The Great Wealth Transfer
Summary
TLDRThe transcript discusses a significant shift in wealth as aging baby boomers pass on their assets, with a focus on the impact this will have on women. The study reveals that women's confidence in investing increases dramatically after receiving an inheritance, and this wealth transfer could empower them to leave unsatisfactory relationships. The conversation also touches on the lack of diversity in leadership roles within the financial industry, emphasizing the importance of diversity for economic performance and representation. The upcoming wealth transfer is seen as a catalyst for change, yet many men remain unaware of its potential impact on women.
Takeaways
- 🌟 A significant wealth transfer is imminent due to the aging of the baby boomer generation.
- 👵 Women are expected to inherit the majority of this wealth, as it typically passes to widows first.
- 💰 Women are projected to inherit tens of trillions of dollars over the next few decades.
- 🔄 The inheritance of wealth is likely to change the dynamics of wealth distribution in society.
- 🚀 After receiving an inheritance, women's confidence in investing increases significantly.
- 💔 Inheritances and wealth transfers can lead to women leaving relationships they are unhappy in.
- 🚺 The financial services industry lacks diversity, with women underrepresented in senior leadership roles.
- 🌐 Diversity in financial services is crucial for economic performance and innovation.
- 🤝 Men may not fully grasp the impact of the upcoming wealth transfer and its benefits for women.
- 🏦 There is a need for greater understanding and adaptation to the changing financial landscape within financial institutions.
- 🌈 The shift in wealth and power towards women has the potential to reshape economic and social structures.
Q & A
What significant shift is global Wall Street on the verge of experiencing?
-Global Wall Street is about to experience a major transfer of wealth as aging men, who have amassed capital, pass from the scene.
How does the new study by US suggest the wealth transfer will impact gender dynamics?
-The study indicates that there will be a gender component to the wealth transfer, with women around the world set to inherit a significant portion of the wealth.
What is the average age of widowhood mentioned in the transcript?
-The average age of widowhood mentioned is late fifties.
How does the inheritance or wealth transfer affect women's confidence in investing?
-After receiving an inheritance or wealth transfer, women's confidence in investing soars from around 45% to 81%, surpassing the confidence levels of men.
What impact does inheritance have on women's relationships, according to the transcript?
-Inheritance leads to a significant increase in the number of women who feel they can leave relationships they don't want to be in, especially among younger generations like millennials and Gen Z.
What is the current state of women in senior leadership roles in global Wall Street?
-There are not many women in senior leadership roles in global Wall Street, and although there has been some improvement, it has not been sufficient considering women make up 51% of the population.
Why is diversity in financial services important for the economy?
-Diversity is a driver of superior performance in financial services, while homogeneity can lead to excessive risk-taking, as seen in the subprime crisis.
How does the wealth transfer affect women's economic power, as mentioned in the transcript?
-The wealth transfer will empower women economically, as they are expected to inherit tens of trillions of dollars over the next couple of decades.
What misconception do men have about the beneficiaries of the great wealth transfer?
-Men tend to underestimate the extent to which women will benefit from the wealth transfer, with only 14% identifying women as the primary beneficiaries.
How does the transcript suggest the financial industry should respond to the upcoming wealth transfer?
-The transcript suggests that the financial industry should embrace diversity and ensure that women are represented in senior roles, as they are the ones coming into a significant amount of wealth.
What is the significance of the statement 'women kept the country out of recession'?
-This statement highlights the economic power and influence women have, which is expected to grow with the wealth transfer, and underscores the importance of recognizing and utilizing this power in the financial industry.
Outlines
📈 Wealth Transfer and Gender Dynamics
The script discusses a significant shift in global wealth as aging men pass on their capital, often to widows first, leading to women inheriting a majority of wealth. The study highlights that women's confidence in investing increases significantly after receiving an inheritance, potentially changing their financial behaviors and relationships. The conversation also touches on the underrepresentation of women in senior leadership roles in finance and the importance of diversity for economic performance.
Mindmap
Keywords
💡Wealth Transfer
💡Generational Issue
💡Gender Component
💡Investment Confidence
💡Marriage Dynamics
💡Diversity in Leadership
💡Economic Power
💡Corporate Culture
💡Financial Services
💡Inertia
💡Subprime Crisis
Highlights
Global Wall Street is on the verge of a significant wealth transfer due to aging men.
A new study shows a gender component to the wealth transfer, with women set to inherit wealth.
Baby boomers have built an unprecedented amount of wealth, and as they pass, the money goes to widows first.
The average age of widowhood is late fifties, and then wealth passes to children.
Women are expected to inherit tens of trillions of dollars over the next few decades.
Women's confidence in investing increases significantly after receiving an inheritance or wealth transfer.
Inherited wealth empowers women to leave relationships they don't want to be in.
