Hi, I'm Bailey. I'm the founder of Touco Lab, a company founded with the purpose of building better financial products for underserved groups.
I've worked in fintech ('financial services' plus 'technology') for the past decade at places like MarketFinance, Monzo and Zopa. For the last few years I've been focused on how fintech innovations might be used to solve big hairy problems around inclusion.
In March 2021 I took part in the FCA's Techsprint on Women's Economic Empowerment and became inspired to think about how to tackle the gender wealth and pensions gap.
Why the 'Good Future' project?
If we are to plan a good future – a fair future – for people and planet, we must start by planning a good future for ourselves.
However you feel about money, it is an enabler. It is the means by which we can provide security and opportunity for our families. We can use it to create the future we want by investing in the companies that are building that future, or by building those companies ourselves. We can spend it on things and experiences that make us feel good, feel powerful, feel fulfilled. We can donate it to the causes we care about or use it to support local businesses.
The money we make now enables our own good future. We live in a different world to our mothers and grandmothers; technological advances are changing the way we work, modern medicine means we might live to be 100+. A woman in her 50s now might expect to live another 50 years or more.
Since money makes money which makes money – the law of compound interest – we cannot delay action in tackling this issue. We must start today.
Money – wealth – is the enabler of our good future. We must build a future in which women, black people, disabled people and those who are LGBTQ+ are able to achieve parity in the wealth they have accumulated. Only then will we see power and opportunity properly redistributed.
Where we are now
Sadly we are a long way off this vision of the future. We face a pay gap, a wealth gap, a financial advice gap and a pensions gap in the UK – all related, all need to be tackled:
- The gender pay gap in 2020 was 15.5%, with older groups hit hardest.
- Women hold just £14.3 billion in investments to the £29.3 billion held by men in the UK.
- 12% of 18-34 year old women have sought help from a financial adviser, compared to 21% of men in the same age group.
- There is a 40.3% gap in pension savings between women and men — that's an average difference in pension income by gender of about £7,500 a year.
This research hopes to contribute to change in the industry that can go towards closing these gaps, creating a good future for all.
What's the scope of the research?
This project is designed to answer questions about the reasons why women do not engage with traditional financial advice and investment offerings as much as men.
We are focused mainly on the product and service design of existing offerings, and the behavioural and attitudinal differences between the genders. Although our research will touch on systematic sexism and inequality, we will focus mainly on answering the following research questions:
- Why have women who have never used financial advice or investments not done so?
- Is it that these offerings are inaccessible or off-putting?
- At what moments in life might women benefit most from expert financial advice?
A note on gender
We are interested in hearing from anyone who does not identify as a man. That includes anyone who identifies as a woman as well as non-binary and other genders.
How will this research be used?
We will publish a report of our main research findings on Tuesday 9th November 2021. You can attend the launch event for free by registering on Eventbrite.
As part of our write up we will include details on the research methodology and sample size.
After launching our research we will use it to inform potential ideas for new product and services that may be developed, either with existing industry partners or as Touco Lab Ltd.
Who is funding this research?
We are funding the research through Touco Lab Ltd as a research and development project.
We do not have high overheads since the research work is being undertaken in-house.
Why are you donating to help Afghan women journalists?
We have decided not to pay interviewees for their time, but instead donate on their behalf to a worthy cause.
Like many, we have been particularly moved and horrified by events in Afghanistan over the last few weeks and wanted to find a way to help women there.
Right now, women journalists in Afghanistan are among the most at-risk populations in the country for reasons of revenge, retribution, and long-standing prejudice against their voices in any public arena.
If we do not support these women and journalists in every way possible in this moment, we are at risk of having journalism diminish and disappear from Afghanistan.
Our donations go to the International Women's Media Foundation, a non-profit based in the US who will use the money to help women on the ground. This organisation has been recommended to us as one that is reputable and will distribute money quickly and efficiently.
For every completed survey response we will donate the equivalent of £4, up to a maximum of £1,000. For every completed interview we will donate £19 ($25) on the interviewee's behalf.
If we reach our goal of 250 survey respondents and 40 interviewees over the 75 days, we will end up donating £1,760 in total.
Please consider donating directly too through this link.
How is this site made, and who did the illustrations?
How can I help?
How will my data be used?
I have another question.
Please email us at email@example.com. We'd love to hear from you!