High net worth females are exploring wealth management earlier than ever and almost a decade before their male peers, according to new figures from findaWEALTHMANAGER.com, the independent, free online matching service.
Over the past year the average age of female users of findaWEALTHMANAGER.com has fallen from 50 to 43, while the average age of male users has remained stable at 52.
Lee Goggin, co-founder of findaWEALTHMANAGER.com, says:
“Today, 1 in 10 UK millionaires are women* but achieving financial independence is a priority for much of the female population. We’ve noticed high net worth women are looking for wealth management earlier in their lives, and in fact far sooner than men. Recent developments around pensions in particular have highlighted the need for proper financial planning and it seems that women have really taken this on board.
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“We find it’s often the case that significant life events – like starting a family, changing career, getting married or conversely getting divorced – push women to seek out a wealth manager. These kinds of changes make them realise they need to take steps to safeguard their financial future. We don’t think it’s a coincidence that the average age UK women go through divorce is 42 and the average age of our female users is 43.”
Women are still far less active in investing than men, which is commonly attributed to fears around a lack of knowledge and stress. However, good wealth managers see educating their clients and ensuring their peace of mind as fundamental.
Lee Goggin continues:
“Women hold more wealth than ever now and we’d like to see greater numbers taking a more proactive role in managing that wealth. Whether she is a high-flying entrepreneur or a retiree looking to maximise investment income, today’s woman cannot afford to ignore the benefits of taking proper financial advice.”