Understanding the differences between men and women’s financial wellbeing and how the advice industry can help

This report is an extension of our first report this year, ‘Financial Wellbeing in an Age of Responsibility’ which looked at the financial wellbeing concerns and requirements of our clients, as well as their attitudes towards Environmental, Social and Governance (ESG) factors and responsible investing. Financial Wellbeing and Women: Closing The Advice Gap explores similar themes but with a particular focus on how the views of men and women compare, from a pool of almost 500 respondents, which includes our clients as well as external groups.

Executive summary

Our research shows that the financial wellbeing importance-ability gap is significantly wider for High Net Worth women than for men. Women’s top financial priorities – general wellbeing, to feel happy with the state of their finances and to have confidence and clarity over their future financial plans – are the same as men’s, but their perceived ability to achieve these priorities is far less: only 37% of women feel happy with the state of their finances and only 30% have clarity and confidence over their future financial plans, compared with 72% and 69% of men respectively.

Similarly, women’s sense that their financial adviser understands them is lower than men and, when it comes to the pandemic, women sense that their financial advisers have a lower understanding of them than men. 29% of women think having a financial adviser of the same gender is desirable, compared to just 1% of men. In addition, only 25% of women say they sought advice from their financial adviser with regards to their wealth during the pandemic, compared with 64% of men.


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About The Author

Georgina Fry
Georgina joined Saunderson House in 2014, having gained a first class honours degree in War Studies from Kings’ College ...
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