transfer to women?
01/ 10
Rita McGrath | Thought Sparks
Introduction
Until astonishingly recently in the sweep of human history, women in the United States had little control overtheirfinancialassets,anddespitetherealitythat they make fundamental spending decisions, many sectors of our economy continue to cater to men. If McKinseyistobebelieved,thatisallabouttochange andinabigway,verysoon.
02 / 10
Rita McGrath | Thought Sparks
Have a guess at when women in the United States legally had the same decision rights over property as their spouses?
What would you think? The 50’s? 60’s? What if I were to tell you that it wasn’t until the 1980’s that some fundamental cases were settled that would change women’s rights to their own propertyforever.
03 / 10
Rita McGrath | Thought Sparks
This is about to change
BabyBoomerwomenwerebornbetween1946and1964.Theoldestof them would have been 35 and most likely married by the 1981 Kirchbergvs.Feenstradecision.Theyoungestwouldhavebeenintheir late teens, coming of age when the practical effects of legislation promising financial equality for women were just beginning to becomereality.
A 2020 McKinsey report suggests that this is going to change, and soon. McKinsey found that “an unprecedented amount of assets will shift into the hands of US women over the next three to five years, representinga$30trillionopportunitybytheendofthedecade”
04 / 10
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Rita McGrath
Thought Sparks
Rita McGrath | Thought Sparks
Women are likely to use their wealth to see changes they want in the world
A report by UBS in which the results of thousands of interviews weresummarized,womensincethepandemichaveincreased their emphasis on purpose-related activities, including contributing to philanthropic organizations that align with their values and doing more volunteering. Women are also much more likely to use their wealth to support community associations they care about, invest in social goods and have aninterestinseeingtheimpacttheirresourcescanhave.
05 / 10
Women’s health issues may finally begin to get the attention they deserve
Just as the psychologists I referenced above found it easier to simply drop women out of their samples, in medical field after medical field, issues specific to women were simply ignored. The most common reason given? Because women (especially of childbearingage)experiencehormonalchanges,research isharderandaren’tmenthestandardhumanforcare anyway?
06 / 10
Rita McGrath | Thought Sparks
The financial advisory business is likely to go through a sea change
Younger women, as well as olde beginning to get a lot more s managing their finances and they w services than their male counterp looking for trust and personal relatio their advisors. They care a lot more moneywilldoforthemthanbeatinga areoftenlessrisktolerantthanmena offthechanceofawindfallforsafety.
07 / 10
Rita McGrath | Thought Sparks
As with any inflection point, opportunities are there if we prep
08 / 10
Rita McGrath | Thought Sparks
Rita McGrath | Thought Sparks
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09/ 10
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