Financial power of women
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.
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.
Watch now - 7 minutes
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.
Watch now - 2 minutes