Financial advisers have an important opportunity to help improve financial preparedness among couples, according to LV=. Its research found that 41% of women did not agree they would feel confident managing household finances if their partner died, compared with 66% of men who agreed they would.
As more women are inheriting and managing wealth, the findings highlight an important opportunity for advisers to engage women earlier and help improve long-term financial preparedness, encouraging more open discussions about money and ensuring both partners are actively involved in financial decision-making.
"Helping women feel informed and engaged today could be critical to maintaining trusted adviser relationships tomorrow", LV= says.
The research also found that women aged 35 to 54 are more likely to report feeling stressed, worried about money and exhausted. Many women in this age group are also balancing financial ambitions with caring responsibilities for children, parents, partners or other relatives.
In addition, women are playing a significant role in the UK's financial landscape. Government research shows that nearly half (46%) of UK entrepreneurs are now women, up from around one-third in 2018/19, while women's economic inclusion has accounted for 40% of UK economic growth since 2000.
Combined with the significant transfer of wealth expected over the coming decades, these trends mean women will increasingly shape decisions about how wealth is accumulated, managed and passed on. As wealth is transferred between generations, often through inheritance, women are expected to become increasingly influential in financial decision-making and long-term planning. For advisers, this makes building trusted relationships with women more important than ever.
Sarah Hills, wealth proposition director at LV=, said: "Over the coming years, many women will become key decision-makers as wealth passes between generations. Yet our research suggests some may not feel fully prepared to take responsibility for household finances following the death of a partner.
“For advisers, this presents an opportunity to build stronger relationships with women as individual clients. By understanding their circumstances, priorities and long-term goals, they can drive greater engagement in financial planning, support better long-term outcomes and build trusted relationships that endure for generations.”
