Gender bias is a powerful force – and it could be holding women back financially in more ways than you might think.
If most of Australia’s top-performing financial planners are men, then why is it that I’d still prefer to work with a female adviser?, most of us want the best. It’s a bit like going to a heart surgeon – performance and track record are what matters, and gender shouldn’t come into it.
Sadly, our ability and will to engage outside help on our financials is also restricted, with research showing that women are less likely to pay for financial advice, according to 2022 financial advice statistics from research house Finder.Perhaps this is not surprising given that women tend to have less disposable income on average to spend on advice – which averages at $3500 per year, according to Adviser Ratings.
“We have noticed from research that female advisers tend to recommend a slightly higher average number of strategies to their clients,” says Anne-Marie Esler, co-CEO of Padua Solutions.“This might have been because they were taking more of a holistic view with some clients and because they were also more likely to see couples.”But on the flipside, research also shows that men are likely to take more financial risk than women.
So, how can we overcome gender bias? Among the challenges appear to be the perception of cost and shortage of female advisers, with only 25 per cent of the industry being women.“We are keen to have more female financial planners and there is this desire that as a profession, we should reflect the community that we serve,” says Abood. “We’d certainly like to see some more equality there in terms of numbers.
“Among the reasons is that there is a sense that there’s a natural affinity with a female planner and that she is more likely to understand the life goals that you have, the challenges that you face, and so on. Learn to recognise gender bias. This starts with asking yourself whether you would rather see a male or female financial adviser.
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