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
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
