tend to look
claiming good knowledge of financial products is around 10 per
women in our survey, and 31 per cent say that they plan to
for income and growth.”
other regions in terms of their knowledge of the debt market,
with 34 per cent professing confidence in that area.
invest in property over the next three years.
12
13
North American women appear to be most aware of the need
The media also cannot be underestimated as a source of
for diversification in their investments, with more respondents
education about trends in financial services. Mr Aquilina cites
than from any other region agreeing that they do not like
as an example the daily coverage in broadsheet newspapers of
putting all their money into one account. Meanwhile, women in
the latest purchase by private equity or hedge fund activity.
Asia who were questioned for the survey tended not to rate
Because of this, the customer, whether male or female, is
their knowledge of financial matters particularly highly and
becoming more educated, questioning and in turn, more
generally lagged behind their peers in the other three regions.
demanding, as this knowledge increases. According to Mr
Aquilina, new trends are emerging due to the intellectual
“At one time clients had no access to
content of the dialogue between private bankers and their
clients, such as increased confidence in debt and interest in
research, product innovations and pricing,
alternative investments.
and to an extent they were completely
The majority of men in a marriage or partnership say that they
reliant on financial advisers to pick an
make the financial decisions – 65 per cent compared to 41 per
investment for them”
quarter of relationships. “You do need to differentiate between
cent of women. Joint decisions are made in just under one-
age groups,” says Dr Altmann. “In my experience, a lot of older
Despite, or perhaps because of, the greater knowledge they
claim in financial matters, men are more likely than women to
seek third-party advice on their finances. Independent financial
advisers are the first port of call, with 45 per cent of men and
38 per cent of women saying that they use this service. Men are
also more likely to consult tax specialists, accountants, private
banks, brokers and the media. The only source of advice that is
more widely used by women than men is the high-street bank.
Around the same proportion of men and women seek no advice
at all – about 15 per cent.
Enjoying
wealth
We have established already from the research that women consider
a better lifestyle and the ability to enjoy the finer things in life as one
of their main motivations for wealth creation. So how do they spend
their leisure time and disposable income?
women tend to rely on their husbands to do the investing. Often
they have not taken the time to be financially aware, and they
can find they have really been left behind in a divorce. But
younger women are taking much more control of their finances,
and are looking after themselves better.”
Women are also passing on their financial knowledge to their
dependents, says Mr Aquilina, and are paying special attention
to educating females. “If you take as a given that you are
dealing with a paternalistic male world where financial decisions
are concerned, we note a higher propensity among parents in
Travel is the most important leisure pursuit for both sexes,
extravagance, although the proportion of women who spend
closely followed by eating out and cultural events, such as going
more than $5,000 annually is slightly higher than that of men.
to concerts, the theatre, or art galleries. But after that, the
Men, meanwhile, are more likely to spend in excess of $5,000 on
choices for men and women diverge considerably. For example,
furniture, cars and gadgets.
31 per cent of men like to take part in sport, compared to just 17
per cent of women. The latter, it seems, are busy shopping –
In recent years, there has been a significant trend in the luxury
with 37 per cent enjoying retail therapy as a pastime, compared
goods market towards marketing and advertising specifically to
with 12 per cent of men.
target women. Jaguar Land Rover, for example, has worked hard
to shed its image as a brand that is targeted primarily at men.
Looking at the regions, Asian women appear to be keener on
To this end, it has created a women’s panel to advise on the
travel and shopping than their peers elsewhere in the world: 68
design of future cars, introduced policies to encourage more
per cent said that they favoured travel in their leisure pursuits,
women onto its workforce, and launched “Jaguar women”, a
information. Mr Aquilina points out that the growth of the
compared with 56 per cent of European women and 44 per cent
new perfume. Notably, the company also has a female
Internet has become an important source of financial
of women from Middle East and Africa; while 49 per cent of
managing director, Bibiana Boerio.
information of the kind that once would have been very difficult
Asian women favoured shopping, compared with just 25 per
to obtain. “At one time clients had no access to research,
cent in North America.
