The bank said women's role in finances is likely to increase with women reporting greater concern about the financial implications of life events than men.

A flurry of reports from wealth managers have come out ahead of International Women's Day on Saturday 8 March. They examine issues such as attitudes to investment, risk and involvement in decision-making.

UBS, the world’s largest international wealth manager, notes that women, who manage an estimated $32 trillion of global spending, are due to control 75 per cent of discretionary spending worldwide. 

The report highlights how women’s financial muscle can be under-reported as a factor. The findings come ahead of International Women’s Day on 8 March. Authors of the study are Antonia Sariyska and Amantia Muhedini, sustainable and impact investing strategists at UBS Global Wealth Management’s Chief Investment Office,

The Swiss bank notes that for all the spending control, the investment picture for women still trails that of men. 

By the end of their working lives, women globally are expected to accumulate only 74 per cent of the wealth of men, UBS said, citing figures from the 2022 Wealth Equity Index from WTW and the World Economic Forum. 

“Deliberate investment in women is needed to address the gaps across various areas,” UBS said.

The report also noted that while in the past women’s role was often to provide access to wealth (for example, by marrying into a wealthy family), the GenZ and Millennial generations of women are now themselves receiving a larger share of the great (inter-generational) wealth transfer. 

“Their role in finances is likely to increase with women reporting greater concern about the financial implications of life events than men. Once women achieve greater parity with men, they can be more meaningful asset allocators,” UBS said.