Financial power of women
The true impact of the pandemic on women's finances
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The pandemic has impacted many, including young people and ethnic minority groups. In particular, women have been hardest-hit by job losses, changes to work and home routines, furlough and childcare. Building upon our report, ‘Unlocking the Power of Advice’, we’ve looked at the real impact of the past year has had on women and their finances. We've also looked at the steps we need to take now if we are to close the gender pay gap, gender pension and investment gaps that still weigh so heavily on women’s progress.
Unlocking the power of advice
In 2018, our report The Financial Power of Women set out to find working solutions to help women ‘GET INvested’. Women face a significant financial challenge: the gender pay gap, the gender pension gap, and the belief that investing in the stock market ‘isn’t for them’.
In our latest report, Unlocking the Power of Advice, we have turned the spotlight onto the industry to look at the barriers stopping women from accessing advice, how we can overcome them, and the opportunities for advisers.
As part of our study, we spoke to a range of financial advisers as well as to women of different ages across the country and it’s clear that there are still issues to address in every age group.
Half of IFAs reported losing female clients once that client’s partner had passed away. Other advisers told us that some divorcing women were not used to managing the finances within their home, and that this had been looked after by their husband. Some consumers we spoke to reported feeling intimidated, or that they didn’t have enough wealth to justify advice.
Clearly, these doubts will be faced by men too, and if we can identify ways of engaging more people to take financial advice across the board, that will be progress.
This report is specifically about the role financial advice can play in helping women start to decrease the gap that still exists, to the tune of hundreds of thousands of pounds, at retirement. We look closely at the role that financial advice could play in helping women – of all ages – to unlock their financial power, why and how advisers should target more female clients, and the obstacles that lie in the way.
Women and Money innovation lab write up
We bought together journalists, policymakers and financial advisers to debate the role financial advice can play in helping women to invest, stay invested and secure their financial future.Download report
Unlocking the financial power of women
Ian Meredith, Senior Sales Manager at FundsNetwork talks Georgina Fry of Saunderson House about our latest research – which found that when women take financial advice, they keep at it.
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Unlocking the power of advice – an adviser’s view
Kate Rainbow, Senior Sales Manager at FundsNetwork talks to Steve Butler of Punter Southall Aspire about the challenge of encouraging women – especially younger women – to seek financial advice.
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Women and Money innovation lab
How can we make the advice industry more accessible? How do we encourage women to access advice at a younger age? Hear what our clients and industry experts think.
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