In terms of developing wider knowledge, both men and women
are turning to new media channels as a source of education and
Latin America and the Middle East, for example, to have their
daughters learn about financial management.”
product innovations and pricing, and to an extent they were
completely reliant on financial advisers to pick an investment for
In terms of how they spend their money, both men and women
them,” he explains. “Now they have access to various products
cite holidays and home improvements as their top priorities: 63
and investment ideas.”
per cent of men and 59 per cent of women spent more than
$5,000 on holidays in the past year, while 46 per cent of men
and 45 per cent of women spent more than that amount on
home improvements. Clothes are another important
14
15
Women
59%
Men
63%
20%Women
19%Men
16%Women
14%Men
Table 7: Proportions of men and women who spent more than $5000
in past year on the following categories of items
39%Women
46%Men
Women
Men
Holidays
59%
63%
Home improvements
45%
46%
Clothes
43%
36%
Cars
39%
46%
Jewellery and watches
36%
26%
Gadgets
31%
38%
Art and antiques
24%
24%
Furniture
23%
41%
Charitable donations
20%
23%
Fine wine
20%
19%
Jets, yachts, and helicopters
16%
14%
Source: EIU/Barclays Wealth
45%Women
46%Men
So how do men and women
spend their leisure time and
disposable income?
16
24%Women
24%Men
17
When it comes to luxury services, men are more likely to use
The windfall dilemma
This appetite for risk is part of the reason why many men find it
There is a theory that people view their regular income in a
“Women cannot always sell their business ideas to the male
different way to a bonus, and do their own form of accounting in
investor,” says Dr Harding. “If you talk to people who provide
the way that they are prepared to spend each type of income.
women with finance, they will say that women have a lower
Mark Kibblewhite, Managing Director and Head of Barclays
expectation of how their business is going to grow, even when
Wealth UK Private Banking says there is a very clear mental
they are very high powered. Women are far more risk aware,
A surprisingly high proportion of men – more than one-third –
accountancy when choosing between investment and spending.
frightened that things will go wrong, and frightened of flying too
think that designer clothes and other luxury goods are a waste
“When women are in the mindset that ‘this is for investment and
close to the sun.”
of money, a statistic which perhaps follows on from the male
saving’ they are very diligent and plan well. But experience would
disinterest in shopping. Just one-fifth of women agree with this
tell us that female clients make a very clear choice in their minds
Dr Harding adds that women will generally put proportionately
statement, but nonetheless, this is still a significant number.
and are absolutely more disciplined in allocating a figure for the
less of their own cash into a business venture than their male
spending pot to enhance their lifestyle and enjoyment.”
equivalent, even when they are expecting to have a low
A surprisingly high proportion of men –
personal trainers, chauffeurs, chefs, alternative health
practitioners, property search agencies, lawyers and private
bankers than women. However, women are more likely to use
what may be considered “lifestyle” services, such as personal
concierge and shopping services, life coaches, personal stylists,
more than one-third – think that designer
clothes and other luxury goods are a
waste of money
bodyguards and private doctors.
Despite these patterns of spending, there are still relatively high
proportions of both men and women who say that they spend
nothing on many of these categories. For example, 30 per cent
of women and 21 per cent of men say that they have spent
nothing on home improvements in the past year, and 45 per
cent of men and 46 per cent of women say that they have not
turnover. “The language of that to an investor is that they do
purchased any art or antiques.
Table 8: Source - women only
If you had a cash windfall of US$2m, and could only choose one thing to do with the money, which of the following would you choose?
Pay off debts
Asia
North
America
Europe
Middle East
& Africa
2.4 %
0.0 %
7.8 %
3.7 %
It is instructive, therefore, to look at how men and women
not believe in their product and they are not prepared to
would spend a windfall, and to see if there are any differences
dedicate everything to it,” she says.
between the two.
