What planet are you from?
Men are from Mars and Women are from Venus (apparently), but what has that got to do with Financial Planning?
Even if you haven’t read it you’ve probably heard of John Gray’s book ‘Men are from Mars, Women are from Venus’ which explores the psychological differences between men and women.
What has that got to do with financial planning you may ask?
It’s perhaps not surprising that men and women differ in their approach to money and investing. There are some structural reasons for this – women still take on more of the responsibilities for children than men do, and mothers still earn 20% less than fathers 10 years after the birth of their last child.*
It is likely that this gender gap goes some way to explain why women tend to be more cautious with their money. Women are more likely to save in to a cash ISA than men who are more likely to invest in stocks and shares ISAs.
By 2025 it is estimated that 60% of UK wealth will be in the hands of women
Yet research suggests that 70% of women are not engaging with finance.* This is quite alarming as we know that taking advice can increase the annual return on your money by as much as 4%. That doesn’t sound like much, but over a lifetime it makes a very significant difference to your wealth.
If there needed to be a reason why women should be more engaged in finance consider that over 80% of women will eventually inherit their husband’s pension. *
To be able to really help our clients live the life that they want we spend a lot of time getting to know them, help identify their objectives and understand what is really important to them. We can’t do that effectively without engaging fully with everyone involved.
If you aren’t as involved in your money as you think you should be then now is the time to change that. We strongly believe that we add value for all of our clients – whatever planet they are from.
*The WealthiHer Network Report 2019 – Understanding the Diversity of Women’s Wealth
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