Sophia

Sophia, a B2B financial education platform dedicated to empowering women, has unveiled the findings of its Second Annual Women & Financial Education Survey 2024. This year’s survey highlights women’s continued demand for impartial and reliable sources of financial education.

Singapore, 27 November 2024 – Sophia, headquartered in Singapore, has released the results of its second annual survey conducted from June to September 2024. The survey engaged women globally to explore their attitudes towards financial education, as well as the challenges and opportunities they face in money management.

The findings provide crucial insights into women's financial journeys and underscore the need for targeted educational support. Key takeaways from this year's survey include:

• Increased Awareness of Financial Knowledge: An overwhelming 97% of respondents recognised the need for improved financial knowledge, demonstrating a heightened awareness of the importance of financial education in effective money management.

• Sources of Financial Education: While family and friends remain the primary sources of financial knowledge and advice for 59% of participants, financial media is also significant, with 55% relying on it. Notably, 51% of respondents turn to social media for financial information, reflecting a six-percentage-point increase from last year’s survey.

• Barriers to Accessing Financial Education: A notable 31% of respondents cited "too much jargon" as a barrier when seeking financial education from institutions, highlighting the need for clearer communication for financial education, products and services.

• Trust in Financial Education Sources: Impartiality is crucial. 69% of respondents trust third-party providers for their financial education needs, emphasising the demand for unbiased information.

• Interest in Retirement Planning: A significant 72% expressed a desire to learn more about retirement planning, indicating a growing concern about long-term financial security, which aligns with current demographic trends.

Nicole Denholder, co-founder of Sophia, stated, “The results of this survey highlight the significant opportunity to serve women with tailored financial education programmes that empower them to take control of their financial lives. We are committed to bridging the knowledge gap and providing accessible resources that meet women’s unique money management needs.”

Christine Yu, co-founder of Sophia, added, “Our mission is to create inclusive financial wellbeing solutions that enable women to make informed financial decisions and achieve better financial outcomes. This survey not only reveals the challenges women face but also showcases the tremendous potential for growth when they are equipped with the right mindset, tools and knowledge.”

The survey results were presented at a launch event on November 6, 2024, in Singapore, attended by representatives from financial institutions, corporate partners, thought leaders, and advocates for women's financial empowerment. As Sophia continues to lead in women's financial education, it remains dedicated to reshaping a more inclusive financial services industry and creating a world where women can thrive financially.

For more information about the survey findings or Sophia's solution suite, please visit Sophia's website or contact our team directly.

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About Sophia

Founded by gender finance veterans Christine Yu and Nicole Denholder, Sophia is a pioneering B2B platform providing technology-driven financial wellbeing solutions tailored for women. By partnering with companies to deliver impactful programmes, Sophia enhances engagement with women employees and customers throughout their money management journeys. Sophia aims to make financial decision-making accessible, inspiring, and empowering for women across Asia and beyond. 

www.sophiawomen.com.

Press inquiries:

Christine Yu, Co-founder

[email protected]