The Birmingham 2022 Commonwealth Games is officially underway after a captivating opening ceremony.
People of all ages, from a wide variety of backgrounds and a vast array of current life circumstances, will be brought together by the Games, with sport able to successfully unite people in its own unique way.
The return of spectators to sporting events has been one of the undoubted highlights of the year so far, and organisers predict the Games will be the biggest and best supported in history. Organisers for this summer’s competition are confident of exceeding the 1.3m tickets sold for Glasgow 2014, with 1.2m tickets already sold and television viewing figures expected to be in the 100s of millions.
In our first piece on the Games, we focused on the heritage and tradition of the event, the origins of which can be traced back over a century. We also discussed key developments planned for Birmingham that reveal the progressive nature of the Games; it will be the first carbon-neutral version of the event and also the first time there are more medals for women than men – a notable landmark in addressing gender inequality in sport.
Now we turn our attention to the athletes themselves.
Given the planning, commitment and dedication it takes for athletes to reach this level, for many of those competing, the Games will be the culmination of many years, in some cases decades, of hard work and training.
Over 5,000 competitors are scheduled to participate in the games, representing 71 Commonwealth nations with a combined population of 2.4bn – around a third of the world’s population.
Along with the landmark in addressing gender inequality in sport, the Games also demonstrates its inclusivity with the fact that it will host more para sport than any previous Commonwealth Games. Wheelchair basketball 3x3, para athletics events, like the 100m T33/34, and para swimming events, such as the 100m breaststroke SB6, have been added to the schedule for the first time.
And it is not just athletes who are involved. The Queen’s baton relay, which began at Buckingham Palace and ended at the opening ceremony, involved 4000 community heroes, specially selected as baton bearers and visited every major city in the UK. In addition, more than 12,500 volunteers will also be involved in putting on the event.
Are you financially fit?
Getting into the sporting spirit we recently hosted a summer investment bootcamp, looking specifically at financial fitness. The event, aimed primarily at women, ran through the fundamentals of investing – why we invest, what assets classes exist, the importance of diversification when building a portfolio and how all of this can be done in line with your personal values. The webinar can be viewed on demand here.
Enhancing inclusivity has been a key focus at Quilter Cheviot lately, in particular looking at women and investing. Investing can be a daunting prospect, particularly for females who often leave the finances to their other half. Recent research showed 45% of women were not confident in their finances and did not know if their own long-term financial plans would be enough to live on should their relationship end. The return of high inflation after decades of muted price pressures has added to these challenges, increasing both the volatility in financial markets and the level of uncertainty.
Due in part to a higher life expectancy than men, women are expected to control 65% of the UK’s wealth by 2025. For Generation X and Millennials, that is those born between 1965-1980 and 1981-1996 respectively, the total invested by women is less than half the amount invested by men. We believe this is largely down to confidence and want to help break down barriers by providing the insight and knowledge to invest.
We recently formed a partnership with WealthiHer, a leading professional network offering women the knowledge, tools and confidence they need to manage and grow their wealth. Through this partnership and a series of webinars aimed specifically at women, we hope to demonstrate our commitment to female financial empowerment. To find out more about how we can help, please visit our Women and investing hub here.
After years of careful planning the competition has now begun, and it promises to be entertaining and inspiring in equal measure. While the Games will be a final chapter for several of the athletes involved, luckily, the absence of peak physical fitness means that an investing career can be maintained over a much longer time horizon. We aim to provide regular insights into the latest developments within Quilter Cheviot and the financial markets, and if you would like to receive these to your inbox please visit our website to see our range of periodic newsletters and, if you wish, to subscribe.