Women over the age of 45 consider products and services that “meet individual needs” more important than men of a similar age, the latest research from Air has found.

The study by the platform for later life lending professionals found that just over half (51%) of women aged 45 and over believe that products and services that meet their individual needs were important, compared to 45% of men in the same age bracket.

It was also found that just under half (49%) of women aged 45 and over considered products which provide fair value for money as important, compared to just 42% of men.

The survey follows the introduction of the new Consumer Duty, which came into effect at the end of last month. With fair value at the heart of the new rules, Air has said that it is “vitally important that advisers consider these differences when discussing products and options with their clients”.

The survey found that the only factors that men consider more important than women is the additional support that a company provides to vulnerable customers, which stands at 14% and 13% for men and women respectively. One in 10 (10%) men also find a financial services company’s stance on sustainability, community and other green issues as important, compared to just 5% of women.

However, only 13% of older consumers felt that the additional support that a company provides to vulnerable customers was important, despite it being a key focus of the Consumer Duty. Air has said that this highlights the need for greater education and support for consumers.

Chief executive officer at Air, Paul Glynn, said: “The beauty of independent financial advice is how it supports and enables an individual to make the most out of their savings, investments and income. However, this is dependent on the needs of the individual being recognised, and it’s clear that older men and women place different levels of importance on features regarding the financial products and services they use.

“As greater numbers of older consumers look toward later life lending options to pay off mortgages when a fixed term ends, support their retirement income, or help family members looking to step onto the property ladder, advisers would benefit from examining this data to determine how they can best tailor their conversations. Ultimately, a bespoke approach to advice will always be essential in creating the best customer outcomes.”

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