Men 3 times more likely to seek advice than women

Men 3 times more likely to seek advice than women

Men are about three times more likely to seek retirement advice from a professional financial adviser than their female counterparts, research has found.

Research from adviser software company Selectapension found the takeup of retirement planning advice was increasing year-on-year but while 76 per cent of men were seeking advice, a mere 24 per cent of women did so too.

The provider based the figures on reports produced by its drawdown & annuity tool for the 40 to 79 years old age group.

This also showed men have considerably higher pension pot values compared to women, at £254,900 for men and £175,745 for women.

Peter Bradshaw, director at Selectapension, said: "Women’s financial lives often follow a different path and pace to men’s, and more needs to be done to encourage women to take professional advice to include factors such as maternity leave, part-time work and all their assets and investments along the way."

Sarah Lord, partner at accountancy and consulting group Mazars, said women were facing a harder time in retirement than their male counterparts, which was why there was a push for financial advisers to target women with more relevant and tailored options for their future.

However, Ms Lord suggested financial advisers should reconsider the way they approach their current and future female clientele.

She said: "It’s not just a culture of pensions, it’s looking at finances in totality so other savings and other incomes are taken into account."

Venilia Batista Amorim is a freelance writer for FTAdviser