Women are more likely (45%) to put their children first when considering wealth planning in contrast to men, who are more likely to prioritise their spouse (37%).
This is according to research from Charles Stanley, which also found 17% of high-net- worth (HNW) women would pass on their wealth to their spouse.
Additionally, only a third (33%) of men would put their children first when it comes to wealth planning.
An even smaller amount of women (17%) would consider passing their wealth to their spouse in the event of their death.
Separate research from Columbia Threadneedle found mothers are 79% more likely to open a Junior Individual Savings Account (JISA) for their children than fathers.
Also, roughly 50% of mothers report feeling stressed about getting their children’s investments right, compared to just 38% of fathers.
Columbia Threadneedle said: “The pressure on mothers to make sound financial decisions for their children appears to be significantly greater.”
However, the desire to pass their wealth to their children may not always come to fruition.
Just 59% of HNW individuals have a will in place, with men (64%) being more likely to have one than women (57%).
Under a third (29%) of HNW individuals have set up a trust, whereas under a quarter (24%) have a Lasting Power of Attorney in place.
One in seven (14%) have nothing in place at all for passing on their wealth, the research said.
As part of their wealth planning, the vast majority (81%) of HNWIs have spoken to a financial adviser.
This is truer of men (90%) than women (79%).
Most have spoken to an adviser themselves (58%), although a quarter (25%) have done so alongside their partner or spouse.
A smaller number (5%) have spoken to a financial adviser with their ex-partner or spouse.
Charles Stanley financial planner Mia Kahrimanovic said: “Considering your own mortality can be a difficult thing for many people to contend with.
“But succession planning is crucial to protecting your wealth and ensuring it is passed on to loved ones.
“Inheriting wealth can provide security and valuable opportunity for the recipient, which is why it’s important that HNW individuals take time to consider their plans and think about where they’d like their wealth to go.
“Circumstances can change in a heartbeat, so it’s surprising to see that one in five (19%) have not spoken to a financial adviser, and others do not have crucial planning tools, such as a will, in place.
“Given that within couples, plans and intentions may be different for each person, seeking financial advice can align all parties and establish a clear plan to secure the financial future for any families or beneficiaries involved.”
In order to obtain these results, Charles Stanley commissioned Censuswide to survey 1,001 HNWIs across the UK.
