Wealth

After the impact Covid-19, most women see money as a tool to effect change, survey shows

According to a report by a, Covid-19, economic uncertainty, and social activism have had a profound effect on women’s attitudes regarding their finances over the past two years. UBS survey.

Nearly 9 out 10 women believe that money is a tool to help them achieve their “purpose,” according to the poll of 1,400 women investors between January 2022 and February 2022.

Carey Shuffman, UBS’s head of the women’s segment, said that many women are more committed than ever to living purposeful, intentional lives and making positive changes in the world. 

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Shuffman said that “And we observed that women wanted to achieve that through many different ways, many which came back to financial engagement and wielding power.”

According to the findings, almost 95% of women polled said they have donated time or financial resources in the past 12 months. Nearly three quarters also made purchases that were linked with their values. 

The survey also found that 79% of women would like portfolios that reflect their values. 

There is a clear correlation between wanting money to effect positive change and then investing your money in those values.

Carey Shuffman

Head of UBS’s Women’s Segment

Shuffman said that there’s a clear correlation between wanting to use money for positive change and then investing your funds to align with those values.

These findings are similar in Cerulli Associates poll which showed that 52% of women prefer investing in companies with positive social or environment impact to 44%.

The UBS survey found that 47% of women are interested in ESG investments.

Women still trust their spouses when it comes to money decisions

Half of married women still trust their spouses when it is time to make long-term financial decisions.

Shuffman stated that this trend has been evident for five years and spans across generations, backgrounds as well as race, ethnicity, and professions.

The survey revealed that 90% of the women who depend on their spouses for financial decisions are actively involved in charitable giving.  

Shuffman said, “We really see it as an onramp and entry way to greater engagement.”

According to a report by The New York Times, the U.S. women held nearly $11 trillion in wealth as of 2020. This amount could reach $30 trillion by 2030. researchMcKinsey and Company

Source: CNBC

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