A recent study by Air, the platform for later life lending professionals, indicates that women aged over 45 value financial products tailored to individual needs more than their male counterparts.
The research, undertaken to give advisers insight into distinct demographics in light of the FCA Consumer Duty’s enactment, discovered marked gender distinctions in financial priorities.
51% of women in this age bracket felt that products should cater to individual needs, compared to 45% of men of the same age group. Likewise, 49% of these women believe that products should deliver fair value for money, a sentiment shared by only 42% of men.
This gender variance extends to various aspects of financial services, from the importance of sound customer service to the ease of cancelling policies. Interestingly, the only factors where men scored higher than women were the importance of support for vulnerable customers (14% vs. 13%) and a financial company’s stance on sustainability and community issues (10% vs. 5%).
Despite the Consumer Duty’s emphasis on assisting vulnerable customers, only 13% of older consumers deem this support essential, underscoring the pressing need for better consumer education.
When age differences are taken into account, a significant 64% of both men and women over 75 prioritise products that meet individual needs and offer value for money. This is noticeably higher than the national average (49% and 46%, respectively). Moreover, 8% of both the over-75s and the 45-54 age groups value a company’s commitment to sustainability, while the younger cohort places more emphasis on the ease of cancellation.
Paul Glynn, CEO of Air, weighed in on the study, saying: “Independent financial advice thrives on recognising individual needs. Clearly, older men and women differ in their financial product preferences.”
