Almost two million UK women are holding back from investing because of “systemic sexism”, according to new research.
Figures from the Enterprise Investment Scheme Association (EISA) show one in five women believe they are getting poorer quality advice from IFAs compared with men, while around two million women in the UK are also holding back an average of £33,000 in investible assets.
Generation is also a factor in the figures, with a quarter of 13 to 34 year olds choosing not to invest in 2018, against 7 per cent of over 55s.
The report says: “The data shows that wider aspiration towards investment amongst the female respondents of this survey is positive, however, there is a distinct failure in converting this sentiment toward tangible financial action.”
EISA director Mark Brownridge says gender balance within financial services “repeatedly” shows benefit for investors, consumers and business leaders, and said the UK in particular was in need of stronger policy-backed motions to enable parity.
Brownridge says: “The overwhelming lack of support, accessibility and opportunity, calls for a significant shift in the industry, one that must be addressed at every angle. It is of critical importance to work together from grass-roots level to ensure the entirety of the UK investment community closes the ill-fated gender gap for good.”
The insights from the EISA follow research from HSBC last week that showed women are more likely to feel uncomfortable discussing investment with family and friends and find financial jargon more off-putting.