Women are left playing catch up and £100,000 worse off in later life as men are more likely to seek financial advice in their younger years than their female counterparts, research has shown.
Fidelity’s Unlocking the Power of Financial Advice report, published today (July 14), found 21 per cent of men aged between 18 and 34 years old had sought help from a financial adviser, compared to just 12 per cent of women the same age.
This was despite almost a quarter (24 per cent) of young women worrying about money on a daily basis and the majority (59 per cent) worrying about their finances at least once a week.
Jackie Boylan, head of FundsNetwork for Fidelity International, said: “Our 20s and 30s can be vital years for building up longer term savings as well as hitting financial milestones.
“Financial advice can help us to think ahead, for both short and long-term goals and navigating any obstacles, and for women this is arguably even more crucial.”
By not engaging with financial advice in their younger years, women risked falling behind their male equivalents early on as they miss the “crucial” accumulation phase and lose the opportunity to make the most of their financial assets, the report said.
The Pensions Policy Institute has previously stated women in their 60s will on average retire with £51,000 of savings compared to men who on average retire with £156,000.
However the report found that when women did seek advice, they came away happy with the service and support provided, with nearly three quarters of women (72%) reporting they would recommend professional financial advice to a loved one.
Of the women who had received advice for a specific issue, 30 per cent continued to receive advice once the situation had been resolved.
Women were also more likely to want to work with an adviser throughout their lives. Some 38 per cent said they preferred to work alongside a professional to help them make decisions, compared to 31 per cent of men.
Despite this, exactly half of the 406 advisers polled in February reported losing a female client once that client’s partner had passed away.
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