New research conducted for HSBC UK has unveiled significant differences in how men and women perceive wealth, particularly when it comes to earnings. The study, released ahead of International Women’s Day on 8 March, found that women generally set a higher income threshold for what they consider to be “wealthy” compared to men.
Women set higher wealth threshold than men
On average, women believe that an annual income of at least £232,000 is required to be considered wealthy. In contrast, men set the bar significantly lower, at £193,000. The findings suggest that women may have a more cautious or aspirational perspective when it comes to financial security and success.
However, this trend reverses among those in higher income brackets. Women earning over £100,000 annually consider £559,000 to be the threshold for wealth, whereas men in the same earnings category believe that a far higher figure—£781,000—is needed to qualify as wealthy.
Why do women and men perceive wealth differently?
Experts suggest that social and economic factors play a key role in shaping these perceptions. Psychotherapist Vicky Reynal highlights that women often experience greater financial vulnerability due to factors such as the gender pay gap, career breaks for maternity leave or caregiving, and working fewer hours. These challenges may contribute to women setting a higher financial benchmark for wealth.
“Interestingly, the trend reverses among high earners,” she said. “Successful women may feel they have outperformed their peers, while men are more likely to compare themselves to ultra-wealthy individuals in their network, inflating their perception of what it means to be wealthy.”
Financial challenges differ for men and women
The research also shed light on financial obstacles faced by men and women. Low income was cited as the biggest barrier to achieving financial goals, with 33% of women identifying it as their main challenge, compared to 25% of men.
Additionally, while both men and women associate wealth with financial investments, another key indicator of wealth is the ability to retire early. 54% of women see early retirement as a sign of financial success, compared with 41% of men.
Bridging the gender wealth gap
Christopher Dean, HSBC’s Managing Director for Premier Banking and Wealth Management UK, believes financial institutions can play a critical role in reducing the gender wealth gap. He emphasised the importance of providing digital tools, financial education, and professional financial advice to help people, particularly women, gain greater financial security.
To help individuals take control of their financial futures, Vicky Reynal offered the following wealth-building tips:
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- Challenge gender biases around money – Be aware of internalised beliefs that may be holding you back. Financial competence is a learned skill that can be developed over time.
- Recognise your strengths and limitations – Striking a balance between ambition and financial security can help set realistic goals.
- Identify Specific Habits to Change – Using budgeting tools, learning about investments, or setting up a savings plan can help build financial resilience.
- Schedule Regular Money Check-Ins – Just like exercising or looking after your health, managing your finances requires consistent attention. Small, regular improvements can lead to long-term confidence and success.
Survey methodology
The research, conducted by YouGov in December 2024, surveyed over 2,000 UK adults, including more than 1,000 members of the general public and 1,000 individuals earning over £100,000 per year.
The changing definition of wealth
While traditional wealth indicators such as high earnings and financial investments remain relevant, the study highlights how perceptions of wealth are shaped by personal experience and societal factors. Women’s higher threshold for wealth may reflect their lived financial challenges, while men’s higher expectations among high earners suggest a competitive mindset influenced by peer comparison.
As financial attitudes continue to evolve, education and access to financial resources will play a crucial role in helping both men and women achieve their long-term financial goals.
