A survey last year found some interesting differences between men and women when it comes to getting financial advice. The United States survey by Ameriprise, a financial services company, found women are more likely to seek financial advice than men (46 per cent compared with 38 per cent).
When asked about
the importance of specific attributes of advice, there were clear differences between men and women. Women place a higher importance on having an adviser who takes time to educate them, with 63 per cent rating this attribute as extremely or very important compared to 52 per cent of men. They also seek an adviser who provides a knowledgeable point of view (69 per cent for women versus 52 per cent for men) and who coaches them on what they need to do to achieve their retirement goals (58 per cent versus 43 per cent).
During their pre-retirement years, more women than men place a high importance on planning to be able to volunteer (31 per cent versus 22 per cent) and spend time with family (77 per cent versus 68 per cent) in retirement.
These differences continue through to how they spend their time in retirement. In their pre-retirement years, men place more importance on planning how to spend time resting and relaxing (38 per cent versus 32 per cent) and deciding on hobbies to pursue (33 per cent versus 21 per cent), yet in retirement they are more likely to continue to work (17 per cent versus 6 per cent).
One of the most surprising findings of the survey is that both women and men give almost equal importance to an adviser's ability to understand what is important to them and their ability to produce competitive returns on their money.
In summary, while women tend to have more concerns about their financial future they are also more likely to use a financial adviser and to make plans for an active lifestyle in retirement.
Liz Koh is a financial adviser. Her disclosure statement can be obtained free of charge by calling 0800 273 847.
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