A flurry of reports from wealth managers have come out ahead of International Women's Day on Saturday, examining areas such as attitudes to investment, risk and involvement in decision-making.

UBS, the world’s largest international wealth manager, notes that women, who manage an estimated $32 trillion of global spending, are due to control 75 per cent of discretionary spending worldwide. Meanwhile, a report by Nutmeg, a UK digital wealth platform, said there are signs that women's investment risk appetite is rising.

The UBS report highlights that women’s financial muscle can be under-reported. The findings come ahead of International Women’s Day on 8 March. Authors of the study are Antonia Sariyska and Amantia Muhedini, sustainable and impact investing strategists at UBS Global Wealth Management’s Chief Investment Office,

The Swiss bank notes that for all the spending control, the investment picture for women still trails that of men. 

By the end of their working lives, women globally are expected to accumulate only 74 per cent of the wealth of men, UBS said, citing figures from the 2022 Wealth Equity Index from WTW and the World Economic Forum. 

“Deliberate investment in women is needed to address the gaps across various areas,” UBS said.

The report also noted that while in the past women’s role was often to provide access to wealth (for example, by marrying into a wealthy family), the GenZ and Millennial generations of women are now receiving a larger share of the great (inter-generational) wealth transfer. 

“Their role in finances is likely to increase with women reporting greater concern about the financial implications of life events than men. Once women achieve greater parity with men, they can be more meaningful asset allocators,” UBS said. 

Venture capital
The UBS study noted that women’s ability to garner venture capital remains low. 

Data from PitchBook shows that the share of VC capital directed to all-female teams in the US peaked in 2019 at 2.5 per cent and has subsequently dropped to 2 per cent in 2024. 

“Interestingly, the share of VC-funded all-female-led companies peaked in 2023, at 6.9 per cent of all com­panies funded. The difference implies that women-founded companies might receive less capital, on average, than male-funded companies,” UBS said. 

Change
JP Morgan-based UK digital wealth manager Nutmeg has seen “significant change” in the investment landscape in recent years, it said in a note.

The number of female investors on their books has grown by 71 per cent in a decade. 

“Female and male risk profiles are now almost at parity, and consumer research shows that more women plan to take on higher investment risk this year than men – something which could narrow the gap further still,” it said. 

Nutmeg said it has also seen a change in how women invest as the risk appetite of UK investors has evolved. Men and women are close to parity when it comes to investment risk, with 89 per cent of women choosing to hold their investments in a medium-to-high risk managed investment portfolio, compared with 92 per cent of men. This is compared with 80 per cent among Nutmeg's female investors in 2020. 

The firm said its research among UK investors suggests that this gender investment risk gap could close further in 2025 as nearly a quarter (23 per cent) of female investors are planning to take on more investment risk this year (men: 19 per cent).