Standard Bank launches Africa’s first Women’s Wealth Academy
Africa’s first Women’s Wealth Academy, aimed to address the unique needs of their female clients, has been launched by Standard Bank Wealth and Investment in Johannesburg.
Announcing the introduction of the Academy, Margaret Nienaber, Global CEO of Wealth and Investment at Standard Bank, said “We know that women often assume multiple roles, as business woman, mothers, wives, philanthropists and home executives, to name but a few. Effectively undertaking these roles requires an understanding of the world of investing and finance, both for themselves and their families. “
The Women’s Wealth Academy is available to all clients of Standard Bank Wealth and Investment. Although launched in Johannesburg, the intention is to expand it to the geographies where Wealth and Investment has a presence, being throughout South Africa, and in Kenya, Nigeria, Mauritius, London and Jersey. It complements the Future Leaders, Young Leaders and Junior Leaders Academies, that Wealth and Investment launched last year, targeted at the children of their clients between the ages of 10 – 24 years old.
The establishment of the Women’s Wealth Academy closes a traditional gap in the provision of bespoke banking services in South Africa by empowering women with a unique perspective on:
· The global macroeconomic environment;
· Investing 101, and demystifying financial jargon;
· Defining your personal financial roadmap; and
· How to raise a financially fit family that spends responsibly, saves mindfully, invests early and gives generously.
“Most importantly, we also discuss the responsibilities that go with wealth and the need to equip their children with the knowledge to ensure that family wealth can be passed on from one generation to another. This is a major concern for most high net worth families, as global statistics show that 70% of accumulated family wealth is lost by the second generation and 90% is dissipated by the third generation.”
The Academy also has a lighter side, with South African born global party planner to the stars, Colin Cowie, hosting a session on Chic Living, which provided some useful entertaining and party planning tips to woman who regularly host social and business engagements.
Research, conducted by the Corporate Executive Board, shows that HNW woman control almost one-third of the world’s investable assets, and 11% of Africa’s assets, yet are less confident when it comes to knowledge of financial matters than HNW men. If you also consider that 80% of men die married, whilst 80% of woman die single, at some stage woman will need to take charge of the family affairs.
“This highlights the importance of initiatives such as the Woman’s Wealth Academy in equipping woman with the financial knowledge they require to play an active role in an increasingly complicated financial world,” says Ms Nienaber.