Women’s Wealth: Redefining The Future

The last two decades have seen a global narrowing of the gender wealth gap, with recent statistics indicating that 33% of the world’s wealth is held by women.

With the Great Wealth Transfer on the horizon, it is anticipated that the next decade will see a $30 trillion transfer of wealth from male Baby Boomers to their wives and female children.

Despite having a third of the world’s wealth under their control, women continue to face challenges in the wealth management arena. Lucratia Mathe, Head of Client Value Proposition at Standard Bank Wealth and Investment SA, says that many of these challenges are based on a lack of understanding by others of women’s motivations and objectives for building wealth.

“As women, we see wealth in more than just material terms. To us, wealth involves a combination of financial freedom, personal fulfilment and emotional and physical wellbeing,” says Mathe. “At the same time, we have to overcome hurdles that differ from those of our male counterparts, which can negatively impact our wealth growth potential.”

“In addition to the gender pay gap, major life events like childbirth, divorce, widowhood and caregiving responsibilities can lead to fluctuating career patterns which affect both our time and financial resources,” Mathe continues. “Women also live longer than men, and this means that their wealth needs to last longer too.”

Taking a holistic approach

Mathe explains that there is a need for a holistic wealth advisory approach that takes these factors into account.

“At Standard Bank Wealth and Investment, we recognize that women do not want or need products that are different to the ones offered to men; instead, they want integrated solutions that are tailored to their personal goals and objectives,” she says.

“The solutions we offer have been created following in-depth consultations and engagements with women from all sectors of society, and are based on an understanding of what motivates and drives them; the challenges they face; and what their plans are for the future. Whether this involves short- and long-term liquidity planning, starting or expanding a business, pursuing philanthropic endeavors, or leaving a legacy for future generations, our aim is to support and empower our women clients on their wealth journeys.”

A platform for mutual support

Another important component of Standard Bank Wealth and Investment’s value proposition is their Women’s Wealth Academy. Designed to empower and equip high-net-worth women with the tools they need to build their individual, business and family legacies, it also provides a platform for discussion, interaction and mutual support.

“We believe that by sharing their personal experiences, challenges and motivations, women can inspire one another and truly make an impact, not just on a personal level, but in society as a whole,” Mathe says.

“South Africa is home to some of the top female thought leaders and custodians of our key social and economic development areas. With an abundance of courageous role models to choose from across different sectors, South Africa’s women are not only leaving a legacy for their younger peers, but their insights and resilience are truly inspiring.”

“They have continued to build on the legacy of the 20,000 fearless women who marched to the Union Buildings on the 9th of August 1956 to advocate for freedom of movement,” Mathe continues.

“Their actions paved the way for our constitutional democracy, and the quote, ‘You strike a woman, you strike a rock’, continues to inspire and strengthen women from all walks of life today.”

Paving the way for future generations

“At Standard Bank Wealth and Investment, we recognize the immeasurable influence and transformative impact that women have in society, and we are committed to delivering relevant, innovative solutions that elevate their wealth ambitions,” Mathe says.

“This will ensure that the legacies they leave behind will not only inspire and empower the next generation, but also provide them with a firm foundation upon which they can build and create future wealth.”