The gender advice gap is still in existence, albeit narrowing, according to research from Unbiased.
A survey of 1,000 financial advice seekers found that 69% of women had never consulted a qualified adviser, slightly more than the 64% of men who said the same.
Among those who have received financial advice, fewer women have done so in the last two years at 44%, compared to 51% of men.
The research also revealed that 74% of female financial advice seekers were seeking advice for themselves only compared to 65% of men.
Unbiased said women were less likely than men to have long-term assets, including pensions, traditional investments and income from a rental property.
Three fifths (63%) of female financial advice seekers have pensions and retirement savings compared to 70% of men, while 15% hold traditional investments compared to 19% of men.
Just under one in 10 (9%) cited rental property as a source of income, compared to 12% of men.
However, with women set to own 60% of the UK’s wealth by the end of 2025, Unbiased is urging more women to seek advice.
Karen Barrett, founder of Unbiased, said: “It’s encouraging to see that the gap between men and women seeking financial advice is narrow but given that women are set to own the majority of UK wealth through the Great Wealth Transfer, it’s a gap that should be closing faster, if not reversing entirely.
“Every woman should feel confident about seeking expert advice, to stay ahead of policy changes, protect what they’ve built, and make informed plans for the future.”
Barrett said the advice industry has a key role to play in making that happen by “removing barriers, building trust, and offering support that reflects every stage of a woman’s financial journey.”
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