Almost half of women in Singapore have never had a financial adviser
New research from AAM Advisory on International Women’s Day reveals that 49% of women in Singapore have never had a financial adviser.
A further 10% of women surveyed said that they used to have a financial adviser but did not have one at present.
Comparably, only 41% of male respondents said that they didn’t have a financial adviser and 17% had had financial advice in the past.
A financial adviser can be critical in helping someone achieve their retirement aspirations, plan for the transfer of wealth through the generations and make sure that someone’s money is working as hard and efficiently as possible.
When female respondents were asked what they would do if they had extra money to save or invest just 10% said that they would seek financial advice. The most popular answer was to simply save it in a cash savings account.
However, with interest rates plummeting, having too much in cash can be harmful to your finances and may mean the money is not working as hard as it could. A financial adviser can help someone invest their money and potentially get greater yields.
Shreemati Varadarajan, head of investments at AAM Advisory says: This research shows that at present more men are receiving financial advice than women. For some, failing to get advice could have disastrous long-term consequences unless you have a very good understanding of the tax landscape and are able to objectively plan a sustainable retirement strategy, which very few people can. While things have improved in recent times, the brunt of childcare still does often lie with women and if someone has to take a career break this should be factored into a holistic financial plan which an adviser is best placed to help create. At present the advice profession is still dominated by men and the sector needs to better reflect society to help female clients feel more inclined to take advice and that it is more relatable to their circumstances. Financial advice is about more than just the investment performance. It’s about your international tax obligations on your global investments, and how an adviser can help you navigate your emotions, behavioural biases, and the practicalities that life throws at you. A financial adviser should therefore be much more than just a salesman that you see to complete a one-off transaction.”
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