Only 6% of women engage with their Financial Planner every month compared to 12% of men, according to new research.

Some 10% of men says they are in weekly contact with their Financial Planner. 

Women are equally as likely to receive financial advice as men (47% versus 50%) but are less likely to know how much they pay for the advice (16% for women versus 9% for men), according to the research.

The research from flat fee wealth manager Bancroft Wealth is based on a survey of 1,000 UK investors. It showed that women were three times as likely as men to have their finances dealt with by their partner (one in five women).

According to the research, women were better than men at understanding the value of advice and what to expect in return for their fee.

Women were,  however, less likely to pay for face-to-face advice. While 50% of men would be willing to pay, on average, £276 extra for one, annual face-to-face meeting with their adviser, only 44% of women would do the same. And even then, women would only be willing to pay £189 extra for the privilege.

Keir Ashman, pensions and investments specialist at Bancroft Wealth, said: “There are many reasons why men and women may have different knowledge, or experience of, financial advice. Among older generations, it’s far more common for men to be a household’s ‘money manager’, and this can sometimes have detrimental - if unintended - consequences for women.

"In part, this is because the person who has the most involvement with household finances will invariably know more, will have made important decisions and will hold a relationship with the financial adviser.

“As you move down the generations, however, there’s a greater balance being struck. In most of our client meetings now, where we are dealing with people in a relationship, both parties are present on calls and we make sure that questions are directed to - and answers are sought from - each person. We want to build a relationship with the household, not just the nominated - or self-elected - ‘money manager’.