It is quite believed that the financial industry is more male-dominated, and it overlooks women and their needs that lead to missing out in revenue of around 700 Billion Dollars per year. The industry fails to counter to the needs of female customers or create financial products for women, which leads to a cost incurred unobserved, according to a management consultancy firm.
Jessica Clempner, a leading writer has reported that women are undoubtedly one largest group of clients that are being under-served or are less assisted in financial assistance services. By neglecting the female clients, these firms are losing income on the table. The products these firms sell are supposed to be incorporated by both the genders, but actually they turn out to be fulfilling men’s needs. The financial products all over the world are constantly being designed for men, neglecting the women’s financial needs, the reports claim.
A management consultant reports that females also tend to possess much of their assets and possessions in the form of cash instead of instrumental securities like stocks and bonds, that can yield 25b Dollars in fees.
Recently, leading companies Apple Incorporation and Goldman Groups Inc. were also found debating the same issue about why lenders allow discrimination in their policies. Whether they do this gender discrimination intentionally or unintentionally.
It has also been reported that these issues are heightened because of the lack of females in the upper financial management. Only 20% of financial executives are female worldwide.