Sandra Huber-Schütz on women’s financial independence

I knew early on that I definitely wanted to have something to do with finance. I was interested in economics from a young age and found the interplay between business and finance fascinating. It was also clear to me early on that I wanted to stand on my own two feet financially – so I could ultimately be self-sufficient. Making my way through life independently and on my own terms is deeply important to me and a feeling I absolutely would not want to do without.

I completed a traditional banking apprenticeship and then went on to study business administration. I took on a management position for the first time at the age of 25. At the time, I was far and wide the only woman in such a role within my business area. In the meantime, of course the situation is very different and – I am happy to say – a lot has changed in this regard.

My journey continued through several exciting positions within Private Banking, such as Market Area Head, then Regional Head, Division Head and in 2023 I was appointed Vice Chairwoman within UBS Switzerland.

I grew up in a household with strong women who also looked after the finances. As a child, I spent a lot of time with my great-grandmother because my mother and grandmother both worked, the same as my father and grandfather. From an early age, I took it as given that men and women were equally responsible for finances. However, I did experience a defining moment during my day-to-day work at the bank over 20 years ago. A client called me. Up to that point, based on her banking relationship, I only knew her husband, as he handled all their financial affairs. She was very shy on the phone and told me she only had one quick question, and if I was not allowed to give her any information, then I could speak with her husband. I then told her: “This is your money too. You can ask anything about your money and access it at any time.”

Making my way through life independently and on my own terms is deeply important to me and a feeling I absolutely would not want to do without.

This moment opened my eyes. This client lived at a time when a woman still needed her husband’s consent to open a bank account. This only changed when family law was amended in 1975. And I realized then that she was probably not the only client who let her husband handle things and who may have little insight into her own assets. “We have to do something about that,” I thought. I then said the same to my boss. One of my first initiatives was setting up a series of events for women, which were very well received. In the intervening years, women have naturally become much more self-confident when it comes to finances. The issue now is more about making women more aware of the importance of financial planning and of adjusting their planning to different stages in life. When it comes to financial planning, being a woman makes a difference.

We should never generalize, but it is clear that women see money more as a form of security than an opportunity, even though the two are not mutually incompatible. It is also clear that compared to men, women are more interested in investing sustainably, and they invest accordingly.

When I give advice, I often find that women want to understand exactly what they are doing when they make an investment – which is absolutely right. Interestingly, women often earn higher returns in the long term by taking this approach. On the other hand, it is clear that women often prefer to leave their money in a savings account rather than invest it, meaning they miss out long-term on potential returns. Ideally, they would combine and take advantage of both opportunities.

So how do we take control of our own finances; in other words, what does successful financial planning look like?

You should observe the following five steps:

1. Get a clear picture of your own financial situation.
2. Decide what your goals are and what you want to achieve financially.
3. Draw up a plan. We call ours Wealth Way, which basically involves structuring your assets in three stages according to short-, medium- and long-term goals.
4. Based on this plan, you can then develop an investment concept, which is the cornerstone of a stable financial plan.
5. When it comes to investing, you should take a broad approach, diversify, look at various investment options and consider alternative investments.

We do this in various ways. Our events where women can meet and exchange ideas are very popular, and we address specific topics, including retirement planning, succession, sustainable investing and much more, depending on what women are interested in. We also work with network partners. For example, we visit universities and try to get young people interested in finance. We also draw attention to the areas in which women should take a closer look.

Another important element is financial literacy, i.e., the communication of financial understanding. To this end, we have created the Women’s Wealth Academy, a knowledge-sharing platform that is accessible to everyone.

I had this idea in mind for some time. There is a great demand for financial knowledge among women. It is important that we keep our finger on the pulse and respond to women’s concerns. Women’s Wealth Academy helps women acquire or deepen their financial know-how. It enables them to make confident and well-founded decisions and take responsibility for their financial future – no matter what their stage in life.

Every life unfolds individually, and different life stages bring different financial issues with them. It starts with your first job, your first money. You might then find a partner and now there are two of you and you need to start thinking about new questions: How should we organize our assets? Will we have children? Maybe you get divorced. There are many complex financial questions to answer before retirement. Women can find their way through these stages in life, and we help them do so.

In a nutshell: Seize opportunities and ask yourself the right questions at every stage. I have often found that women do not get to grips with their finances until they really have to. Plan ahead and be proactive – this will pay off in the long run.