Women in the UK continue to be significantly financially worse off than men, according to a new report.

Women hold an average of £177,000 in financial assets, in comparison to £218,000 for men, according to research from Handelsbanken Wealth & Asset Management.

Men continue to take more responsibility for financial products and services, with men more likely holding responsibility for long-term products such as pensions (43% vs 32%) and investments (38% vs 19%) within their households.

The report said the differences could be partially explained by a, “persistent lack of financial education”. Just 19% of adult women said they felt they received a good education on managing money in school, compared to 23% of men.

Nearly two thirds (64%) of women claimed to have little or no knowledge of investments compared to 43% of men, while over half (53%) of women admitted to the same for pensions, compared to 34% of men.

However, younger generations (aged 18-34) were more likely to feel they had a good financial education than those aged 50 years or over (34% versus 13%), suggesting efforts to improve financial education are starting to work.

Stephen Cowling, acting head of wealth management at Handelsbanken Wealth & Asset Management, said: “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.”

• Opinium surveyed 4,000 UK adults between 3 and 7 January on behalf of Handelsbanken. Of the overall sample, 1,927 (48.4%) were male and 2,058 (51.6%) were female, while 779 (19.5%) had a net worth of more than £100,000.