Are you a woman without a financial adviser? – Here’s how it’s costing you – and what you can do about it
Money should be genderless. It is, after all, just a set of figures, papers and coins. Yet, when it comes to financial planning, the truth is far different.
Women fare worse than men with their money, particularly when it comes to pensions.
Why is this?
Of course, there are many deep, structural reasons for why this is the case. We live in a world structured by men, for men.
This has led to women’s wealth suffering due to stunted careers, or from women staying out of the workplace altogether. Real change requires great effort and perseverance.
However, I believe there is one simple step that can start solving the problem: more female financial advisers.
About 10% of my industry is female. The higher up you go, the more male it becomes. At conferences, I am frequently asked whether I am one of my male colleagues’ assistants.
This has a real impact. I meet countless women who do not seek advice because advisers do not relate to them.
Without this advice, women’s finances remain stagnant, wasted.
Why it matters to you
Financial advice today is still male. The man of the house tends to speak to another man.
But what happens if circumstances change?
Each year, divorced women miss out on £5 billion. This is because 71% of people do not discuss their pension during divorce proceedings. **
The man tends to keep the relationship with the family’s adviser, while the woman is left hung out to dry.
A startling 48% of women don’t even know what happens to their pension during a divorce. **
A little advice would change this. Yet it seldom takes place.
It shouldn’t be like this.
And it’s not just divorce.
Buying a house? You need advice. Suffering from a family bereavement? Likewise.
Any major moment in a person’s life tends to need financial advice.
The women I work with gain from someone who can empathise, understand their problems, and speak without jargon.
Someone who can help get the most out of their money, without tangled explanations or insensitivity.
The women I work with gain from speaking with a woman.
If you would like to speak with me about financial advice, please get in touch.
*ONS Wealth 7 Assets survey 2012-2014
** Scottish widows stats 2017