Different Needs, The Right Advice
When it comes to financial advice, an important aspect that might be taken into consideration is the financial needs of different genders.
For instance, there are many factors that point towards the fact that women may often have specific financial needs and it is important for financial advisers to recognise this fact.
Why do women might have different financial needs to men?
Personal financial circumstances are always unique, however here are three of the most typical reasons why women may have different financial requirements compared to men:
- The gender pay gap means that typically women earn less than men. Fewer women also hold managerial positions which also affects their life’s earnings.
- Women tend to live longer, as a result there is a greater chance they will outlive their assets (which is known as ‘longevity risk’).
- It is more common for women to take more unpaid leave – often to look after children. This means, on average, women earn less over their career lifetime than men. Working fewer years also means women will have lower pension benefits.
How can advice help?
Statistically, women tend to have often a lower pension provision and a higher probability of potentially outliving their assets, therefore the financial advice they are given needs to be adjusted and tailored to their personal circumstances to ensure they can meet their long-term personal financial goals.
If you are looking for financial advice, then talk to our local financial adviser team today. Please call on 01926 492406 or email us at enquiries@klofinancialservices.com to make an appointment.