Saxo Markets helps Close the Gender Gap
Saxo Markets helps Close the Gender Gap by encouraging more women to get started, get better at investing to narrow the gender investment gap.
Saxo Markets, the online trading and investment specialist that connects people to investment opportunities in global capital markets, today announces the launch of a new referral programme, Close the Gender Gap, designed to encourage more women to start investing in order to close the gender investment gap and take better ownership of their financial future.
The World Economic Forum report from 2021 notes that the gender gap relating to ‘Economic Participation and Opportunity’ has only been closed up to 58 percent so far. The gap has seen marginal improvement since the report came out in 2020, and as a result it is estimated that it will take another 267 years to close that gap at 100 percent.
“While the gender wage gap has been in the spotlight the past few years, and takes individual and systemic efforts to close, the gender investment gap is one that we at Saxo believe we all have the power to narrow – by giving more women the tools, knowledge and confidence to trade and invest, and make informed investment decisions. In 2020, Saxo globally saw an increase in new women investors by 354 percent compared to 288 percent for men, which is very encouraging. In Singapore, we have likewise seen a sharp uptick in new female clients of 410 percent, and we are committed to enabling more women fulfil their financial aspirations and make an impact,” said Maria Jelen, Regional Head of Relationship Management and Sales Trading APAC, Saxo Markets.
Get started, get better
From internal and external research, people look for low fees and charges, easy account opening, a user-friendly website and mobile app, and positive customer service experience when choosing a broker for online investment.
On top of that, investing should be more social and educational, according to the insights gleaned from Investment Trends’ industry research released in November 2020. Referrals was cited as the most common reason given for choosing a broker (37 percent) and that trend has increased over the past years while educational content is in high demand, with live webinars emerging as the preferred channel of educational content (58 percent prefer live webinars vs 14 percent face-to-face group meetings and only 8 percent prefer 1-to-1 sessions).
In response to client preferences and more investors coming into the markets, the Close the Gender Gap referral programme is part of Saxo’s ongoing efforts to make trading and investing more appealing for women, to help female investors to get started and get better at investing. By referring a female friend, existing female clients can earn up to SGD 750 per referral and unlock additional rewards, such as books, spa treatment, visit to attractions, and shopping vouchers. The perks supplement the full access to educational content on Saxo’s intuitive platform, expert insights, low fees, quick online account opening, and a dedicated client service team available to clients.
Why closing the gender investing gap is critical to women’s financial wellbeing
Data from 2018 shows that the pay gap for women in Singapore leaves them earning 16.3 percent less than men when comparing the median pay, and 6 percent less when adjusted for factors such as industry, occupation, age and education.
Furthermore, according to a survey by Fidelity, women save more than men, at around 9 percent of their annual salary and men 8.6 percent of their salary. The average interest on savings account is also lower than the return from investing in the stock market. Yet, fewer women than men participate in the stock market. From Saxo’s data, the investor client segment in Singapore is still predominantly a men’s world – over 70 percent of clients are men – which indicates room to grow when it comes to getting more women to participate in the capital markets.
“By not investing, women are setting themselves back when it comes to taking control of their financial future. The investment gap is one that women can solve themselves by taking action today, and we want to make it more aspirational for women if they can bring a friend along the investing journey. Investing is a straightforward way to significantly improve women’s financial wellbeing over time. Do your homework, make a plan and stick to it and you will thank yourself later,” Suzy Han Shiqi, Deputy Head of Digital Sales, Saxo Markets Singapore, said.
For more information, please visit https://www.home.saxo/en-sg/campaigns/close-the-gender-gap-referral