Men undertake financial planning duties more than women, Money Management data
shows. According to a survey conducted at least 43 per cent of advisers said it is generally
men among married couples who take the lead in planning.

As women statistically live longer than men they will need more money to fund retirement
as they will need the funds to last a lot longer.

women lagging behind in financial planning
  • Lower levels of financial education can impact over a women’s lifetime with research
    indicating that men over the age of 55 are 15% more likely to have very or highly-complex
    financial products compared to women.
  • HMRC figures indicate that more women than men subscribed to cash ISAs in 2015-2016 (5,193 compared to 4,379), while more men subscribed to stocks and shares ISAs (1,101 to 892)
  • The gender pay gap still exists, with the average annual difference in wages between men and women in full time jobs being £6,100 and £10,800 in all jobs, which then also has a detrimental effect on the amount of savings being paid into pensions via employment schemes due to the amount paid being a percentage of wages.

Research showed that sometimes female clients prefer to speak to a female financial adviser since they like to feel that the adviser understands their position more. Some respondents added that women can be more shy in discussing finances and thus a female financial adviser helps in establishing a comfort level. “Often the ‘soft’ facts such as ‘I want to retire early so that I can spend more time with my grandchildren’ are more important than the hard facts.”

If you require help or advice with your Financial Planning please contact Debbie Day or Claire Blake at Blake and Day Financial Planning Ltd.