Women getting rich faster than men

[Wookie]

http://money.guardian.co.uk/news_/story/0,1456,1531203,00.html?gusrc=rss

Report finds 2.4 million females have £25 thousand in savings

Helen Carter
Tuesday July 19, 2005
The Guardian

British women are becoming increasingly more wealthy than men, according to research from an investment bank published yesterday.
Researchers for Investec Private Bank found the number of wealthy women is increasing, with 2.4 million UK women having more than £25,000 in savings accounts alone.

The majority of these women (60%) are married or co-habiting, 16% are single and the remainder are widowed, divorced or separated.

Analysis from the bank's data has found that since October 2003, 45% of new clients who opened one of their accounts (which has a minimum balance of £25,000) have been women who have done so in their own name.

Linda McBain, head of banking and treasury at Investec, said: "There has been a dramatic increase in the number of women holding senior managerial positions and, according to the Centre for Economics and Business Research, there are now more women millionaires aged between 18 and 44 than men.

Research published last month showed that there are now an estimated 360,000 women in Britain who are worth half a million pounds or more each.

Between them, they own assets worth almost £300bn and their numbers are expected to increase rapidly. It is estimated that by 2025, women will own 60% of the nation's personal wealth.

There are currently 25% more women millionaires aged between 18 and 44 (47,355 women compared with 37,945 men). In over-65s women millionaires outnumber men by just under 4,000.

Over the past 30 years, the female employment rate has jumped from 42% to 70%, while almost a third of managers are now women. In 1974, the number of women managers was a mere 2%.

However, other factors also come into the equation. Women are now living longer, inheriting valuable properties and other assets from their spouses and receiving generous divorce settlements. Brewin Dolphin Wealth Management based its research on statistics provided by the Inland Revenue.

Its study looked at net wealth - defined as total assets, including property, stocks and shares, cash and any loans owing to the estate minus total liabilities (mortgages and other debts).

Douglas McWilliams, chief executive of the Centre for Economics and Business Research, said younger women tended to be much more financially astute than younger men. "Young women are more likely to take out a mortgage on their own than men on their own," he said. "They are likely to have accumulated more savings.

Women's performance in education is also a key factor - 1.3 million women entered higher education compared with 1 million men.

Veronica Lim, a lifestyle coach, author and founder of www.millionairethinking.com said women are realising they have choices and are thinking about self-empowerment.

"Men are also opening up and becoming more supportive," she said.

"Some of the women in fund management where they have families and the husband has stayed at home and look after the family."

She says women also use their experiences and challenges when they set up businesses. She knows of one woman in the US who could not find decent toys for her children and so set up a mail-order company importing them, and another woman who could not find attractive bras in large sizes so she set up her own firm.

"Historically, men will be money-driven initially. But for most women it is their passion for a challenge which drives them - they are more practical."

Nighat Awan OBE, is chief executive officer of Shere Khan Food Services. She began her career at 18 when she took over her parents' factory in Macclesfield, Cheshire.

"I think women are natural multi-taskers who are used to hard work," she said. "Therefore they have all the makings of successful businesspeople" She said neither her background nor gender had been an issue. "If you're a woman in business, you need to embrace it and make people see it for the very positive thing it is.

"In business you'll be successful regardless of gender if you have a good product and the right skills."

'We work hard and are not aggressive'

Jacqueline Gold, chief executive of Ann Summers and Knickerbox, is one of Britain's most successful businesswomen. With a gross annual sales turnover of more than £155m, Ann Summers ranks as one of the most profitable private companies in the UK.

She began her career at the age of 21, working as a junior in her father's business and soon realised the potential of selling sex toys and lingerie to women in their own homes. She was made chief executive of the company in 1987. The company has 122 high-street stores and plans to expand further.

She says: "I think women are proving what we women have known for a long time ... that we are better at doing business than men. Women have those qualities that are good for business: we work hard, are not aggressive - but level-headed. We listen and take advice. Women have taken control of their lives in the workplace, home and bedroom, and as a result are of course challenging men.

"I think the important thing is to always remember is that success comes with hard work. Never let anyone tell you otherwise. The business world is still predominantly run by men and that need to change. In the retail sector there are very few CEOs of companies which is crazy as most of their customers are women."

She believes "it is because women are more sensible than men" that there are now 2.4 million women in the UK with savings of more than £25,000.

What a bunch of useless silly and agressive idiots we are!

Wookie

[realman]

60% married or co-habiting.... would be interesting to see how many of these women fit the "my money is MY money, and his money is OUR money" model :?

[Wookie]

Realman worte:

60% married or co-habiting.... would be interesting to see how many of these women fit the "my money is MY money, and his money is OUR money" model

I have been looking for it franticly but cannot find it, but I saw a article sometime ago that was about how many women who worked and were married had seperate accounts that their husbands do not have any knowledge of, they called it their just in case account!

But for the life of me I cannot find it! I too wonderd if this could account for part of the figures here.

My biggest complaint about this article is that as per usall it cannot be just about how women are doing better in buisness it has to say why they are better than men!


it mentions Jacqueline Gold, the creater of Ann Summers, but the area she when into buisness in I would say was High Risk, which we are told are male traits, so could it be the case that more women are startting to take on more male qualityies in buisness and that is whats helping then succeed more! Just and Idea

Wookie

[alien]

Wookie - there's always a cost mate.

I work because I need to provide for my family. I use all the skills I can muster and work as many hours as I can to meet my obligations and responsibilities. Just like me - so many other blokes I work with and know think that work is tiring and takes a very real toll on the mind and body. Blokes have jobs - not careers.

