The average woman does not seek advice until their mid-50s, new research from Unbiased has found.
Amid the Great Wealth Transfer, which is set to see women inherit 70% of global wealth in the future, the financial advice platform has built a profile of the average woman likely to seek support with their money.
It found women are most likely to seek advice at age 56, just above the minimum age to access a pension, and are likely to be married (43.2%) and live in London. However, the number of male advice seekers who are married is higher at 66.3%.
Women are also likely to hold fewer assets, on average around £160,000 compared to £220,000 for men. However, from the age of 70, the asset gender gap reverses in favour of women with assets of £472,000 versus men who have, on average, £255,000 in assets.
Unbiased is urging more women to take control of their financial futures, particularly as they are set to inherit more wealth over the next two generations.
Karen Barrett, founder of Unbiased, said: “While it’s great to see women seek expert financial advice, it’s vital not to hold this off until later years, as an adviser can help them reach major life goals, such as buying a home, investing, or saving for the future.
“With more women expecting to inherit assets or build wealth, building financial confidence and having a plan for the future is key, especially as they tend to have fewer assets than men on average.
“For those unsure where to start, thinking about your long-term goals is a must, as well as what you need help with to achieve them, before consulting a financial adviser.”
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