It could be down to a lack of knowledge and confidence. That’s according to YouGov Omnibus data, at any rate.
The study finds 52% of women have never held an investment product, compared with 37% of men. Added to that, just one in five women (21%) currently holds an investment, against over a third (35%) of men.
What is promising is that this research shows, in principle, women are open to investing. Over four in ten (45%) agree that investing money is a good idea (compared to 54% of men), while only 10% disagree: the same proportion as men.
As a young female financial planner, I’m reminded of my own profession, which has itself been so dominated by men “of a certain age” in the past.
Bucking the trend
At Forty Two Financial Planning we are proud to break the mould and hope our clients continue to buck trends like this.
It’s important our clients feel comfortable and confident about their interactions with us. In fact, it’s our motto to be approachable, collaborative and, importantly, straightforward. Financial planning as a concept has you, the client, at the very heart of it. After all, how can you have any faith in a financial plan when you haven’t the first clue what any of it means.
To work with a financial planner at Acumen, we don’t expect you to be a financial whizz-kid. Nor would we expect you to ever become one. Far from it. By even making the decision to connect with us, you’re taking the first step to feeling in control of your finances.
The information you need
You’re removing that burden from yourself, not adding to it. It’s our job to communicate what you need to know, in a way that you “get”. Being patronising is in nobody’s interest, but neither is using language that’s full of statistics and legislation that holds no interest or relevance for you.
After all, you don’t pay your mechanic to give you a lecture in engineering every time you go for your MOT.
We’re there as your trusted guide for the long term: helping you to make well-informed financial decisions that are right for you, both in the moment and in the future. Of course, we want you to engage with the process and we love questions, but only on a level that’s comfortable for you.
After all, financial planning’s not a one-size-fits-all exercise. Women, men, young, old, families, divorcees, career professionals, retirees, single parents, those who aren’t parents at all — all should be able to feel confident about their finances, have a sound financial plan in place, and a trusted adviser to help them get there.
Jenny Madhoo is a Financial Planner at Acumen Financial Planning in Aberdeen.
An earlier version of this article appeared in the Press and Journal in August 2019.