If they were to receive a windfall of $200,000, both sexes would
be more likely to invest the money, but the woman’s propensity
Invest in property (for investment, not personal use)
19.5 %
25.7 %
10.4 %
11.1 %
to avoid risk is apparent; with men more likely to put the money
Invest in private company
2.4 %
2.9 %
11.7 %
11.1 %
into the stock market, and women more likely to bump up their
Invest in stock market
2.4 %
17.1 %
10.4 %
14.8 %
personal pension. If the windfall rose tenfold again to $2m,
Invest/save in savings products (deposit/savings accounts, bonds ISAs, etc)
17.1 %
17.1 %
5.2 %
14.8 %
investing the money would be by far the most popular option
Add to my pension
9.8 %
11.4 %
15.6 %
14.8 %
for both sexes. Men would be most likely to invest in property or
Put towards/spend on a new property for personal use
17.1 %
5.7 %
10.4 %
7.4 %
a private company, whereas women would tend to prefer
Put towards/spend on an aircraft/yacht/private jet
14.6 %
5.7 %
9.1 %
7.4 %
property, or pension and savings products. The tendency for
Spend on travelling
0.0 %
2.9 %
7.8 %
7.4 %
men to choose investments such as the stock market or
Give to other family members
4.9 %
5.7 %
5.2 %
0.0 %
investing in a private company bears out the finding in a
Give to charity
2.4 %
0.0 %
1.3 %
0.0 %
separate question where men said they were more likely than
Spend on designer clothes or jewellery
4.9 %
0.0 %
1.3 %
3.7 %
women to choose a high-risk investment to improve returns.
Spend on artwork
0.0 %
2.9 %
0.0 %
0.0 %
Spend on a car
2.4 %
0.0 %
1.3 %
3.7 %
Spend on gadgets/new technology
0.0 %
2.9 %
2.6 %
0.0 %
100.0 %
100.0 %
100.0 %
100.0 %
Total
Source: EIU/Barclays Wealth
easier to get investment for their companies than women.
“Women don’t necessarily look at things
through the same lens”
The financial services industry in general acknowledges that
men and women may have different needs, Mr Kibblewhite
points out. “At one stage you’re dealing with some of the most
successful entrepreneurial high earning individuals in the
country. The next minute it is someone who, completely
through circumstances, have had their world shattered through
a family change or bereavement - and they’re thrust into the
world of finance.”
For this reason, Mr Kibblewhite says that the industry needs to
work harder to recognise that women’s thought processes are
“Women are far more risk aware,
sometimes different. “Women don’t necessarily look at things
through the same lens as a male client, which is why we apply
frightened that things will go wrong, and
frightened of flying too close to the sun”
the time to treat each client individually and work with them to
understand what they want to achieve, guaranteeing the right
balance between preserving wealth for themselves and
distributing that wealth to family members.”
18
19
Perpetuation of wealth
One of the most constructive ways in which wealth can be
Ms Sargent points out, however, that philanthropy is not
passed through the generations is by handing over the reins of a
necessarily something that is gender-specific, and that it more
family business. This is an experience that UK-based entrepreneur
likely has to do with an individual’s life and experiences. “There
Promilla Sehgal understands very well. In 2005, she sold her UK
are some interesting changes in the way that women are
business Visage Imports, which she had founded 24 years earlier,
looking at how they can use their wealth to advance things they
to her son, daughter and son-in-law in a management buy-out for
care about,” she explains. “In the past 20 to 25 years, there has
£100m (US$198m). The company, which is based in South
been a huge increase in political donations from women. In the
Shields, UK, imports clothing and accessories from countries
US, there are organisations like Emily’s List, which has
including China, Bangladesh, India, Turkey and Hong Kong, and
capitalised on the increased understanding that if you are going
That said, there remains a fairly strong sense among our survey respondents that a financial legacy for dependents is important.
today supplies many leading high-street retailers. Keeping the
to have a voice in political dealings, then you are stepping up.
Around 60 per cent of both women and men say that they want to make sure that they have enough money to pass on to the next
business in the family was an important consideration for Ms
There is now a movement afoot for women to step up and be
generation, and we have already established that financial security for children is an important driver for wealth creation, especially
Sehgal. “I believe family businesses are all about keeping control,
willing to fund in a major way the cause for social justice.”
for men. Looking at the regions, the importance of passing on wealth is strongest in the Middle East, where 70 per cent of women
and I was very keen for the business to be something that the
say that they want to make sure they are able to do this.
next generation could continue to build,” she says.
The passing of wealth down the generations has been a rite of
passage for millennia. But while inheritance was always an important
source of wealth for our more fortunate ancestors, the rise of
entrepreneurship and the democratisation of wealth mean that it no
longer figures so prominently.
