Blog: Taking stock: Joining forces for inclusive investing
By Faith Reynolds, Advisor to the TISA Board
The gender wealth divide has been well-documented and subject to media scrutiny for as long as many of us can remember. As a result, it’s easy to think that the matter has been solved, and that we can move onto other issues in the sector.
Despite decades in the spotlight, the wealth gap remains a problem. Joint research commissioned by TISA and Oxera last year revealed that even after accounting for income, many consumers – namely, women, people who live outside of London, and people from lower socioeconomic backgrounds – are less likely to invest, exposing them to reduced purchasing power in the current economic climate and beyond.
It’s crucial that the work to close the wealth gap continues, ensuring that investing is more inclusive and accessible to all. To achieve this, change is needed both on the inside within firms, and on the outside as these organisations shape their communications to engage with wider audiences.
Carol Knight, CEO of TISA UK, commented: “We at TISA believe it is vital for organisations to do more, think more creatively and work more collaboratively to push for greater equity in the financial services industry.”
Greater diversity and representation in the workplace, for instance, are vital to ensuring all voices are heard and an industry that is fit for the future. Likewise, improved marketing initiatives that specifically target women are required. As Women in Asset Servicing notes, 60% of Britain’s wealth will be owned by women in the next three years. As such, products, communications and advice services need to be designed so they are both attractive and responsive to women’s needs.
TISA recognises that tackling a complex issue like the gender wealth gap will only be achieved through collective effort and expertise, and that its impact can be magnified by working closely with its members and industry experts. Currently, TISA has projects underway to improve communications in the ISA investing journey with sponsors, including Fidelity, Hargreaves Lansdown, Lloyds Banking Group, EY Seren, University of Nottingham, Oxera, Amplified Global, CMS and Schroders.
It takes collaboration and teamwork to change a system, and TISA is extending an invitation to the industry: let us know what initiatives and events you are engaging with to promote inclusivity in ISA investing. If you are not yet involved, reach out to discover how you can contribute. Together, we can make investing more inclusive and accessible, ensuring a fair financial future for all.
To get involved, please visit our website here or email us at firstname.lastname@example.org quoting “Inclusive Investing” in the email.
Useful links/ references:
All findings have been taken from the TISA/Oxera Joint Report: https://www.tisa.uk.com/tisa-oxera-joint-report/
TISA’s Inclusive Investing page can be viewed here: https://www.tisa.uk.com/inclusive-investing/