Women and Wealth – An Evolving Relationship

Women have come a long way in the financial world. Prior to 1964, married women in Canada often needed their husband’s permission or signature to open a bank account. By 2030, McKinsey & Co. expects women to control $34 trillion – or roughly 38% - of investable assets in the U.S.   

 “The Feminization of Wealth”, a term coined by Ellevest out of California, refers to the shift in control of financial assets to women – due to longevity, inheritance and/or career success.  Now that women have more wealth and more control, how will they choose to protect and grow their assets? 

• A BNY Mellon 2021 study showed that 28% of women felt confident about investing their money. 

• 45% of women viewed the stock market as too risky for them. 

• A 2021 survey from Fidelity found that only 33% of women felt confident handling their own investments. 

• 23% of women claim they don’t know how investing works. 

• According to a survey by NerdWallet, 48% of women currently have money sitting in investments within the stock market, compared to 66% of men. 

Source: BNY Mellon, Fidelity, NerdWallet, FinanceBuzz 

At Cumberland, we understand that for some of our female clients, this is the first time that they are being asked to make wealth management decisions for themselves and their families.  That can be a daunting task.  This is why we focus on maintaining strong relationships with our female clients, including clear communication, an alignment of their investment strategy with their goals and values, and opportunities for learning and growth. 

With this in mind, we initiated our Women & Wealth events - to empower women to become involved in managing their own investments and finances. These events are designed as fun, educational evenings for women of all ages. We combine an activity such as a cooking class or private shopping event with a presentation designed to strengthen one’s knowledge and boost a woman’s confidence with respect to building and managing her wealth.  

While women have made great strides over the past 60 years, the financial world still seems to be intimidating for many of us.  By increasing our base knowledge of topics like asset allocation, diversification and how the bond market works, we can feel more comfortable with investing and more confident in asking tougher questions of our financial advisors.  

If you are interested in attending our next Women & Wealth event, please contact us here.