Charitable legacies and philanthropy have been much in the news
“There is now a movement afoot for
women to step up and be willing
lately, thanks in no small part to last year’s $37bn donation by
Warren Buffett to the Bill and Melinda Gates Foundation.
Financial security for children is an
important driver for wealth creation
Respondents do not generally consider the ability to help others
via philanthropy as an important reason to amass and protect
to fund in a major way the cause
for social justice”
their wealth, however they certainly see charitable giving as an
important by-product of their good financial fortune. Around 37
per cent of men and 39 per cent of women say that they expect
to leave 10 per cent or more of their estate to charitable causes,
while 23 per cent of men and 20 per cent of women say that they
gave more than $5,000 to charity in the past year.
20
21
Women around
the world
Europe
• Data from the Centre for Economics and Business Research
suggest that, by 2020, 53 per cent of millionaires in the UK
will be female
• Since the 1950s, the proportion of the female workforce in
Sweden and the UK has risen from one-third to two-thirds
• European women are more likely than those from other regions
to invest in alternative assets, such as antiques and art
• European women professed greatest understanding of stocks and
shares, with 38 per cent saying they are confident in this area
Asia
• Women in Asia are more likely than those from elsewhere
North America
to enjoy more leisure time, and time with their families as
a result of their wealth
• In the US, 89 per cent of companies on the S&P500 have at
least one woman on their board, and 64 per cent have more
• They do not rate their knowledge of financial matters
than one
particularly highly, lagging behind their peers in the other
three regions
• North American women are least likely to consider that greater
wealth has given them more time with their families
• They are keener on travel and shopping than their peers
elsewhere in the world - 68 per cent favoured travel and
• They have a propensity to be most sophisticated in terms of
the breadth of their investments. North America has the
highest proportion of women that invest in stocks and shares,
49 per cent shopping
Middle East & Africa
bonds, property and personal pensions
• Confidence levels towards personal finance are highest in the
• They appear to be most aware of the need for diversification in
Middle East and Africa, despite a less established investor culture
their investments
• The proportion of women who say marriage is a significant
• Income from a job was the most important source of wealth
source of wealth is highest, at 30 per cent
• Income from a business was a source of personal
wealth for 26 per cent of Asian women – more than
any other region
• South-east Asian women hold two-thirds of jobs in the
region’s export industry
for 75 per cent of North American women, more than any
other region
• Women see the family as a more dominant influence on
wealth generation than in other regions
• They are most likely to consider financial security for children
as a key motivation - 63 per cent see it as important
• They are least likely to consider that wealth has given them
more leisure time
22
23
Emma
Harrison
Case study:
“The banks have woken up to the fact
that there’s some good business to be
had by working with women”
Few entrepreneurs in the UK have been as successful as Emma
Harrison at combining the goal of making a difference to people’s
lives with achieving financial success.
As the Founder of A4E, a company that runs training and skills
services on behalf of the government to help unemployed
Ms Harrison developed her entrepreneurial skills at an early age,
running an illegal tuck shop at her local comprehensive school in
people back to work and advise small businesses, Ms Harrison
Sheffield. After graduating from Bradford University with an
oversees a company with around 2,500 employees and
engineering degree, she went to work with her father, who had set
revenues of more than £100m. Her personal fortune is
up a training agency to provide support for those made
estimated at more than £55m – enough to earn her a place on
the 2005 Sunday Times Rich List, a roll call of the UK’s
wealthiest individuals.
unemployed by the closure of the local steel works. Weeks later,
For many women, especially mothers who may feel that they
Ms Harrison’s father left for Germany, leaving her in charge of
do not receive enough support or understanding in a corporate
the company. Within a year, the business was turning over £1m
environment, the entrepreneurial route can appear very
(US$2m). When Ms Harrison’s father returned, they disagreed
attractive. As the mother of four young children, Ms Harrison
over the future direction of the business, and Ms Harrison left
says that she has benefited from a career that gives her control
to found A4E.
over her life, but warns against any would-be entrepreneur
thinking they will necessarily have any more free time. “Being
In the 20 years that she has been in business, Ms Harrison has
an entrepreneur means that you’re in charge of your own
detected a gradual improvement in the way in which female
destiny,” she says. “Whether it gives you any more time than
entrepreneurs are perceived by the finance community and
working for a company, I don’t think it does. But it does give
other professions, such as law and accountancy. “Things are
you the control over how you use your time. If you’re working
moving in the right direction,” she says. “The banks have woken
for a big city firm, you don’t necessarily get that.”
