A Roy Morgan survey of Australians who have a wealth management product has found that male consumers are more likely than female consumers to use a financial planner or accountant to obtain that product.
The survey found that less than one fifth (17.7 per cent) of wealth management product holders used a financial planner or accountant, and within that demographic men were 3.8 per cent more likely than women to obtain the product using professional advice.
The findings also confirmed that demand for professional advice services increase with age as retirement approaches.
“The lower use of financial planners by women aged up to 65 is partly as a result of women generally having lower balances than men and a comparatively lower level of understanding of how financial products work,” said Roy Morgan spokesperson Norman Morris.
“They are also more likely to have been less involved in managing their finances earlier in life, as well as being impacted by life expectancy with a relatively higher proportion of women who are widows compared to men aged 65 or more,” he added.
“Financial Planners may need to consider how to engage women in earlier age.”
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