HSBC’s research also says women are less prone to overconfidence and “therefore less likely to be deluded into believing they know more than they do.” They also tend to plan more effectively for an unexpected crisis. Women look out for the next storm and prepare for inevitable uncertainty.
These traits bode well for women in Asia as changing demographics are likely to amplify the need for greater financial astuteness and planning. Women are beginning to earn substantial amounts earlier in their career, but they and their parents are living longer and require more substantial planning for old age.
It is indicative of how the financial emancipation of Asian women is a recent phenomenon that this last stage of financial planning is perhaps the least recognized by female clients. HSBC’s research shows that on average women are still under-prepared for retirement, with 10 years of savings for 23 years of post-employment life.
Women are still not doing enough to invest in their future.
Women have been the unsung authors of Asia’s industrialization: the first stage of development. The second stage — the development of service industries and the rise of productivity driven growth — will give them an even greater canvas to fulfill their potential.
Bonnie Qiu is head of retail banking and wealth management at HSBC Bank (Taiwan) Ltd.