HSBC says women’s growing wealth role is colliding with a preparedness gap

Women are poised to control a larger share of wealth in the years ahead, but new research from HSBC suggests many affluent women still do not feel prepared for some of the financial decisions that come with that influence, especially around aging, retirement and multigenerational planning.

The report, released March 12, is based on a survey conducted with Ipsos of 2,056 US adults with more than $100,000 in investable assets, including 1,045 women. HSBC said women are expected to control more than 40% of global wealth by 2030, a shift that puts more attention on whether advisory models are keeping pace with how female clients define financial progress.

HSBC centers the report on what it calls a “financial fluency gap” – the difference between understanding financial concepts and being able to apply that knowledge as priorities change over time. The report argues that the issue is less about whether women are engaged and more about whether advice is evolving with life stage, caregiving demands and longer life expectancy.

Read more: How caregiving costs women their retirement security

The survey found just one-third (32%) of affluent women said they feel prepared for their own long-term care needs, while 29% said they feel prepared for aging costs. Less than half said they feel supported by their financial advisor or financial institution. At the same time, nearly two-thirds said they plan financially for others, not just themselves, and 43% said leaving financial security to loved ones is a priority.

HSBC also found 70% of affluent women said financial education tailored to their life stage would improve their financial decisions, a finding that could resonate with advisors looking to make planning more responsive to how clients’ goals shift over time.

“Our research shows that women are highly engaged in their financial lives, but engagement alone isn’t enough,” Racquel Oden, head of international wealth management and private banking, US – who left a star manager role at Merrill in 2023 to join HSBC – said in a statement announcing the results. “Financial fluency goes beyond financial literacy.”

The report also points to generational schism in how confidence shows up. Overall, 49% of affluent women said they were extremely or very confident in their financial plan, but confidence was stronger among younger respondents. Gen Z women were the most likely to describe themselves as "extremely confident" (35%), while millennials also posted relatively high confidence levels, with 29% reporting extreme confidence. By contrast, the report found confidence declines among older cohorts, with Baby Boomers more likely to say they're just “very confident."

Asset levels also appeared to matter. Women with more than $5 million in investable assets reported the highest confidence levels (55%), while women in the $100,000 to $500,000 range were least likely to say they were extremely confident.

The report also touched on what women would do with the opportunity for a do-over of their financial lives. On that score, around one-third said they would save for retirement earlier (30%), and just over a quarter agreed they would invest sooner (27%).