Most women lack financial confidence in retirement planning, research reveals

Research from LV= found more than half of UK women wanted to feel more confident about planning for retirement. 

Over half (52%) of women in the UK had never held an investment product, compared to a third (34%) of men. 

LV= said this showed advisers had a chance to help more women start investing.

Women aged 55 and over were more likely to avoid financial risk, with 48% saying they would not consider investments involving risk. 

This compared to 27% of men in the same age group. 

The research also found many women saw financial risk as a barrier to investing. 

LV= suggested advisers could look at lower-volatility options like smoothed funds, which aim to give a steadier investment journey and might suit clients who are more cautious about risk.

Female members of LV=’s online Member Community said communication was important. 

They valued a friendly approach, empathy, understanding and patience from their adviser.

According to the Centre for Economics and Business Research, women were expected to hold 60% of the UK’s wealth by the end of 2025. 

LV= noted that advisers who tailored their approach for female clients could build stronger relationships.

Sarah Hills, wealth proposition director at LV=, said: “We know advisers play an important role in guiding people on their wealth and retirement journeys, and here at LV= we want to do all we can to help support all of their clients.

“Our latest data shows women are reporting a confidence and knowledge gap, which advisers are well placed to bridge.

“Women often live longer, have different life experiences and financial expectations.”

Hills added: “To build trust and relevance, it’s important that advisers feel confident to go beyond product recommendations and engage in conversations around life goals, values and the motivations behind their client’s financial decisions.

“By actively listening, using inclusive language and avoiding assumptions about risk appetite or financial literacy, advisers can strengthen their relationships and deliver more personalised, effective advice.

“In today’s evolving landscape, creating tailored investment strategies that reflect individual needs is not just beneficial – it’s essential.”