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Brief Published: 8 Mar 2021

Survey reveals Asia's HNW Women's Financial Behaviour

Extra
A significant 51% of HNW women in Asia are unsatisfied with their current banking providers

Women in the Asia Pacific region are gradually increasing their share of wealth – and becoming savvy money managers along the way – according to a recent report by Singapore-based company Agility Research. We reveal how brands can cater to financial concerns and behaviours of the region’s high net worth (HNW) women with responsive financial services.

  • Enter the Entrepreneur: The February-published report revealed that HNW women in its research sample (featuring China, Hong Kong, Singapore, Taiwan, Indonesia, and UAE) are more likely to have gained their wealth from private enterprise employment than men (31% vs 26%). This is an exciting opportunity for financial brands to step in and provide resources that would boost female entrepreneurship in this region – a trend that’s gaining traction amidst the pandemic. 
  • Feeling Financially Unsatisfied: A significant 51% of women surveyed by Agility Research are unsatisfied with their current banking providers – compared to only 44% of men. Banks should audit their solutions to discover why their products aren’t meeting the needs of HNW women. Take inspiration from community-competent banks such as Greenwood or Daylight – recently featured on The Brief – who remove barriers of access for their target demographics.
  • The Investment Opportunity: Further findings from the report found that Asian HNW women worry about their financial futures more than men (58% vs 47%). However, this concern doesn’t equate to financial conservatism. The research found that women have been more proactive with their wealth management than men during the pandemic, with 37% (vs 31%) adjusting their investment portfolio, maximising their returns regardless of risk (30% vs 24% of men).
    Sustainable banking brands in this region would be wise to market their impact investment products to women, as 85% consider a company’s eco-credentials important, compared to 62% of men.

For more new-age money products, check out our Financial Services topic.

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