Women put off seeking financial advice
Women often lack knowledge of financial products and are frequently focussed on household expenses before they consider seeking financial advice.
That's according to the latest research from AMP's Planner Protection Poll which found that 41.8 per cent of financial planners believe the primary barrier to women obtaining financial guidance is the focus they place on their partner or spouse's finances.
A further 14.8 per cent of planners cited low awareness of financial products and services as another factor that leads to most women avoiding financial advice until later in life.
"In some cases, women take care of the day-to-day financial management of their household, but aren't involved in making major financial decisions with their partner," said AMP head of technical strategies wealth protection Chris Kirby.
"Many women wait until they are older to seek financial advice - by which time, the path to financial security has become difficult."
Kirby said the gaps that exist in the financial literacy of Australians was not a gender-specific issue, and financial planners were a good starting point in building the financial understanding of clients.
Recommended for you
AZ NGA has partnered with an Adelaide-based accounting and financial planning practice as it expands its presence in South Australia.
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
ASIC has cancelled the AFSL of a Melbourne-based managed investment scheme operator over a failure to pay industry levies and meet its statutory audit and financial reporting lodgement obligations.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
