HSBC in the UK has issued a report about the attitudes and positions of affluent men and women, revealing results that might come as a surprise.

In a result that reinforces the need for wealth managers to be more attentive to women’s financial needs, a survey of 1,200 mass-affluent UK individuals finds that a greater number of women are earning £100,000 ($131,363) or more at the age of 30 than men.

HSBC said 24 per cent of women break above six-figure salaries before the age of 30, compared with 21 per cent of men. They are also setting their sights high: 46 per cent of affluent women aspire to become millionaires or multi-millionaires.

While such data does not necessarily reduce concerns about a “gender pay gap” it also counters some presuppositions about the standing of women when it comes to their affluence.

They also have higher aspirations for building their wealth in the next five years, with women hoping to increase earnings by £184,000 in the next five years, more than triple the surveyed male average of £57,000.

Among those with millionaire ambitions, more than a third (35 per cent) expect to achieve this within four years, and one in five (22 per cent) within two years, signalling a confident, fast-moving shift in financial independence.

The flush of youth
Younger investors aged 25 to 34 are taking a markedly different approach to wealth building. While 77 per cent of all investors still hold money in cash savings, younger people are moving beyond traditional routes, only 33 per cent would prioritise saving in a cash ISA in the future (vs 53 per cent average).

Instead, 24 to 35-year-olds are embracing alternative assets such as cryptocurrency (55 per cent), private equity (44 per cent), real estate (54 per cent), forex (38 per cent), gold and raw materials (35 per cent), and venture capital (32 per cent).