Women are less engaged than men when it comes to conversations with their financial adviser or family office, according to a study from Charles Stanley.

It found that 80 per cent of high net worth (HNW) men were actively involved with their financial adviser or family office about their own or their partner's finances, compared to just 67 per cent of HNW women.

Furthermore, 14 per cent of women surveyed were not involved in conversations with their financial adviser and 19 per cent did not have an adviser at all, which Chales Stanley said raised concerns about the health of women’s finances.

By comparison, just 9 per cent of male respondents did not have a financial adviser.

Looking at couples, the research highlighted that men ‘hold the reins’ when it comes to conversations with advisers when in a partnership.

Less than a third (30 per cent) of women said they played an active role in having conversations with their adviser about their finances with a partner, while 42 per cent of men said the same.

Men were also more likely to talk to their adviser independently without their partner, at 25 per cent compared to 20 per cent of women.

Couples being unbalanced in financial adviser engagement could result in one partner experiencing financial repercussions if they were to divorce or experience a bereavement, Charles Stanley noted.

Almost one in five (19 per cent) female divorcees said they wished they were more aware of their financial circumstances when they split from their partner, while 18 per cent felt anxious about their finances and 14 per cent felt overwhelmed.

Meanwhile, 15 per cent of widows felt anxious about their finances after the loss of their spouse and 13 per cent felt overwhelmed.

A quarter (24 per cent) said they engaged with a financial adviser to understand their financial situation.

Charles Stanley noted that advisers also have a part to play in ensuring everyone is involved and kept up to date with any decisions or updates regarding their people’s finances, with 30 per cent of men saying their adviser ensured they were kept in the loop, compared to 22 per cent of women.

“Women are predicted to be the majority holders of wealth in the years to come, and it’s already suggested that they make better investors due to their patience in the stock market,” commented Charles Stanley financial planner, Mia Kahrimanovic.

“Yet, this is not reflected in the advice market. Men clearly still take the lead when it comes to having financial conversations with their advisers. Women have made considerable advancements with their finances, but in assuming old school, traditional roles when it comes to who is handling family finances with advisers, this could keep women in financially vulnerable positions, especially in events of separation or death of a partner.

“Couples should strive to have joint conversations with their advisers regarding their finances, and concurrently, advisers should also encourage clients, especially if in a couple, to equally participate in their financial planning.

“Not only will this instil a more balanced approach, but it will help equip those clients who may be less confident with the tools and guidance to understand their financial positions, both as a pair and individually.”

The research was conducted by Censuswide, surveying 1,001 HNW adults across the UK, defined as £100,000 ‘personal’ income or £100,000 investable assets, and/or £200,000 household income.

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