up to the fact that there’s some good business to be had by
working with women. I think it’s just a commercial thing – the
Despite the advances that have been made in the recognition
banks, lawyers and accountants are all making money off
of female entrepreneurs, Ms Harrison feels that there is still a
businesses that are run by women.”
place for women-only networks, at which female innovators can
share experiences, tips and contacts. “I speak at a lot of these
With the groundwork being laid in terms of perceptions of female
events and, for women who are just beginning, their biggest
entrepreneurs, an important question for many researchers is
problem is confidence,” she says. “You can see that women get
how women’s aptitude for entrepreneurship compares with that
a lot of support from meeting other women and it not being a
of men. Here, Ms Harrison feels that women may have a genuine
male-dominated event.”
edge in that they tend to possess some of the same personality
traits that characterise successful entrepreneurs. “The good
Although she has achieved outstanding success with A4E, Ms
entrepreneurs that you meet are very creative, and they’re
Harrison sees no reason to rest on her laurels, and says that she
genuinely very empathic and honest. They’ve also learned how
is pursuing ambitious market and geographical expansion plans.
to get on with others and make genuine friendships, which I
By 2014, she expects annual revenues from A4E to reach £500m
would say are more feminine characteristics.”
(US$1bn), and for half of these to come from overseas projects,
which include centres in France, Germany, Israel, Poland and
Although the businesses being set up by women naturally span
South Africa. She is also in the throes of setting up a bank in a
the full commercial spectrum, academics and commentators
joint venture that will provide services for the same demographic
have noted that, in common with Ms Harrison’s A4E, female
that uses A4E’s training and skills offering. Her motivation
entrepreneurship tends to gravitate towards enterprises that
remains, as it always has been, to make a difference to
have a social aspect. Research by the London Business School’s
individuals’ lives. “Business is a lovely thing to be involved with
Social Entrepreneurship Monitor has found that women are
because it’s about people,” she says. “I love working with the
more likely to start social enterprises – businesses that trade for
people I work with and I love seeing them become successful.”
a social purpose – than traditional, purely commercial ones.
This finding corresponds with Ms Harrison’s own experience of
the female entrepreneurship community. “If you talk to women
entrepreneurs, they’ve all got a reason for doing their business,”
she says. “There’s something they want to change. It’s never as
simple as ‘I just wanted to make myself some money’, whereas
you do get that from men.”
24
25
Kalpana
Morparia
Case study:
ICICI Bank is India’s second largest and fastest-growing bank and
perhaps the country’s best example of how to assimilate women
throughout an organisation.
KV Kamath, the company’s (male) Managing Director and Chief
Ms Morparia says that, increasingly, it does not matter whether
Executive, has made it company policy to encourage the
one is a man or a woman in India’s services business, especially in
recruitment and development of women and, as a result,
finance and hospitality. By contrast, in manufacturing, it is rare for
females hold about a dozen of the top 40 management posts,
women to get to the top, except as a member of a business family.
two out of five executive board seats, run two out of five
For example, in southern India, Rajshree Pathy is the Chairman &
subsidiaries, and account for about 30 per cent of total staff.
Managing Director of her family’s Rajshree Sugars and Chemicals.
Kalpana Morparia is one of two joint Managing Directors at ICICI
The high proportion of female senior executives at ICICI
Bank. A lawyer by training, Ms Morparia has headed many
creates an atmosphere of comradeship, which Ms Morparia
functions in the bank and has been described as “the backbone
says that both she and her colleagues value. That said, they
of ICICI”. When she retires in May at the age of 58, she will
don’t mind being the only woman in a meeting.
become Chief Executive Officer and Managing Director of ICICI
“The more the emphasis on the difference in
Holdings, a new company being spun off to control the bank’s
In contrast to some of the other interviewees questioned for this
booming insurance and asset management businesses.
report, Ms Morparia does not feel that women’s networks help.
