High net worth women are much less engaged than HNW men when it comes to conversations with their financial advisers, according to a new study published to coincide with Financial Planning Week which launches today (Monday 27 Jan).

One in five (19%) women do not have a financial adviser at all, according to the research from Charles Stanley.

The research found that four fifths (80%) of HNW men were actively involved with their adviser about their own or their partner’s finances, while just two thirds (67%) of HNW women say the same.

Almost three fifths, 57%, of men said they were very involved when it comes to conversations about their finances with their financial adviser or family office, compared to just two fifths (40%) of women.

Some 14% of women also revealed they were not involved in conversations with their financial adviser, while one in five (19%) do not have an adviser at all, raising concerns about the health of women’s finances. In comparison, half the number of men (9%) confirmed they did not have a financial adviser.

Men were also more likely to talk to their adviser independently without their partner (25% vs 20%). 

With a couple being unbalanced in their involvement with a financial adviser, and possibly unaware of their financial situation, this could result in one partner experiencing financial repercussions if they were to divorce or someone were to pass away, Charles Stanley warned.

A fifth, 19%, of female divorcees said they wished they were more aware of their financial circumstances when they split from their partner while 15% of widows felt anxious about their finances after the loss of their spouse.

Mia Kahrimanovic, Financial Planner at Charles Stanley, said: “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. Yet, this is not reflected in the advice market.

“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.”

She said couples should strive to have joint conversations with their advisers regarding their finances, and advisers should encourage clients, especially if in a couple, to equally participate in their Financial Planning.

• The research was conducted by Censuswide, surveying 1,001 high net worth individuals across the UK, aged 18+ (defined as £100k ‘personal’ income OR £100k investable assets, AND/OR £200k household income) between 23.08.2024 - 30.08.2024.

The CISI’s Financial Planning Week - its annual campaign to promote the benefits of Financial Planning to consumers - runs from 27 January to 2 February and aims to spread awareness of the benefits of Financial Planning and encourage people to take control of their finances.