The co-founder of FinaMetrica drew on research that showed how in 66 per cent of UK couples men had a “higher tolerance” for financial risk. He warned advisers to be wary of these differences before finalising a financial plan.
According to the research, risk attitudes between genders was more varied in the UK than in other countries, with men identified as the main “risk taker” in five out of six couples.
He said the final risk rating could be based on the higher or lower score, provided both clients were in agreement. Alternatively, an average could be taken to find a suitable balance.
Mr Resnik added: “Any differences need to be resolved before a financial plan can be finalised, otherwise problems could arise in the adviser relationship, as well as the marital relationship.”
Adviser view
Mary Waring, chartered financial planner at Surrey-based Wealth for Women, agreed that women were generally more risk-averse. She said: “A lot of them do not necessarily want double-digit returns. Their main concern is looking after their pot of money, rather than getting it to grow lots.”
