New research has found that women believe they need to earn significantly more each year than men in order to be considered “wealthy”
A survey of 2,000 adults revealed that women would only consider themselves ‘wealthy’ if they were earning a whopping £232,000 annually. Meanwhile, men felt they’d hit the jackpot with a lower figure of £193,000.
The definition of ‘wealth’ also varies between the two, with more women associating early retirement (54% compared to 41% of men) and savvy investments (53% compared to 42% of men) as signs of success.
According to the HSBC research, women are also more likely to link wealth with jet-setting holidays abroad (53% vs. 42%) or splashing out on a cleaner (28% vs. 22%).
Financial psychotherapist Vicky Reynal explained: “Women can feel more financially vulnerable because of the gender pay gap, career breaks due to maternity leave or caregiving, and the impact of working fewer hours, which likely explains why they set a higher income threshold for wealth.”
Interestingly, this trend then reverses among high earners. Among those already earning six figures, women believe they need to be pulling in £559,000 a year to feel wealthy, while men think a staggering £781,000 is considered ‘rich’.
According to Vicky this is because women may feel they have outperformed their peers. Meanwhile, men are more likely to compare themselves to ultra-wealthy individuals in their network, inflating their perception of what it means to be wealthy.
Vicky also pointed out: “Women’s long-term focus on financial security, rooted in historical and social factors, shapes their ambitious goals. They prioritise saving and investing to achieve stability.”
The figures in HSBC’s latest report spotlights this too, with 29% of women aiming for early retirement, a quarter are eager to pay off their mortgage, and 23% are putting money away for a rainy day.
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Eight in ten women believe these financial targets are achievable, but while 43% of high-earners report being on target, only 19% of women feel the same.
According to the report, 33% of those on the lower end of the scale say the biggest barriers to achieving their financial goals and growing their ‘wealth’ is low income.
Yet, 54% of women earning more than £100,000 say investments are a key differentiator of wealth, with nearly half in higher brackets investing regularly, 8% more than men each month.
Christopher Dean, managing director of premier banking and wealth management at HSBC UK, said: “The fact high earning women are now saving and investing more on a monthly basis than men shows that when the barrier of lower income is removed, women set and meet ambitious financial goals.
“It’s also important to recognise the role that financial institutions play in helping narrow the gender wealth gap and in supporting women with making the right decisions about their money.
“Providing tailored support including access to digital tools, educational resources and if applicable, financial advice, is key in helping bridge the gap further.
“We are also really proud to support women within our own industry, where wealth remains male-dominated, as our team of wealth advisors is made up of a 50/50 gender split.”
Further findings can be found in HSBC’s Your Money’s Worth report.
VICKY’S TOP TIPS TO GROW FINANCIAL CONFIDENCE
1. Challenge implicit gender bias:
Challenge any gender biases around money – and consider some of those could be internalised. Financial competence is entirely a learned skill. This is reflected in the fact HSBC UK research has found that women are saving and investing more than men in a number of cases.
2. Know your strengths (and limits):
Everyone has financial strengths, and the simple act of acknowledging these can help you to build confidence and resilience. However, even strengths have downsides, so it’s important to be aware of those too: for example, careful saving can become over-cautiousness, limiting growth. Work to strike a healthy balance.
3. Reframe “weaknesses” and take action:
Avoid self-defeating narratives. Instead, identify specific habits to change, and set actionable goals. Use budgeting tools, seek investment education, or build a savings pot for security. Growth comes from action, not self-judgment.
4. Close the investment confidence gap:
Financial management isn’t innate, and taking the time to increase your knowledge will also build confidence. Seek out information and resources and don’t let shame prevent you from seeking help (including financial advice and wealth management tools, which can be found on the HSBC UK website). Asking questions is what will make you financially savvy. Avoidance won’t.
5. Shift to an “abundance mindset”:
Fear and financial insecurity is fuelled by several things: focusing on what we don’t have (a scarcity mindset), preoccupying ourselves with factors out of our control, and comparing ourselves to others.
Cultivating an “abundant mindset” doesn’t mean ignoring financial realities, but rather prioritising agency over helplessness. Focus on actionable strategies: reallocating funds to higher-interest accounts, adjusting investment approaches, or creating additional revenue streams. Taking control—however small the step—creates hope and has real financial benefits.
6. Build financial wellbeing habits:
Schedule time to manage your money, just like you would for your fitness or health. Dedicate time each month to review priorities, assess tools, and explore benefits. Small achievements can build confidence.