Gender financial advice gap revealed

Just 24 per cent of 40 to 79 year-olds receiving professional financial advice are women, new data from Selectapension has revealed.

According to figures from its drawdown and annuity tool, 76 per cent of people within that age group receiving advice were men, highlighting a significant gender advice gap.

Furthermore, the pension provider found that men’s pension pots were on average worth £254,900, compared to £175,745 for women.

Selectapension director Peter Bradshaw, 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.”

Despite this, the amount of women receiving financial advice has increased in line with men's, with just over 1000 more men and women reaching advice over the last three years.

Last month, research from the Chartered Insurance Institute found that the average pension pot for a woman in the UK is five times less than a man’s.

According to the report, Solving women’s pension deficit to improve retirement outcomes for all, the deficit is a result of “British social attitude and cultural norms regarding women’s status in our society”.

A survey by Just Group found that women are more likely to have to retire than men, as 62 per cent were forced into an early retirement and only 20 per cent chose to leave due to sufficient savings.

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