“The more the emphasis on the difference in gender, the more
gender, the more we are making it difficult
for us to be accepted as successful”
According to Ms Morparia, women in business have the
we are making it difficult for us to be accepted as successful,”
advantages of being “especially sensitive to employees and the
she says. Referring to another sort of network, several ICICI
environment, rather than being just task-oriented”. She firmly
employees point out that help given by relatives within the
believes that women should not, and do not want to be, treated
Indian extended family support system makes it easier to build
differently from men. “The moment you do something special for
careers than it might be in other countries.
women, you lose them, because they don’t want that,” she says.
She has stayed in ICICI, despite relatively low salaries, “because
What advice would Ms Morparia offer to other women who are
the empowerment is great – it gives an entrepreneurial
seeking similar success? “Completely erase from your mind that
framework with all the support systems you need”.
you need to be treated differently from men,” she says. She then
adds, with a trace of humour typical of the ICICI women, “Men
are just as smart as women are”.
26
27
Case study:
When Perween Warsi set up S&A Foods in 1986, she was 30 years
old and had two sons aged eight and 10.
Perween
Warsi
Having arrived in the UK in the 1970s, she had spent many years
Business success depends, she believes, on the ability to focus
feeling frustrated and disappointed at the poor quality of Indian
attention on a number of different things at the same time: “You
snack food available in supermarkets. “It was tasteless, it was
have to think about where you’re going, and what your goals
boring and it wasn’t authentic,” she says. Despite her lack of
are, but at the same time you must communicate that to other
business experience, she was convinced she could do better. “I
people. It’s a lot to do with managing people, and a lot to do
realised that the market was there,” she says. “People were
with understanding your market.”
prepared to enjoy Indian food and therefore they deserved to eat
good quality, authentic Indian food.”
It has sometimes been hard, she says, to manage family life as
well as running a business, but she has had plenty of help from
Ms Warsi had always been good at cooking, and, with some
her husband, a full-time GP, and her friends. She has also found
family funding, began preparing and selling the snacks herself.
formal support networks very useful. “Networking is vital in
S&A Foods grew quickly, winning contracts to supply the
business. It’s very important to exchange views and ideas and
supermarket chains Asda and Safeway, so she soon took on two
learn from each other, because not everybody has all the
chefs to allow her to concentrate on running the business.
knowledge and all the contacts you need.”
Despite the rapid growth, she has never compromised on
quality, she says, and the company has always used fresh
S&A Foods has diversified into supplying Thai, Malaysian and
ingredients and authentic recipes.
Chinese food, and also exports to France and Germany. Despite
a dip in turnover in recent years, Ms Warsi plans to continue
“Being yourself and having confidence in
your product is far more important than
whether you’re a woman or a man”
In 1987, she and her husband sold the company to the Hughes
expanding the business. Her advice to other entrepreneurs,
Food group as a way of raising additional funds to build a
male and female alike, is to have a clear vision. “Know where
factory. (They later bought the company back when Hughes
you’re going,” she says. “Be confident about your products, that
Food folded.) The first factory was built in Derby in 1989, and
they’re different and unique. Be yourself, and be open to
employed 100 people. Today S&A Foods employs 700 people
learning. Employ the right people who are passionate about the
and has a turnover of approximately US$130m.
business, who are capable and who take pride in delivering.”
Ms Warsi doesn’t feel that her sex has been a disadvantage or
an advantage. “Being yourself and having confidence in your
product is far more important than whether you’re a woman or
a man,” she says. “What matters is that you know what you’re
doing and where you’re going, and you know that your products
are better and different and you have the right people.”
28
29
Case study:
Siki Giunta
As CEOs go, Siki Giunta is one of a kind. An Italian woman who can
speak four languages and has a background in the arts and
humanities, she has presided over the transformation of US software
company Managed Objects from a start-up with eight employees to
a global business with 150 employees and revenues of US$30m.
