31 Finance Monthly. Bank i ng & F i nanc i a l Se r v i ce s What benefits are women missing out on by not investing? The main benefits women are missing out on are financial. Women continue to live longer than men, and yet have pensions provisions that are less than half of those of men on average. It’s also about financial confidence. Life events such as divorce and bereavement are stressful enough without having to worry about money, which can add to the stress. On average, 51% of the financial advice sought in the UK by women was post-divorce. Women are also missing out on the opportunity to support the causes that are important to them. Women tend to use money to look after everyone else before themselves, and to be interested in the wider community and environment for the next generation. Through investing responsibly they can use their capital to have a positive impact on the wider environment. What is NatWest Group doing to close the gender investment gap? NatWest Group has identified ‘improving financial capability’ as a focus area and is looking to address the savings and investment gap in two ways. This includes supporting female entrepreneurs to promote wealth creation and identifying to help with Financial Health Checks to review their personal finances. At Coutts, we do this as a matter of course through annual client reviews which helps establish our relationship with clients. We’re working hard to make sure that we talk to customers in a way that works for them, meaning we’re more inclusive and accessible and can help support financial goals. This has helped us gain a 185% increase in female investors in Personal Banking, a 20% growth in Premier Banking, and an 81% growth in Coutts, year on year. We’re also keen to support our female colleagues, running a series of events through our Wealth Gender Network. How can women make the most of their investments? The main recommendation is to start now. However much or little you can afford, it all adds up. Make sure you’re enrolled on your workplace pension or consider starting a small private pension if you’re not eligible for a workplace pension. And, lastly, don’t be scared to talk about money with your partner. Whilst it might feel uncomfortable, it’s essential to understand how your finances are being used and how to manage them. Camilla Stowell Head of Client Coverage Coutts “Women tend to use money to look after everyone else before themselves, and to be interested in the wider community and environment for the next generation.”
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