Importantly, the digital divide is more generational than gender-specific – with younger people highlighting the importance of good mobile apps to manage their personal finances and investing habits. Both women and men older than 55 find these to be less important.
This gives us an opportunity to develop gender-neutral tech that is not modelled on the needs and preferences of men as a default. It presents the opportunity to bring younger women into investing at an earlier stage of their lives.
Think more deeply about women’s financial needs - ‘pink washing’ will not cut it
Simply rebranding products for a female audience will not achieve the change we are looking for.
The financial services industry also needs to think more deeply about the kind of products and services that women want.
We have overwhelming evidence that women care about the bigger picture, they care about where their money is invested.
Increasingly women are seeking out sustainable investing products and services to include in their personal portfolios.
Yes, women need to invest more in order to address the gender investing gap. However, the industry also needs to wake up to what women are wanting and that is to invest more consciously.
Sustainable and responsible investing is a huge opportunity for financial institutions to attract new female clients and build better relationships with existing ones. Women stand at the forefront of aligning investment decisions with personal values – and the financial institutions that act on this opportunity sooner rather than later will be the ones to secure loyalty from their female clients.
Jessica Robinson is a the author of Financial Feminism: A Woman's Guide to Investing for a Sustainable Future