Women and wealth report
Exposing how financial disparity impacts women’s lives in practice – and what we can do to bridge the gender wealth gap.
Our latest Women and Wealth Report has been created to put a spotlight on these imbalances but also highlights potential solutions. By focusing on education, confidence and risk management – as well as structural, wider society changes – the report illustrates how we can empower women to build and manage wealth.
Whilst our report focuses on women it is vitally important that everyone, regardless of gender, understands and appreciates the profound impact that financial inequality can create. We encourage everyone to read our report and think about how it may impact you or your loved ones.
Katie Nutting
Financial Planning Director
"We often hear about the gender wealth gap, but what does this financial disparity look like in practice? Our Women and Wealth Report 2024 unpacks this question, revealing how deep-rooted financial inequalities between men and women play out in everyday life.
Beyond the headlines, this report dives into the real-world implications: how women save less, invest more cautiously and ultimately retire with less financial security than men."
Below are some key findings from our research.
The wealth gap in practice
From savings to retirement, the gender wealth gap impacts every stage of women’s lives. The gender wealth gap is more than a single statistic – it’s a daily reality that affects many women’s security and ability to make choices about their lives.
While the gender pay gap – still 7.7%* in the UK, according to government figures – is a major factor, the wealth gap extends beyond income. It encompasses disparities in savings, investment, pension confidence and even the ability to leave an inheritance.
*ONS (2023) Gender pay gap in the UK: 2023. Available at: Gender pay gap in the UK - Office for National Statistics (ons.gov.uk) (SPW is not responsible for the content or accuracy of the information on external websites)
The savings gap
One of the most visible signs of the wealth gap is in savings.
Women consistently save less than men, creating a significant financial vulnerability. According to our findings, nearly 29% of women save less than £100 each month, compared to just 15% of men. When it comes to saving larger amounts, the gap widens even further. Only 10% of women surveyed manage to save over £700 per month, while 19% of men do so.
This savings gap has far-reaching implications. Saving less means having a smaller financial cushion in times of crisis, fewer opportunities to invest in personal or professional growth and less flexibility in life choices, such as taking a career break or starting a business.
Over time, these smaller savings put away each month contribute to a broader disparity between men and women.
Moreover, this gap affects women's confidence in their financial future. With lower savings, our survey finds that only 17% of women feel very confident about achieving their long-term financial goals, compared to 29% of men.
This lack of confidence can lead to a more cautious approach to financial planning, which in turn can limit wealth-building opportunities.
Insightful content
Working part time after having children
A move to part-time work after having children means your income will likely decrease while childcare costs can add to your expenses. But you often have enough notice to prepare and adjust your financial plans accordingly. We explore some ways you can start to plan for a transition to part-time working.
5 investment tips for female retirement savers
Navigating the financial landscape can be tricky for women, especially with persistent gender gaps in savings, earnings and retirement security. We offer five investment tips for female retirement savers.
The investment gap
Investment is another area where the wealth gap is stark, with women significantly less likely than men to invest.
Our report reveals that while 88% of women hold savings accounts, almost on par with men at 91%, and 81% have pensions compared to 87% of men, the gap widens dramatically when it comes to investments. Just 26% of women hold a stocks and shares ISA, compared to 45% of men, and only 20% have a general or other type of investment account, compared to 38% of men.
Capital at risk.
The pension confidence gap
The wealth gap is perpetuated even as a woman’s working years come to an end.
Women are less confident than men about their ability to fund their retirement. Our findings show that only 40% of women feel confident or extremely confident that their pension will be sufficient to support the retirement lifestyle they desire, compared to 59% of men.
This lack of confidence in retirement savings is alarming. It suggests that many women may face financial insecurity in their later years, which can affect their quality of life and their ability to enjoy a comfortable retirement.
The inheritance gap
Finally, the wealth gap extends to the final financial decision many people make – women’s ability to leave an inheritance.
Our report highlights that only 13% of women are very confident they’ll be able to leave an inheritance, compared to 22% of men. This gap not only affects individual families but also has broader implications for intergenerational wealth transfer and economic mobility, particularly in households where women are the sole financial providers.
View our previous Women and wealth reports
2023 report
By 2025, 60% of UK wealth will be in the hands of women** – that’s a big opportunity.
With facts like the one above, it’s crucial that women feel as comfortable as men when taking control of their finances.
Our inaugural Women and wealth report was published in 2023 and highlighted that this isn’t always the case, and we as an industry need to do more to empower women financially.
The main message being, that although investing can seem daunting, you don’t need to be an expert to create a great financial plan.
2024 report
Our latest report exposes how financial disparity impacts women's lives in practice - and what we can do to bridge the gap.
Beyond the headlines, this report dives into the real-world implications: how women save less, invest more cautiously and ultimately retire with less financial security than men.
Ultimately, this report is a call to action for financial advisers, employers and everyday investors to act now to help address the wealth gap, an issue that is not only urgent but long overdue for meaningful change.
** Centre for Economics and Business Research, ‘Understanding the diversity of women’s wealth’ report, 2019.