Unbiased research reveals financial engagement gap among UK women and men
With the Great Wealth Transfer well underway, and UK women poised to be substantial beneficiaries, new research from Unbiased reveals that they are slightly less engaged with financial advice than their male counterparts.
Women are set to hold 60% of UK wealth by the end of 2025; however, they are less financially engaged than men, according to Unbiased research.
Only 31% of female advice seekers surveyed said they had received financial advice previously.
69% of women surveyed stated they had never received financial advice before, compared to 64% of men.
Unbiased is the UK’s leading assets under management (AUM) platform, and the biggest source of clients new to financial advice.
Women are less financially engaged than men
To help advisers thrive during the Great Wealth Transfer, Unbiased has conducted extensive research into the relationship between women and financial advice, including their engagement with professional advice.
The research shows women are less engaged with financial advice, with only 31% of those surveyed saying they’ve had advice before. This is compared to 36% of men.
Of those who have previously received financial advice, the majority, 56%, stated this was over two years ago.
To put this into context, in the last two years, the UK has witnessed a change of government, high inflation, property market volatility, and pension reforms and lifetime allowance changes, all of which could have had a huge impact on people’s finances.
These engagement statistics make for concerning reading, especially considering women are set to be substantial beneficiaries during the Great Wealth Transfer, a significant shift in assets that is already well underway.
According to the Centre for Economic and Business Research, women are expected to hold 60% of the UK's wealth by the end of 2025.
For financial advice firms, connecting with female wealth holders is essential.
Why are women less financially engaged?
While the specific reasons behind lower engagement with financial advice remain unclear, some factors routinely come up as contributing factors:
Low financial confidence: Traditionally, women have had low financial confidence, and this remains a key barrier, with many women missing out on investment opportunities, pension planning, and long-term wealth-building strategies.
Time constraints: Women often juggle multiple responsibilities, including childcare, caregiving, and household duties. This, on top of busy careers, means women are left with less time for financial planning.
Industry dynamics: Influenced by complex dynamics, today’s financial advice is often not tailored to women. According to Schroders, only 10% of financial advisers have a specific strategy in place to engage women in the advice process.
However, with the Great Wealth Transfer well underway and women set to be significant beneficiaries, they should be seeking expert advice.
They will also need to do this more often. With government and policy changes becoming regular occurrences, advisers will need to be on hand to help female wealth holders navigate changes and make the most of their money.
What does this mean for financial advisers?
For financial advisers, this research provides a unique insight into how engaged women are with financial advice.
While it’s positive that women who have never received financial advice previously are now seeking guidance, with 69% through the Unbiased platform never having received financial advice from a professional before, the research clearly demonstrates a need to make financial advice more accessible to women.
As the soon-to-be majority UK wealth holders by the end of 2025, financial advisers need to connect with women and bridge the financial advice gap.
For advisers with female clients, it’s clear that advisers need to engage with them more regularly to help them navigate policy changes.
Karen Barrett, founder of Unbiased, is calling for regular financial check-ins to be the norm, not the exception.
“The advice industry has a key role to play in making that happen — by removing barriers, building trust, and offering support that reflects every stage of a woman’s financial journey.”
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With the greatest wealth transfer in history now underway, Unbiased connects people to trusted advice across pensions and retirement, inheritance planning, mortgages, accountancy, and more.
Since 2010, Unbiased has generated over $100 billion in assets under management (AUM) opportunities for financial advisers, with 65% of prospects new to advice. Reaching more than 10 million consumers annually, it is the leading source of client demand in the industry.
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