Wealthy women on the rise
There has been an increase in wealthy women in Australia.
"Australia is witnessing an increase in the number of wealthy women," said George Frazis, executive general manager of business and private Banking at the National Australia Bank (NAB).
"Our private bankers have reported a 5% increase in the number of new female clients over the past year," Mr Frazis said today.
"The number of wealthy women is growing at a comparatively greater rate than men" he said, "although it is off a smaller base. These women know exactly what they want and how to go about achieving it - including financial independence. They work hard and long and reap the rewards."
One reason for the increase is that some women are delaying marriage in order to pursue both professional and personal goals, said Linda Duncombe, head of sales at NAB's private banking arm, National Private Bank. "The median age for women to get married today is 28, which means there are many young women in Australia with a significant disposable income to spend on themselves."
"This is one contributing factor as to why more than 75% of women spend a decade or more on their own, and why many are increasingly recognising they need to create their own path to financial security. They realise they cannot afford not to review their finances and begin investing."
Mr Frazis noted women are increasingly accessing various forms of investment information, including the internet, books, seminars as well as private bankers and financial planners to improve their investment savvy, equipping them with the right information to make smart and informed choices.
"Women tend to make far more researched and calculated investments and take fewer risks and do not try to capitalise on short-term swings in the economy and stock market, as opposed to their male counterparts. They also tend to invest in well-known stocks and companies that have solid reputations and returns," he said.
This trend mirrors the American experience, where a recent report in USA Today cited 40% of US households with $600 000 or more in assets are headed by women and 23% of women are now the primary providers, out-earning their husbands.
Ms Duncombe added: "Everyday I meet very successful Australian women, single and married, earning substantial incomes. These are women with real style and real money. And, just like their male counterparts, realise they need help with their finances.
"We empathise and understand what they need, which is what we try and do with all our customers. We endeavour to champion them, their business and provide them with proactive value added advice."
NAB Business and Private Banking recently launched a low-doc loan solution for the self-employed as well as an On-The-Spot loan approval process, where all customers receive quicker response times to their requests for loans: in many instances this is just 15 minutes.
About NAB's NationalPrivate Bank
The NAB Private Bank is profoundly client centric. Its bankers use their knowledge to provide the most appropriate solutions, and aim to deliver those solutions seamlessly, for their clients.
For further media information, please contact:
NAB Australia Corporate Affairs
Guy McKanna
Tel: (02) 9966 3532
Mob: 0402 893 843
