The WealthiHer Network, an organisation that promotes greater equality, has published new research from Kantar that shows 49% of women in Asia say they lack confidence in financial matters.
The report found that 80% of women in Singapore are concerned about gender bias in the finance industry. Across the SE Asia region Asian women are 33% less likely to be the sole decision maker on investment products than Asian men.
The Women in Finance Asia report, conducted by Kantar, looked at the differences in attitude towards wealth and finance between men and women in Hong Kong, Singapore, Malaysia and Vietnam.
We have a global commitment to advancing women's financial confidence, as well as their career growth and entrepreneurial success"
It found that Asian women overall are 30% less likely to treat investment as their top financial product than men. And fully 68% of women in Hong Kong are likely to be denied funding.
In Vietnam women are 50% less likely to treat ‘investment products' as their number one financial priority than men; in Singapore women are 31% less likely; in Hong Kong women are 29% less likely and in Malaysia women are 25% less likely.
The WealthiHer Network, an organisation founded to make the financial industry more female focused has announced it will be launching in Asia in 2020. A founding partner of The WealthiHer Network Asia and the United Kingdom, J.P. Morgan will spearhead the network's expansion to empower women in the region to grow and protect their wealth.
"We at JP Morgan are thrilled to be the first in Asia to announce our support to the networking effect of women helping other women improve their financial health," said Kam Shing Kwang, CEO at JP Morgan Asia Private Bank.
"We have a global commitment to advancing women's financial confidence, as well as their career growth and entrepreneurial success."
The WealthiHer Network Asia will be a collaboration of leading banks working together to drive the global empowerment and advancement of women.
In addition to events and information, the network will commission a major study to understand gender differences on attitudes about wealth and the specific needs of women in Asia.
"Expanding to Asia is a huge milestone for The WealthiHer Network, and we're grateful to JP Morgan to help us start and grow quickly."It is our plan to launch The WealthiHer Network in Hong Kong through a collaboration with the leading change agents from the financial sector," Tamara Gillan, founder The WealthiHer Network said.
"We want to inspire and empower women, as well as demonstrate the benefits of gender equality to business and society in general," she added.
Women now account for 40% of global wealth, according to the World Bank's Labour Force Gender Ratio report, but many women in Asia claim to be less confident about their financial knowledge.