Women, money and power: How women can close the wealth gap and secure their futures

This Saturday is International Women’s Day. Gordon Bennie, CEO of Concentric looks at how women can close the wealth gap and secure their futures.

My daughter is still young, but already, I think about her future in ways I never did before. Like any parent, I want her to have choices, opportunities, and independence. But as someone who works in financial services, I also know that money is safety – and that without financial security, many of those choices disappear.

As well as being a proud father, I am also someone who is passionate about the rational use of data, and unfortunately the statistics show that, unless something changes, my daughter – and millions of other girls growing up today – will likely end up with far less financial security than their male counterparts.

By 65, women in the UK have 42% less wealth than men

The numbers are staggering. By the age of 65, women in the UK have, on average, 42% less wealth than men (Women’s Budget Group). A key reason? The vast majority of investment wealth is still held by men. Women own just 14% of all UK private pension wealth, and when it comes to stocks and shares, men own 177% more than women do.

This is not just about income disparities (although those are still very real). It’s about who holds and grows wealth – and who doesn’t.

How did we get here?

It’s obviously not that women don’t work hard, or that they don’t try to save. It’s about a system that hasn’t been built for them.

Women earn less over their lifetimes. The gender pay gap persists – women in the UK still earn around 15% less than men on average (Pew Research). This translates into lower savings, smaller pensions, and fewer opportunities to invest.
Career breaks and part-time work reduce financial stability. Many women step away from full-time employment to raise children or care for family members. In the UK, three-quarters of part-time workers are women, and this can drastically reduce pension contributions and long-term earnings potential.
Women live longer but retire poorer. The average British woman can expect to live four years longer than a man, meaning she needs her money to last longer—but is more likely to retire in poverty.
Women are less likely to invest. Decades of gendered social norms mean that financial literacy and investing have historically been positioned as ‘male’ skills. Research shows that women are less confident in managing investments, even when they have the knowledge (Brookings).
Financial services haven’t done enough to help. If we are entirely honest, like most infrastructure in society, financial services have been designed by men, for men, and run by men. That’s still the case today.

The real consequences of the gender wealth gap

While I believe in data-driven decisions, this issue isn’t just about statistics. It’s about what happens to real women when they don’t have financial security.

There is the woman who gets divorced in her 50s and realises she has no pension of her own or the new mother who gives up her career for childcare and never recovers her earning power. Or what about the retired woman who outlives her husband and realises too late that she has no idea how their investments work? I’ve seen all of these scenarios play out and am confident they are happening every day.

So, what can we do about it?

The only way forward is education, access, and action.

If you have a daughter, start teaching her about money – now.

Explain how saving, investing, and pensions work. Encourage her to ask questions. If boys are encouraged to take financial risks and make bold investment decisions, girls should be too.

If you are a woman – even if you’re married to a wealthy man – you need your own financial plan.

Don’t assume that joint wealth or a partner’s pension will be enough. Know what you own. Know where it’s invested. Know how much you’ll need to retire comfortably.

If you already have wealth, you need to manage it.

The data shows that too often, women are passive investors – keeping their money in the bank or property rather than investing it for long-term growth. If you’re holding onto cash rather than making your wealth work for you, now is the time to change that.

My company’s commitment

I’ll be the first to say that our industry needs to do better. At Concentric, we are committed to:

Promoting financial education for women – breaking down the knowledge gap that holds so many back.
Encouraging more women to enter wealth management – so the industry actually reflects the people it serves.
Helping women take control of their financial futures – ensuring that wealth is not just held but grown effectively.

We also know that actions speak louder than words. Right now, our wealth consultancy team is entirely male – a fact that reflects the industry as a whole. I hesitated writing this article because of this fact, not wanting to be insensitive. But rather than shy away from that reality, we want to acknowledge it and work towards real change. That means creating a more inclusive space for women in financial services. We need more female advisers. We need more representation in leadership. We need better recruitment and retention strategies that make women feel valued in this industry.

It also means supporting our female clients with the knowledge and confidence to manage and grow their wealth. Whether that’s through investment education, financial planning, or just encouraging open conversations about money, we are here to help. And finally, whatever your gender, we must challenge the status quo. Because the gender wealth gap isn’t inevitable. It exists because of structural inequality – and structural problems can be solved. But only if we start talking about them.

The future of financial security shouldn’t be decided by outdated systems, ingrained biases, or a lack of access to education. It should be built on knowledge, opportunity, and equality, for the sake of my daughter, and everyone’s daughter.

Written by Gordon Bennie, CEO, Concentric