"The gender pension gap is all too real, and now we have a whole generation of women set back even further by Covid-19"
The report found that 21% of men aged between 18 and 34 years old have sought help from a financial adviser, compared to just 12% of women in the same age group.
This is despite a quarter of young women worrying about money on a daily basis (24%), and six in ten (59%) young women worrying about their finances at least once a week.
Most recently women’s finances have been significantly and disproportionately affected by the Covid-19 pandemic, with an estimated 78% of job losses affecting women.
Fidelity's research found that over half (54%) of women were concerned that they would not have enough to live comfortably in retirement. The Pensions Policy Institute also found that women in their 60s will on average retire with £51,000 of savings compared to men who on average will retire with £156,000.
The report’s findings show that when women do take financial advice, the majority find it beneficial however, many still believe that ‘financial advice is not for them’. The report, therefore, concentrates on the ways in which financial advice could become more accessible to women, and in particular young women.
Jackie Boylan, head of FundsNetwork for Fidelity International, commented: “Our twenties and thirties can be vital years for building up longer term savings as well as hitting financial milestones. Financial advice can help us to think ahead, for both short and long-term goals and navigating any obstacles, and for women this is arguably even more crucial. The gender pension gap is all too real, and now we have a whole generation of women set back even further by Covid-19: job losses, taking on more of the caring responsibilities as well as the domestic burden. Women should feel empowered to seek financial advice from a younger age, but there are too many barriers in the way from cost to a lack of confidence – meaning women are coming to it much later than men.
“Our Women and Money campaign has always been about finding tangible solutions to the obstacles faced by women when it comes to investing. Turning our attention to the role of financial advice seemed a natural step in our campaign journey. As part of the report launch we will be holding our fourth Women and Money Innovation Lab today bringing together influencers from industry, policy and media to discuss how we can make financial advice more accessible to women. We will then combine the findings from this Lab with the research in the report to build a roadmap for us all to work together to break down the barriers to advice for women.”