Ms Giunta comes from what she describes as a typical Italian
In the male-dominated environment of IT, Ms Giunta believes that
family, in which the boys were expected to go out to work and
being a woman has had both drawbacks and advantages. “At the
the girls to stay at home and have children. “I think a lot of my
beginning, you might have to work a little bit harder, to make
assertiveness has arisen from the fact that, from the beginning, I
people get away from the fact that you’re different,” she says. On
had to tell everyone in my family ‘I’ve got a brain too,’” she says.
the other hand, she adds, an individual woman in a crowd of men
will stand out. “When I am at a big conference and give a
After acquiring a degree in French language and civilisation from
presentation, there is more chance that people will remember me.”
the Sorbonne in Paris, she joined Coutts & Co as a Portfolio
“The skills that made me succeed were my
assertiveness, my curiosity and my ability to
communicate with people”
Manager. Ms Giunta quickly realised that “building wealth for
Her career has also benefited, she believes, from her linguistic
other people was not my vocation” and joined IBM, in the mid-
ability. At IBM, the fact that she could communicate with
1980s, on an entry-level programme. At a time when businesses
members of project teams across Europe in their own language
were beginning to grasp the potential that computers offered,
was enormously helpful. She also takes more care than some of
Ms Giunta’s job was to deploy enterprise solutions for large
her male counterparts, she believes, in maintaining a personal
customers. “IBM wanted me to be a sales rep, but I just wanted
relationship with her staff. At work parties, she makes an effort
to be a project manager – someone who sees how people use IT
to remember the names of employees’ spouses and children.
and how it drives their business. And, for eight years, that’s
what I did. I ran large projects,” she says.
IT can be a tough sector for women to work in, acknowledges
Ms Giunta, because managers are usually required to be mobile.
She admits that her main skills were not in IT. “The skills that made
Women in their thirties often face the assumption that they will
me succeed were my assertiveness, my curiosity and my ability to
have children and be unavailable for particular opportunities.
communicate with people,” she explains. Her greatest strength,
“The only way you can take that away is to demonstrate your
however, is “the fact that I can easily map out tasks and resources
availability and to be assertive about your skills,” she says.
to get to the end goal. I make a plan and then work the plan.”
But perhaps the greatest challenge, she says, is to be assertive
From IBM, she moved to Legent – later acquired by Computer
without being overbearing. “It is the toughest balancing act that
Associates – where she worked first in marketing and then in
anyone has to do,” she concludes.
research and development. In 1999, she was hired as President
and CEO of Managed Objects, which was at the time a small
business providing software to help organisations manage
their IT infrastructure.
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Conclusion
About this report
Written by the Economist Intelligence Unit on behalf of Barclays
depth interviews with experts on wealth and gender; and a
Wealth, this report examines the relationship between wealth
number of case studies of leading female entrepreneurs and
and gender, and explores differences between the attitudes of
business women. Our thanks are due to the survey respondents
women and men to wealth matters. It is based on three main
and interviewees for their time and insight.
strands of research: a global survey of around 600 affluent, high
net worth and ultra high net worth individuals; a series of in-
Women and a wealth of opportunity
Women’s wealth and economic influence around the world is on
The challenge for financial institutions is to take notice of these
the increase. What’s more, this report reveals a clear shift from the
differences and recognise that a one size fits all approach to
traditional view of women’s prosperity deriving from inheritance
how they communicate with their clients doesn’t work.
and marriage. It points out that more women are increasingly
making their money through entrepreneurship and business.
Over the past 10 years the opportunity for women to increase,
invest and enjoy their wealth has grown significantly. With
Despite this progress in socioeconomic standing, our findings
predictions that the ‘female wealth explosion’ is set to expand
show that women are still more cautious and display less
further during the next decade, organisations targeting wealthy
confidence towards taking risks with their money, whether in
women are encouraged to respond to the innovation from the
personal finance or business matters.
financial industry in its endeavours to connect with this
Legal note
Whilst every effort has been taken to verify the accuracy of this
This document is intended solely for informational purposes,
information, neither The Economist Intelligence Unit Ltd. nor
and is not intended to be a solicitation or offer, or
Barclays Wealth can accept any responsibility or liability for
recommendation to acquire or dispose of any investment or to
reliance by any person on this report or any of the information,
engage in any other transaction, or to provide any investment
opinions or conclusions set out in the report.
advice or service.
powerful market segment.
This is evident in their investment behaviour. Their focus tends
to be more purpose driven - seeking to protect their assets while men display greater confidence, professing a deeper
knowledge of personal finance matters.
For more information or to be involved in the next
report email: [email protected]
www.barclayswealth.com
+44 (0) 800 851 851
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