To publish an article that makes a mockery of men, indirectly, who work their guts out to provide for their families is truly to capture the thinking of the modern woman.

No surprises here mate.

[cootewards]

"The business world is still predominantly run by men and that need to change. In the retail sector there are very few CEOs of companies which is crazy as most of their customers are women."

Didn't the first half of this article try to say that women are the ones now running things? or did I misunderstand the whole thing about the millionaires and people worth over half a million figures?

Also not only are we all useless agressive idiots, we also don't seem to buy anything, which makes you wonder why it isn't men that have all the wealth.

[Wookie]

cootewards wrote:

Also not only are we all useless agressive idiots, we also don't seem to buy anything, which makes you wonder why it isn't men that have all the wealth.

I refer you to the thread I posted on how much women spend on shoes!  :lol:

Wookie

[cootewards]

I refer you to the thread I posted on how much women spend on shoes!  :lol:

That they can spend all that on shoes and save more money than men, All while getting paid so much less (we know this cause they keep telling us at every chance) They really must be wonderful beings.

Cootewards

[Wookie]

I just love the fact that a classified oppressed group is able to spend that amount on AVERAGE! and still be talked about as oppressed!

But hay as the article aboves states

Douglas McWilliams, chief executive of the Centre for Economics and Business Research, said younger women tended to be much more financially astute than younger men.

I see now the shoes are an investment!

And it must be easyer to save money when everytime you go out, you get your drinks paid for, free entry in clubs etc, meals paid, taxi home paid, and so on and so on!

Wookie

[realman]

Certainly some of them are being highly successful in the business world by their own merit. But some are more successful because "they need to hire a woman", and some just have more moeny svaed up because they have someone else (probably a man or men) to pay thier way so they only have to spend money "for fun."

Now, a "just in case what???" account? Just in case she finds someone richer or more exciting? Just in case she leaves him when things turn sour rather than face the reality of her own issues and her own contributions to their "couple issues"? Just in case she realizes she was insecure, needy and lonely when she hooked up with this guy and made a stupid mistake? Jsut in case her beau ever stops paying her way through life for one reason or another?

[Wookie]

Now, a "just in case what???" account? Just in case she finds someone richer or more exciting? Just in case she leaves him when things turn sour rather than face the reality of her own issues and her own contributions to their "couple issues"? Just in case she realizes she was insecure, needy and lonely when she hooked up with this guy and made a stupid mistake? Jsut in case her beau ever stops paying her way through life for one reason or another?

All the above mate :lol:

I wish I could find the article as it makes it hard to comment about from memory, but essentially all you said proberbly fit into the reasons why they would do this.
But again this is only some women and would account for a part of the percentage that have these accounts.

Wookie

[Awakened]

Certainly some of them are being highly successful in the business world by their own merit. But some are more successful because "they need to hire a woman", and some just have more moeny svaed up because they have someone else (probably a man or men) to pay thier way so they only have to spend money "for fun."

Now, a "just in case what???" account? Just in case she finds someone richer or more exciting? Just in case she leaves him when things turn sour rather than face the reality of her own issues and her own contributions to their "couple issues"? Just in case she realizes she was insecure, needy and lonely when she hooked up with this guy and made a stupid mistake? Jsut in case her beau ever stops paying her way through life for one reason or another?

bingo

[Graboid]

"Historically, men will be money-driven initially. But for most women it is their passion for a challenge which drives them - they are more practical."

So men get rich just because they are greedy, but women get rich as a by-product of their "passion for a challenge".

What amazing creatures!

From the article:

The majority of these women (60%) are married or co-habiting, 16% are single and the remainder are widowed, divorced or separated.

The key point is that only 16% of these women are single (and hence are likely to have generated this money on their own). The method by which widowed and divorced women obtain their wealth is obvious - and as for the married women, it is impossible to draw conclusions without more information about the couples' finances (i.e. one factor they have ignored is the tax free transfer of shares/equities/bonds between spouses to avoid paying Capital Gains Tax).

[Drifter]

Its study looked at net wealth - defined as total assets, including property, stocks and shares, cash and any loans owing to the estate minus total liabilities (mortgages and other debts).

Most of this wealth has been caused by the housing boom. More women are invested in the housing market.

However, if my calculations are correct, the housing bubble is going to burst in the next few years. Many of these "rich" women will end up bankrupt, with no pension scheme.

While the feminist revolution gave women more financial control, it did not change their spending habits. "Shopping therapy" is as popular as ever, and it is only a matter of time before the credit boom created by a female shopping frenzy turns into a credit bust as interest rates increase and money tightens.

Ultimately, you can't hurt one half of the population without hurting the other half.

Too harsh? I call them like I see them.

[realman]

""Shopping therapy" is as popular as ever"

At least here in the US, it is MORE popular than ever, and growing steadily...

[Conspiracy Theory]

While the feminist revolution gave women more financial control, it did not change their spending habits. "Shopping therapy" is as popular as ever, and it is only a matter of time before the credit boom created by a female shopping frenzy turns into a credit bust as interest rates increase and money tightens.
.

This is why feminism and advertising work hand in hand.  

Women are the unwitting dupes, feminism is the philosophy that tell women whatever it is they want to hear and more, Advertisers are the vultures waiting for the feed.

Interesting to note that the Bankers are in on this.  ie Get more women on to debt scheme.

And with men out of the traditional roles of "protectors" these greedy vipers will waltze right in.  

Classic.

And that's what feminism really is.