New research from Unbiased found that the asset gap between women and men is widest before retirement at £116,000 during their 50s.
The study, based on a survey of over 1,200 financial advice seekers, revealed that women, on average, possess £60,000 less in assets than men (£220,425 compared to £160,030).
The asset gap mostly narrows through their working lives, from £50,000 in their 40s and rising to £116,000 in their 50s, before reaching its smallest point at £35,000 in favour of men in their 60s.
However, the data highlighted that everything flips once men and women reach their 70s.
From this age, the asset gap then grows to £217,000 in favour of women.
This reversal is possibly due to the Great Wealth Transfer, as women are more likely to receive assets due to a longer life expectancy, inheriting assets when a loved one passes away or after a divorce, or by building their own wealth.
This aligns with the broader trend that women are currently forecast to own 60% of UK wealth by the end of 2025, according to The Centre for Economics and Business Research.
Unbiased research also found that women are also 45% more likely than men to include inheritance under their overall asset wealth.
Over half (57%) of men said they plan to leave assets to a female partner, compared to only 28% of women who plan to leave assets to a male partner.
Karen Barrett, founder and chief executive of Unbiased, said: “It’s disappointing to see a huge asset gap between men and women amid the greatest wealth transfer in history.
“However, it’s positive to see that the asset gap usually gets smaller as women get older and either build, inherit or acquire wealth, as part of the Great Wealth Transfer.
“There are many factors impacting the asset gap, but one way to help reduce it is to empower women to seek expert financial advice, so they can make decisive and informed plans for the future and preserve any assets they inherit.
“The financial advice industry is vital to helping women build long-term security by supporting them as they navigate their finances throughout their working lives and into retirement.”
