Money Wellness
Image of a pile of coins forming stairs with a women walking up them. Women not confident with money
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calendar icon18 Mar 2024

Women falling down a ‘financial confidence’ gap

Women falling down a ‘financial confidence’ gap

A survey by HSBC found women lose out to their male counterparts when it comes to comes to money. To tackle this issue, HSBC has launched a series of ‘inspiring money confidence’ webinars.  

Over a third of women (34%) do not have any savings according to research by HSBC which highlights the disparities between what men and women do with their money.

The study also looked at what those who have money do with it, with two thirds (67%) of women saying they don’t invest their money compared to two in five of the total population.

In fact, 3.3 million fewer women hold investments in the UK compared to men – a population three times the size of Birmingham.

The main reasons include not having enough money (45%), limited knowledge of investing (27%), and thinking it is too risky (19%). Two thirds (60%) also think they will lose money if they invest.

Only one in three (31%) women feel confident about investing compared to nearly half (44%) of men. While two in three (63%) say they do not know how to begin, compared to just under half (46%) of men.

To help tackle this confidence gap, HSBC UK has launched a series of ‘inspiring money confidence’ webinars which aim to help women enhance their financial wellbeing.

HSBC UK’s Director of Wealth Distribution, Rebecca Owners, says: “Women are facing significant barriers when it comes to money. We are living longer but earn less than our male counterparts. We take more career breaks, but we need to work an extra 19 years to retire on the same pension savings as a man.

“We need to make our money work harder. Financial education is key here – by talking about money and learning the different options available, women can gain the confidence needed to take control of their financial future.”

HSBC has teamed up with Katy Hill to help deliver the webinars. She will share her expertise as a performance and access coach. Here’s her top tips for becoming confident about making big decisions:

Be honest!
Complete an audit of your finances and get honest about how things look right now. Avoidance is not an option!

Future you
Ask yourself “Will my future self be grateful I took this action?”
Get clear on what the investment will mean for your future. And then, get excited about it!

Cost / gain comparison
Ask yourself “What’s the cost of NOT TAKING this action?”
Ask yourself “What’s the gain of TAKING this action?”

Values-based decisions
Women have been proven to prefer values-based decisions so get clear on your values in life and get curious about which of your values this action supports.

Talk about it!
Talk to your friends about money and normalise those conversations. Typically women hold back on talking about money yet want to learn more about it… so buddy up and start exploring together! When we partner up with goals and get accountable we become 95% more likely to take the action.

Powerful affirmations
Create some powerful affirmations to counter your inner money narrative
“I can create financial freedom and be a good person”
“I can know my worth and ask for it and be living with integrity”

Get comfortable getting uncomfortable!
We’re all hard wired for comfort - which is why you can set resolutions every year and then ditch them by the end of January. Because nothing changes if nothing changes! Those old habits are ingrained. So, decide it’s going to be different! Take control of your finances and do things you haven’t done before for a different outcome.

Avatar of Caroline Chell

Caroline Chell

Caroline has worked in financial communications for more than 10 years, writing content on subjects such as pensions, mortgages, loans and credit cards, as well as stockbroking and investment advice.

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