There is a lack of women in senior leadership roles in global Wall Street.
Diversity in financial services is a driver of superior performance, while homogeneity can lead to excessive risk.
Men underestimate the impact of the wealth transfer on women, with only 14% recognizing women as the primary beneficiaries.
Women played a crucial role in keeping the country out of recession, showcasing their economic power.
The financial services industry needs to reflect the changing world and the incoming wealth of women.
Corporate culture may be a barrier to increasing diversity in leadership roles.
The wealth transfer is a major shift that is not fully understood or appreciated by men.
The financial industry should care about diversity to better serve the incoming wealth of women.
The societal shift towards gender equality is reflected in the economic power of women, as seen with figures like Taylor Swift and Beyoncé.
The upcoming generational wealth transfer will have significant consequences for women's financial independence and decision-making.
Transcripts
This is Wall Street week. I'm David Westin.
Global Wall Street is on the cusp of a major transfer in wealth as aging men
who amass a capital pass from the scene. Most often this is described as a
generational issue, but all of us has released a new study showing that there
will also be a gender component to it. As great wealth is put in the hands of
women around the world. We talked to the founder and CEO of us,
Sallie Krawcheck, about what they found. The baby boomers have built an
historically unprecedented amount of wealth.
Baby boomers are hitting 80 this year. And as they begin to pass away, that
money gets passed down. And you talk to most people and you say,
who's the money going to? And they say, the millennials.
The bottom line is it's going to women because it goes to the widows first.
Average age of widowhood, by the way, late fifties goes to the women first and
then goes on to the kids. And so
the great wealth transfer is about to do something that Leanne did not, which is
get to women the majority of wealth in this country.
Women are going to inherit tens of trillions of dollars over the next
couple of decades. Well, that's a big shift, potentially a
big shift. But what do you think are the
consequences of that? I mean, how are women different from men
when they invest? Well, so let's back up, because it does
tend to change everything. One of the big findings you and I were
talking about earlier is we tend to think women don't invest as much as men
do. It's because they don't have the money,
confidence that men do. What this survey has shown is it's not
they don't have the confidence or they don't have the money.
It's they don't have the money. So they don't have the confidence to put
that money in the hands of women. Their confidence soars.
It goes from something like 45% of women are confident round money to 81% after
they get an inheritance or a wealth transfer.
Become more confident than men. The other thing that changes marriages,
marriages, something like double the amount of women who get an inheritance
get a wealth transfer, you know, say that they could leave relationships that
they don't want to be in, which is really significant.
You see it for young millennial and Gen Z women who are three times the number
of them say they'll leave a relationship as those who don't get an inheritance.
So as we look around the industry today, I mean, it's sort of my experience
looking at it. We don't have many women in the senior
most leadership roles in sort of global Wall Street.
Correct. And maybe it's gotten better, but I'm
not sure how much better it's gotten. What's causing that, do you think?
Yeah, it's gotten better. It hasn't gotten better enough when you
consider that women are 51% of the population.
You know, it's inertia. You know, an object in motion stays in
motion. An object of rest stays at rest.
But it's but it's truly important and is truly important beyond the.
Gee, I wish there were a handful of women who get to senior roles and do
well. Good.
Yes. That that matters.
What really matters is the financial services is, of course, the lifeblood of
our economy. And the research shows you that
diversity is a driver of superior performance.
That homogeneity, conversely, means you take you trust each other too much, You
take on more risk. Thinking subprime crisis here, right?
When you don't have that diversity of thought perspective background.
So we should all care about diversity in financial services because it is again
the lifeblood of the economy. And we should also care because if we
are a woman, we want to be reflected. If we're fathers and we have daughters,
we want them to be reflected in the industry.
You know, neat needs to do and will do with more diversity, a better job for
women, again, who are coming into a ton of money with the great wealth transfer
in your York, do you think that the leadership of the large financial
institutions and by that I mean the CEO, the C-suite and the board understand
what you just said, because over the last few months we've seen quite a few
senior women leave their roles. Now maybe we just notice it more, but it
feels like there are a lot of senior women moving on.
Yeah, you know, look, I think everybody believes in the power of, you know,
having a team that is diverse and can debate.
I mean, forget about this blowback on and I but if you're in senior
leadership, you know, sort of understanding that you want these
different perspectives, I think it can be hard to overcome corporate culture.
What I do think is men do not see the great wealth transfer coming and do not
fully understand the difference that's going to make.
And how do I know that in the last survey we asked men, we said, here's
this great wealth transfer. Who do you think is going to benefit?
Just 14% said women. Most people said the next generation me.
I think it's going to be men, you know, And look at what we saw this summer
where women kept the country out of recession.
You know, they're going to see Barbie through.
We're going to see either Taylor Swift and Beyoncé and all of the economic
power that generated. And you say, look, this is a world
that's beginning to change.
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