A study by wealth manager Saunderson House has revealed females feel less financially well than males, when asked about factors determining their general financial health and wellbeing.
“The last decade has seen a significant rise in the number of female High Net Worth Individuals (HNWIs). By 2025, over 60% of UK wealth 1 is expected to be in the hands of women. This is an exciting and important development, and one which the industry must promptly adapt to,” said Georgina Fry, Chartered Financial Planner at Saunderson House.
The research provides a fascinating insight into how the financial needs and goals of women differ from those of men and the ways in which our industry can better understand and serve HNW women.
“The industry needs to understand the reasons for these barriers. This could include misconceptions based on stereotypes, as well as women’s experience of the advice industry and how advisers, who are currently mostly men, struggle to empathise with their needs.
“Many of these issues could be addressed by the right support from the right financial adviser. The advice industry can determine how best to engage and advise female clients and potential clients, through a more appropriate and tailored service. While the industry needs to address this imbalance, more widely all advisors need to fully understand the needs and aspirations of women.”
The study was released in conjunction with the 18th Natwest Everywoman Awards celebrating female entrepreneurship.