AMP: emphasis on spouse’s finances the key barrier to women seeking financial advice

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The latest AMP Planner Protection Poll has found that 41.8 per cent of financial planners polled believe the primary barrier to women seeking advice is the emphasis placed on their partner or spouse’s finances.

A further 14.8 per cent of planners cited low awareness of products and services as the primary barrier to women seeking financial advice.

AMP Head of Technical Strategies Wealth Protection Chris Kirby said the industry is still seeing women shy away from financial advice until later on in life, leaving them open to a number of financial risks.

“In some cases, women take care of the day-to-day financial management of their household, but aren’t involved in making major financial decisions with their partner. They often put their family or partner’s needs first, neglecting their own.

“Many women wait until they are older to seek financial advice, by which time the path to financial security has become more difficult,” Mr Kirby said.

Despite the barriers to seeking financial advice, AMP Financial Planner Claire Esmond said over half of her clients are female.

“I always encourage women to ensure they are in control of their financial futures by taking an active role in educating themselves and making financial decisions.

“Talking to a financial planner is a good starting point for building this knowledge. Whether single or in a relationship, it’s important for each individual to ensure they have a solid understanding of financial products and services,” Ms Esmond said.

Mr Kirby said the industry is looking at ways to improve the financial literacy of all Australians and promote the value of financial advice.

“It’s important that the financial services industry looks at ways to improve the financial literacy of all Australians. Lack of awareness of the value of financial advice or the specifics of financial products isn’t a gender-specific issue,” Mr Kirby said.

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