Governments and private sector players are catching on to what we’ve always known—women are good for business and good for the economy. Women hold roughly 30 percent of private wealth globally and nearly two-thirds (62 percent) of women express strong interest in learning more about finances and retirement planning, according to an Allianz study.
The increasing recognition of what we women can bring to the party is clear. Women have an ability to juggle complexity and see a holistic perspective. We focus on long-term thinking when it comes to making decisions. We deliver a better customer service and better public image for a company due to our higher worker engagement and better morale.
Studies show that companies with women in leadership positions are healthier on every level, and can bring out the best for everyone. McKinsey estimates that women working at their full potential could add up to $ 53.3 trillion to annual global GDP by 2025. Smart companies have figured out that women deserve a raise nor because just because it’s fair, but also because women bring qualities that make companies more innovative and show higher stockholder returns.
During rounds of research for Mind the Gap, we interviewed many women. We discovered that:
Women are financial decision makers.
Women are taking an increasingly active role in determining how their families save, spend and plan for the future. We are working and earning much more than ever before. In addition, because women tend to live average five years longer in Germany, they have a better than average chance of inheriting assets or a business at some point.
Women are more loyal and profitable clients.
We are an important source for referrals and stay for long periods with people we trust. Moreover, women have equal (or even better) credit scores than men and are more likely to receive high-cost loans.
Women have higher grades than men.
More women graduate college and have a Master’s degree. Constant learning and improving of professional qualifications leads to higher innovations and better results for a company.
Long-term thinking about women’s careers and improving our financial health boosts security for women, their families and society as a whole. We can increase women’s access to relevant financial information, products and services that can empower them to better manage daily finances, weather emergencies and other unexpected expenses like medical payments, and meet long-term financial goals.
A fairly paid woman with access to information and education is unstoppable.