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Fidelity Global Women and Money Study 2022: Women Are Less Active Than Men in Investments in Hong Kong & Singapore

12th March 2022 | Hong Kong

Fidelity International, a global asset manager with $780 billion, has released the Fidelity Global Women and Money Study 2022, with findings including women being less active in investments and savings in both Hong Kong and Singapore.  In Hong Kong, fewer women (52%) actively manage their finances as compared to men (58%), and 50% of women primarily save or invest in the least risky opportunities available versus 44% of men.  In Singapore, 3 in 5 (59%) women say they actively make investment and savings decisions, but that proportion is lower compared to men (72%).  In Hong Kong, women are expected to become financially independent at age 37, and the top 2 barriers are the cost of living (47%) and low income levels (33%).  In Singapore, 3 in 5 women (58%) say they hold their finances in their own name, and the cost of living remains a major concern (84%).  Charlotte Chan, Head of Distribution & Hong Kong Workplace and Personal Investing at Fidelity International:  It is encouraging to see that a large proportion of women in Hong Kong consider themselves as financially independent, and that they aspire to achieve this at a much earlier age than men, despite the existing gender income gap.”  Sabrina Gan, Head of Private Banking Asia ex-Japan & Wholesale Distribution South East Asia at Fidelity International: “It is good to see that women in Singapore already demonstrate high traits of financial independence relative to other markets. It is clear that women realise the importance of taking charge of their finances with the goal of being financially independent. However, the reality is that women are not as proactive in reaching those goals as men are. This disparity is a result of women not having enough financial knowledge and confidence in managing their own money.”

“ Women Are Less Active Than Men in Investments in Hong Kong & Singapore “

 


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Global Women and Money Study 2022: Women Are Less Active Than Men in Investments

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Charlotte Chan, Head of Distribution, Hong Kong Workplace and Personal Investing, Fidelity International:

“It is encouraging to see that a large proportion of women in Hong Kong consider themselves as financially independent, and that they aspire to achieve this at a much earlier age than men, despite the existing gender income gap. It goes to show that Hong Kong, as an international city, nurtures forward-thinking females and is a place for them to achieve success. That said, Hong Kong still tops the list as one of the most expensive cities in the world, so it comes as no surprise that cost of living and the relative income levels are top concerns for women living in the city. Clearly financial planning and investing for the long-term are important ways to help women achieve financial independence. We also encourage them to seek professional advice when in doubt. 

Investing is a way to supplement regular income and help grow the savings pot – not just for women but for everyone. Some might shy away from it because they feel it is risky and any losses could dent their savings pool or prevent them from achieving their financial goals. There needs to be a mindset change for investors to look at investments over the long-term. Avoiding investment or decreasing the amount they invest because of market jitters could mean missing out on opportunities from market rebounds, which in the end could cause more impact on income and savings. Staying invested despite market volatility could ultimately help investors capture steady returns over the long run and help them achieve their financial objectives. At Fidelity International, we continuously check on the pulse of the market, such as with the second year of the Global Women & Money Study, to remind people to regularly review their financial status and be mindful of the resources they can tap to help them achieve better financial futures. On this International Women’s Day, we hope that all women in Hong Kong and across the globe will take a moment to assess their financial wellbeing, and set course to become more financially independent.”

 

Sabrina Gan, Head of Private Banking Asia ex-Japan & Wholesale Distribution, South East Asia: 

“It is good to see that women in Singapore already demonstrate high traits of financial independence relative to other markets. It is clear that women realise the importance of taking charge of their finances with the goal of being financially independent. However, the reality is that women are not as proactive in reaching those goals as men are. This disparity is a result of women not having enough financial knowledge and confidence in managing their own money. The mindset of those in Singapore towards personal finances is in the right place – and financial independence is clearly a key goal for both men and women. Unfortunately, the pandemic has continued to exacerbate cost-of-living concerns and affected savings, particularly for women. In the coming year, we will continue to feel the aftereffects of the pandemic, with rising inflation becoming a key challenge. It is important to reiterate that staying invested for the long term will be key in this environment.

Investing is a way to supplement regular income and help grow the savings pot – not just for women but for everyone. Some might shy away from it because they feel it is risky and any losses could dent their savings pool or prevent them from achieving their financial goals. There needs to be a mindset change and that investors should look at investments over the long term. Avoiding investment or decreasing the amount you save or invest because of market jitters could mean missing out on opportunities from market rebounds, which in the end could cause more impact on income and savings. Staying invested despite market volatility could ultimately help capture steady returns over the long run and help you achieve your financial objectives.”

 

About Fidelity International 

Fidelity International offers investment solutions and services and retirement expertise to more than 2.5 million customers globally. As a privately held, purpose-driven company with a 50-year heritage, we think generationally and invest for the long term. Operating in more than 25 locations and with $780.7 billion in total assets, our clients range from central banks, sovereign wealth funds, large corporates, financial institutions, insurers, and wealth managers, to private individuals. Our Workplace & Personal Financial Health business provides individuals, advisers, and employers with access to world-class investment choices, third-party solutions, administration services and pension guidance. Together with our Investment Solutions & Services business, we invest $590.1 billion on behalf of our clients. By combining our asset management expertise with our solutions for workplace and personal investing, we work together to build better financial futures. Data as at 30 September 2021. Read more at fidelityinternational.com 




2021 Data Release
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