The study found that while a gender gap in accessing financial advice still exists, it is smaller than previously expected.
In a survey of over 1,000 individuals seeking financial advice, 69% of women reported never having consulted a qualified adviser, compared to 64% of men.
Recent engagement with advisers also showed a disparity: only 44% of women had received advice in the past two years, versus 51% of men.
The research further highlighted that women were more likely to seek financial advice for themselves alone, with 74% doing so compared to 65% of men.
However, women were less likely than men to hold long-term financial assets such as pensions, traditional investments, or rental income. Specifically, 63% of female respondents had pensions or retirement savings, compared to 70% of their male counterparts.
Despite these trends, women are projected to own 60% of the UK’s wealth by the end of 2025, according to the Centre for Economics and Business Research.