The gender wealth gap remains significant in the UK, with women holding an average of £41,000 less in financial assets than men, according to a study by Handelsbanken Wealth & Asset Management.

It found that women in the UK hold an average of £177,000 in financial assets, compared to £218,000 for men.

Handelsbanken Wealth & Asset Management’s report, Building your financial future: Are you in control? highlighted how the gender divide in financial literacy and confidence in investment markets was impacting women’s ability to build wealth.

The research showed that 19 per cent of adult women felt they received a good education on managing money compared to 23 per cent of men.

However, it did point to changing attitudes, with those aged 18-34 being more likely to feel they had a good financial education than those aged 50 or over, at 34 per cent and 13 per cent respectively.

Handelsbanken Wealth & Asset Management stated that its findings suggested that efforts to narrow the gender wealth gap through education were beginning to work.

Despite this, more women than men across every age cohort said they had limited or no understanding of financial products.

Almost two thirds (64 per cent) of women felt they had little or no knowledge of investments compared to 43 per cent of men, while more than half (53 per cent) of women admitted the same for pensions, compared to 34 per cent of men.

Traditional stereotypes were also found to be continuing to drive the wealth gap, with women more likely to have oversight of household finances while men were more likely to have responsibility for long-term financial products and investments.

“This year’s wealth survey has shown continued evidence of the ongoing disparity between men’s and women’s finances across the country,” stated Handelsbanken Wealth & Asset Management acting head of wealth management, Stephen Cowling.

“The gender wealth gap, which has been created by historical and systematic factors, will take many years to balance out, particularly as younger women continue to feel that they have not received a proper financial education. Building financial literacy and confidence among women of all ages is crucial in turning the tide and reaching an equal level of wealth generation.

“As wealth advisers, we are committed to bridging this gap by empowering women to build secure financial futures with confidence. This means examining our own biases, hosting women-focused events, and guiding clients toward the best financial education resources available.”

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