Female Financial Advisers Bridging the Gender Gap

If these were the ratings for a local café or the latest blockbuster, they would definitely give you cause for concern. 

An underwhelming “very low to moderate” is as good as it gets for a full 80% of Kiwi women who were surveyed about their current financial wellbeing.  This has prompted calls from the financial advisory industry for more women to step into advisory roles, to help turn around these financial woes.

The report, released recently by the Financial Services Council, studied how Kiwi women approach their finances, as well as the obstacles they face in achieving financial confidence and wellbeing.

Women’s financial position and engagement with professional financial advice

Kiwi women are up against considerable financial disparities. New Zealand’s gender wage gap is still sitting at close to 10%, and on average, women nearing retirement age are doing so with a quarter less in their KiwiSaver accounts than men.

Despite these statistics – or possibly contributing to them – is the fact that women are also about a third less likely to seek the help of a financial adviser than their male contemporaries.

This is something that needs to change, according to Castle Trust Financial Planning’s Kathryn Alborough.

“We’re extremely proud of the fact that a lot of our customers come to us through word of mouth,” she said.  “In our experience, women in particular need to really trust and relate to the people they’re relying on for advice, and so we’re honoured to have those recommendations.”

Financial advice for women, by women

Anna-May Martin, Financial Adviser at Castle Trust, agreed that their clients frequently commented on how reassuring it was to be able to deal with other women to get their professional advice.

She said that as three of their five fully qualified staff were women, they were able to offer a broad understanding of their clients’ different goals and challenges.

“No matter who you are, getting personalised financial help can make all the difference between stress and security, both right now and many decades into your future.”

Whether it’s about insurance to protect your income and loved ones, or saving for retirement and investing your KiwiSaver, women can and should access professional financial advice. Having a professional adviser you can relate to as you enter retirement and the ‘spending and investment years‘ is also crucial. It puts women in the drivers seat and will improve their financial situation. 

To tip the scales firmly in favour of your financial wellbeing, contact one of our professional advisers here.