Women no longer marrying for money

Monday, 11 June 2007 12:00

Inheritance and marriage are no longer the number-one way women get rich, a new report shows.

Figures from Barclays Wealth reveal rich women are more likely to make their money for themselves than receive a trust fund from daddy or seduce a millionaire.

The largest sources of wealth for rich women are earnings and business ownership (83.9 per cent) or personal investments (32.8 per cent).

This compares with just 24.7 per cent for marriage and 19.9 per cent from inheritance.

"While the more 'traditional' drivers of wealth still play a part, they are no longer the dominant forces they once were," said Amy Nauiokas, managing director of Barclays Wealth.

"While it is not necessarily a case of providing women with a different service or products, it is crucial that the wealth management industry understands the motivations and needs women have, and that a one size fits all approach to managing this increasingly influential audience may not work."

And once they have made their money, the female of the species is more likely to hold onto it than the male, with Barclays Wealth's new report A Question of Gender showing women are less likely than men to put money into higher-risk investments such as private equity, derivatives, or hedge funds.

This care with money extends to how women would spend windfalls - while the top choice for a windfall of £100,000 for men is the stock market, women are more likely to invest in a pension.

"While it is not necessarily a case of providing women with a different service or products, it is crucial that the wealth management industry understands the motivations and needs women have, and that a one size fits all approach to managing this increasingly influential audience may not work," Ms Nauiokas said.

"Women will alter their approach as they reach their goal and will often act to protect what it is they have built up. But equally, when they are in the mindset that 'this is for investment and saving' women are very diligent and plan well.

"They are also absolutely more disciplined in allocating a figure for the spending pot to enhance their lifestyle and enjoyment."

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