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
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
