Regions Private Wealth Management Launches Women and Wealth
initiative to educate, equip and empower women
BIRMINGHAM, Ala.–(BUSINESS WIRE)–More women than men say they are solely responsible for making financial
decisions for their households; however, women express lower levels of
financial confidence and optimism than men, according to a new study
from Regions Private Wealth Management.
The study was commissioned in conjunction with the launch of the Regions
Women and Wealth Initiative, a comprehensive effort to educate, equip
and empower women financially. The survey of Regions Private Wealth
Management and Regions Bank customers with estimated household
income-producing assets of $2 million or greater examines how women
approach money management and how their confidence levels and behaviors
differ from those of men.
Forty-four percent of women said they are solely responsible for making
financial decisions for their household, compared to 35 percent of men.
However, men rated their overall confidence in handling finances higher
(6.20 on a seven-point confidence scale) than women (5.86). Women under
age 50 rated their confidence even lower (5.61). The largest confidence
gap between women and men is in the area of “investing,” in which women
respondents showed a confidence level of 4.75 on a seven-point scale
compared to 5.42 for men.
“When people talk about the wealth gap, they are typically referring to
the disparity in salary and retirement savings between men and women,”
said Anne Copeland, head of Private Wealth Management for Regions Bank.
“Our study shows there is also a confidence gap between men and women
when it comes to financial matters. As women continue to advance
personally and professionally, women’s financial opportunities and
responsibilities are actually outpacing their financial confidence and
The Regions Women and Wealth Study also uncovered differences in how
women and men gain confidence to make significant financial decisions
and where they seek financial advice and guidance. When asked to
identify one or more resources and tools that helped them gain
confidence in making their last major financial decision, 56 percent of
women identified a financial advisor while 56 percent of men cited prior
education. Notably, 48 percent of women under age 50 identified their
parents as a resource compared to only 30 percent of men under 50 who
cited their parents. Women also more frequently identified financial
advisors and spouses as resources for making financial decisions. In
contrast, men cited financial books, magazines and web sites at higher
rates than women.
“Women are hungry for financial advice and guidance and are
‘crowdsourcing’ this information from a wide variety of trusted
resources,” Copeland said. “There has historically been a lack of
financial resources created with female investors in mind. To address
this need, we are launching the Regions Women and Wealth Initiative, a
comprehensive effort within Regions Private Wealth Management empowering
women to improve their financial lives.”
As part of the Women and Wealth Initiative, Regions is introducing an
enhanced online resource center with articles, videos and financial
calculators developed specifically to meet the unique money-management
needs and concerns of women. The site is updated consistently with new
content and is available to everyone by visiting www.regions.com/womenandwealth.
Regions will also expand its Women and Wealth educational event series
in 2016. The events are specifically geared for a female audience and
provide information to Regions clients and community members on topics
including investing, the economy, retirement and more.
The Regions Women and Wealth Initiative also engages Regions Private
Wealth Management associates through education and training focused on
advising and engaging female clients. The firm continues to focus on
diversifying its client base and attracting experienced investment
professionals from a variety of backgrounds. Today, more than 40 percent
of Regions private wealth advisors are women.
Additional Regions Women and Wealth Study findings:
Regardless of gender, respondents clearly indicate the financial
advice they would give their younger self would be to start younger
and to save more (69%). Women were more likely than men to say they
would “seek more advice from professionals” (38% vs. 30%).
The most common activities done by men and women to help improve
future financial security are to (1) review a retirement savings plan
(71%) and (2) meet with a financial advisor (61%). Younger females are
more likely than others to say they have done nothing in the past year
to improve their future financial security (18%).
Just under two-thirds of respondents rate their confidence in their
future financial well-being a six or seven on a seven-point scale
(where seven is “Very confident”). The mean rating is 5.75. Females
(5.62) are slightly less optimistic than males (5.83). And younger
females (5.14) and divorced females (5.07) are even less optimistic.
Only one-third of respondents consider themselves financially
“wealthy.” Females were less likely than males to think of themselves
as wealthy (27% vs. 38%). And younger females were even less likely to
say they’re wealthy (9%).
Two-thirds of respondents say a financial planner or advisor assists
them in their investment or financial planning. This percentage grows
to 72% for females. The next most frequent advisor is “Self” at 65%,
and this drops to 54% for females. Married females are twice as likely
as married males to seek advice from their spouse (65% vs. 32%).
Younger females often look to their parents for advice (46%).
Nearly 60% of respondents would not accept a lower
return-on-investment (ROI) to invest in companies that have social
values consistent with their own. Females are more likely than males
(47% vs. 38%) to say they would accept a lower ROI to invest in
companies with social values consistent to their own. And this
acceptance is even higher (51%) for younger females.
In terms of risk tolerance, respondents skew slightly toward being
more conservative when making investment decisions for their
retirement plans. Nearly half say they are “moderate,” 31% say they
are “conservative” or “extremely conservative,” and 21% say they are
“aggressive” or “extremely aggressive.” Females are more conservative
than males (41% vs. 24%).
An online survey was fielded by Regions Bank from June 2-14,
2015. The survey targeted an audience of roughly 9,000 Private Wealth
Management clients and 18,700 Consumer/Priority customers with estimated
household IPA (Income Producing Assets) of $2 million+. A total of 1,157
customers responded for a response rate of 4.2 percent. The survey was
designed in conjunction with faculty at Vanderbilt University. The
survey objective was to obtain deeper insights into the perceptions and
attitudes of Regions’ customers.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $122 billion in assets, is
a member of the S&P 500 Index and is one of the nation’s largest
full-service providers of consumer and commercial banking, wealth
management, mortgage, and insurance products and services. Regions
serves customers in 16 states across the South, Midwest and Texas, and
through its subsidiary, Regions Bank, operates approximately 1,630
banking offices and 2,000 ATMs. Additional information about Regions and
its full line of products and services can be found at www.regions.com.