The report also found that although many women are becoming more affluent, they are still less likely than men to invest or use wealth planning services, with only one in ten women reporting that they understand investment. The report attributed this to the use of jargon.
Among the women surveyed, 23% said they lack confidence in managing their money.
Understanding what drives satisfaction for different clients is crucial as wealth firms prepare for the significant transfer of wealth to the next generation, according to JM Finn.
Anna Murdock, Head of Wealth Planning, noted that despite the increasing number of UK women holding wealth—due to factors such as inheritance, divorce, entrepreneurship, and career advancement—women are still far less likely to invest or use wealth planning services. This disparity has resulted in a £599 billion gender investment gap in the UK.
“Given that men and women begin their wealth journeys at different levels, women may need to save more to achieve similar outcomes. This is where we can provide the appropriate guidance and advice,” she said.
