Women embarrassed to seek advice
Most women tended to be financial advice industry avoiders as they lacked the confidence to see an adviser and feared they would be judged for their choices, the Association of Financial Advisers said.
Speaking at a panel discussion at Money Management's Women's Wealth breakfast event in Sydney, national president, Deborah Kent, told a panel discussion the financial services industry as a whole needed to empower women to feel confident enough to seek advice.
"The women that I see, first thing they always say is ‘I'm going to ask you a stupid question'. There is no stupid question," Kent said.
"They would have gone through a single situation where they've had a lot of fun and they're doing a lot of things with their lives.
"But all of a sudden they get to a point in their life and they say ‘I haven't got anything, I don't have a house, I don't have any savings'.
"This is a real problem but then if I go and sit in front of someone, I'm going to feel embarrassed. I'm going to feel like I haven't done the right thing. That they're going to judge me".
Since women often sought out female advisers, it is vital for the financial advice industry to encourage more women to enter the industry and give advice so women felt more confident to seek advice.
Kent also said the onus was on licensees and the industry to drive financial literacy and education towards women, and inform them that they did not have to be wealthy to seek advice.
"Bring trust back in advice because we've been smashed around a fair bit," she said.
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