Men more likely to go to financial adviser than women, study finds

Men are much more likely than women to go to money advice websites or financial advisers, a new study by Canada Life has indicated.

A survey of 3,000 people suggested that women are more likely to look to their family for financial advice compared to any other source, such as seeking professional financial advice or looking to government websites.

The research revealed that 42% of women will go to their family for financial advice, followed by money advice websites (35%), financial advisers (27%), friends and colleagues (23%) and government websites or helplines (20%).

By contrast, men were found to be much less likely to go to family for advice (27%), preferring to go to money advice websites (35%) or financial advisers (30%).

When those with a financial adviser were asked what they were seeking advice on, Canada Life revealed the most common response among men and women was “retirement or pension planning”, at 50% and 42% respectively.

For women this was followed by “finding investments” (35%) and finding a mortgage (34%). “Finding investments” also came second for men at 47%, however this was followed by “wealth and inheritance planning” for 38% of men – compared to 27% of women.

Commenting on the findings, Canada Life marketing director, Lara Bealing, said: “The financial advice profession should take the positives from the survey as they feature highly as a source of advice by both women and men.

“However, there are also key questions to be asked about how the advice and wider financial services industry can work together to make financial advice more accessible and inclusive. Personal finance can be incredibly complicated, and a financial adviser will always be best placed to help navigate life’s up and downs and help ensure we all reach our goals.”

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