The gender gap is present in several financial fields – from pay to pensions – but the latest data from Selectapension also shows a great disparity between the number of men and women seeking financial advice.
According to data taken from the fintech provider’s Drawdown & Annuity tool, only 24% of all reports produced for individuals in the 40 to 79 years old cohort were for were women, compared to 76% for men –suggesting “a considerable advice gap between the sexes”.
In addition, it found men have, on average, considerably larger pots of £254,900 ($326,900, €288,000), compared to £175,745 for women.
Bridging the gap
As a result, Selectapension’s report strongly encourages advisers to do more to bridge the gender gap in financial advice.
It said: “More needs to be done to encourage women to review their options and take advice to make informed decisions about their finances as they approach retirement.”
Peter Bradshaw, director of Selectapension, said: “Women’s financial lives often follow a different path and pace to men’s, and more needs to be done to encourage women to take professional advice to include factors such as maternity leave, part-time work and all their assets and investments along the way.”
