More than a third (35%) of high-net-worth women do not have an investment portfolio, compared with 17% of HNW men in the same position, according to YouGov research commissioned by Canaccord Genuity Wealth Management (CGWM).
The study claims wealthy women are not confident that investments will make a contribution to their long-term financial future. They tend to have more confidence in property (48%) as an asset class but far less confidence in investment portfolios (27%) and pensions (15%).
In contrast, wealthy men are much more convinced that investing will contribute to their long-term financial future – 38% believe their investment portfolio will contribute most to their long-term wealth, followed by pensions (28%) and property (27%).
Cautious investors
Wealthy female respondents also reported being more cautious investors – 45% compared with 23% of men. And women are more likely to say they lack confidence in their financial future than their male counterparts (13% of women compared with 9% of men).
Duncan Stratford (pictured), Head of UK Front Office at Canaccord Genuity Wealth Management, commented: “Women have an inherent mistrust of investing, but they are missing out on an opportunity to secure their financial future if they don't have a portfolio in place. Similarly, the fact that only 15% of female respondents think pensions will contribute the most to their long-term financial future is worrying.
“This is a clarion call to the financial services industry that they need to understand the underlying reasons why women aren’t investing and collectively, work together to clarify the benefits of pensions and investments.”