Research by financial advice platform Unbiased has found that almost half of advice seekers in a two-adult partnership manage their household finances by themselves, with men disproportionately taking the lead.
The study reveals that 47% of people in a married, civil partnership or cohabiting relationship who seek advice manage their domestic finances alone. Of this group, 70% are men, while just 30% are women.
The findings suggest a significant lack of collaboration in financial planning amongst couples. This is particularly concerning as women are set to inherit 70% of global wealth over the next two generations, according to research by Capgemini.
Unbiased’s research also indicates that while men tend to have more assets for the majority of their lives, this changes at the age of 70, at which point women hold an average of £217,000 more in assets.
Currently, 49% of two-adult households share the responsibility for financial planning, with only 3% of advice seekers reporting that their partner manages their money for them.
Unbiased founder and chief executive Karen Barrett commented on the findings, stating that it is “concerning to see that so many women are not involved in household financial planning.”
She added: “As more women are expected to build or inherit wealth in the future, it’s important that they build their financial confidence. A good first step to building financial confidence is to get involved by helping to manage savings and investments and working with their partner to achieve their long-term goals.
“Beyond planning with a partner, seeking professional financial advice can provide valuable guidance, help identify opportunities to grow and protect wealth, and give peace of mind that plans are on track for the future.”
