Insights from investment, protection and retirement specialist LV= reveal a clear gender disparity in financial confidence among UK couples, particularly when it comes to managing finances following the loss of a spouse.
While more than half of UK adults in relationships report confidence in managing their partner’s financial affairs, men report being more assured than women (62% vs 47%), highlighting a persistent gender gap in financial security and preparedness should their spouse pass away.
Exclusive findings from LV’s Wealth and Wellbeing research identify a missed opportunity for financial advisers, with almost half (46%) of UK women saying they do not intend to pass on their wealth through investments, compared to just 36% of men.
For women, this reluctance may hinder long-term financial growth and legacy preservation, particularly when strategic investment plays a key role. LV= said advisers have an important role to help clients understand the benefits of investing, particularly for those more cautious around wealth preservation.
The research also shows notable gaps in financial knowledge among couples. While 59% of respondents said they were aware of their partner’s bank accounts and 58% knew their utility providers, just 40% were familiar with pension arrangements and only 36% were aware of mortgage obligations.
LV= said these areas are crucial to long-term financial stability and demonstrate the importance of proactive conversations between partners, ideally before any unforeseen events.
Couples with a financial adviser were found to be more confident in estate planning than those without (64% vs 52%), reinforcing the value of expert support in managing complex financial matters.
Gwen Haggo, LV= savings and retirement sales director, said: “We recognise the vital role advisers play in facilitating open, inclusive conversations, not only about future goals but also about the realities of life after loss.
“Our aim is to support advisers in delivering the best outcomes for all clients. By tailoring their approach to the distinct needs of both partners, and engaging women earlier in the advice process, advisers can help to build greater financial confidence and ensure both individuals are prepared for the future.
“We continue to observe a clear gender divide in investment behaviours, particularly among women who can be more cautious about investing and the impact of market volatility.
“Smoothed funds, among other lower risk solutions, can offer a more stable investment journey and be an effective tool for wealth preservation and intergenerational planning.
“Encouraging proactive engagement today will help clients achieve their financial goals, both now and for generations to come.”
