Why don't women ask for professional help when it comes to finances?

Off the back of a gruelling 2020 and 2021 and in the face of rising living costs, it comes as no surprise that many are facing financial woes.

What’s alarming to me is to see the gender disparity when it comes to those who are seeking help.

It’s no secret that women continue to lag behind men when it comes to our finances.

Not only are women suffering from a “gender pay gap,” we’re stuck in what can best be described as a “pensions gender gap” too.

You might be surprised to learn that women in their 60s have an average of £100,000 less in their pension than men.

Sadly, women are also disproportionately affected by Covid-19 with a report published in May 2020 suggesting that they accounted for 78% of all job losses after the pandemic commenced.

So, are we really helping ourselves?

New research carried out by Abdn found first and foremost that older women were under-advised, with only 19% saying they have sought professional financial advice about their retirement plans.

But this age group also seemed most hesitant when it comes to asking questions.

And it is not just older women, a further report from Fidelity outlines an equally depressing statistic of just 12% of 18-34 years olds seek help with their finances - yet 59% worry about their money at least once a week.

In reality, there is a common misconception that financial advice is only for the ‘rich’.

Young women in particular believe they don’t have enough money to warrant speaking to financial professional.

This perception of financial inadequacy alone is denying them the opportunity to become financially secure long-term.

Missing out on advice at crucial moments such as starting a family, illness, divorce or even a family death can carry enormous financial repercussions.

As women in financial services, Future Life Wealth Management’s founder and MD, Jill Thomas, and I feel that we have a responsibility to change this narrative and make advice accessible and demonstrate the value.

If anyone is concerned about their finances or simply want to know what their pensions mean for them, please do contact us HERE for an initial chat at no cost.

We will always be happy to help.

To contact Emma directly click HERE.