Finance for everyone
It’s known that women are less likely than men to use financial services products, and therefore miss opportunities to build wealth and secure their financial futures.
In this report, Futura – Solaris’ network for women, explores how financial services could be more inclusive towards women. We ask women themselves about their needs and requirements, and the areas where they feel financial services products fall short.
We hope to spark meaningful conversations that lead to real and lasting change.
Why do women use financial services products?
77% told us they want to build financial security, which goes up to 88% among women with a migrant background. And 76% said they want to grow their money in the long term. By contrast, very few respondents said they're motivated by short-term gains (14%) or increasing social status (8%).
What puts off women using financial services products?
Our respondents identified three key problems with the buying journey when it comes to women: lack of empowerment, structural barriers, and unconscious bias.
72% of our respondents told us they don't feel knowledgeable enough about financial services products, with some saying they don't even know where to look for the information they need.
“It’s not difficult to remove barriers for women and non-binary people. The financial industry has a responsibility to ensure everyone is included when it comes to financial independence – and it’s a 700-billion-dollar revenue opportunity. Women are half of the population, a good business case.”
COO ACI Diversity Consulting