While the vast majority of women are confident about their day-to-day money-management skills, just 15 per cent feel confident about investment decisions, according to a new survey.
The research found that respondents who have met a financial adviser reported higher levels of confidence about their future finances but that just half of women had ever sought professional advice.
This, the research suggested, mainly stemmed from a perception that a certain wealth threshold was needed prior to receiving professional advice.
The findings come from a 660-person survey carried out by Red C Research for stockbroker Goodbody among a representative online panel, members of the Goodbody Investment Club and readers of The Gloss magazine. The Gloss is owned by The Irish Times.
RM Block
Those who had met a financial adviser prior to the survey cited retirement as the top reason (33 per cent of respondents), followed by specific financial goals (25 per cent) and advice around property transactions, at 24 per cent.
More than half of women in the survey said they lacked knowledge on how to invest, despite nearly 60 per cent citing a desire to do so.
Managing an inheritance was the top reason for seeking investment advice, while nearly half of respondents (49 per cent) said inheriting money played into the decision to do so.
Planning for retirement and the sale of a property were the next most commonly cited reasons, at 44 per cent and 34 per cent respectively.
The survey revealed generational differences in women’s financial confidence, with younger women significantly less comfortable in a series of metrics.
The survey also found that 71 per cent of respondents said they felt women are judged differently than men in discussions around money matters.
Some 88 per cent of respondents felt at least comfortable in discussing financial matters with their partner, with 67 per cent saying doing so had a positive impact on their relationship. However, 12 per cent of respondents said discussions of money had a negative impact on their relationship.
More than a fifth, 22 per cent, of women surveyed said they were willing to discuss how much they earn with their children, with an additional 34 per cent saying their willingness depended on the age of the children. The largest portion, 44 per cent of people, said they would not reveal their earnings to their children.
Goodbody’s head of wealth advisory, Michelle O’Keefe, said the research provided a better understanding as to how women approach wealth and investing, and the barriers they face.
“It’s clear that while women are confident financial managers, investing remains an area of uncertainty,” she said.
