Advice firms have ‘important role’ in helping couples feel financially prepared

Financial advice firms have an important opportunity to improve couple’s financial preparedness, after research showed the majority would not feel confident in managing finances if their partner died, according to LV.

The firm’s study showed that 41 per cent of women and 34 per cent of men said they would not feel confident with managing household finances if their partner died.

With more women inheriting and managing wealth, LV said its findings highlighted an important opportunity for advisers to engage with women earlier and help improve long-term financial preparedness.

It urged advisers to hold more open discussions about money and ensure both partners were actively involved in financial decision making.

“Helping women feel informed and engaged today could be critical to maintaining trusted adviser relationships tomorrow,” LV stated.

Women aged 35 to 54 were more likely to report feeling stressed, worried about money, and exhausted, with many balancing financial ambitions with caring responsibilities.

LV= noted that, as wealth is transferred between generations, women were expected to become increasingly influential in financial decision making and long-term planning.

This made advisers building trusted relationships “more important than ever”.

Through its Invest in Women campaign, LV is working with advisers to encourage earlier and more meaningful engagement with women as individual clients.

"Over the coming years, many women will become key decision-makers as wealth passes between generations,” commented LV wealth proposition director, Sarah Hills.

“Yet our research suggests some may not feel fully prepared to take responsibility for household finances following the death of a partner.

“For advisers, this presents an opportunity to build stronger relationships with women as individual clients.

“By understanding their circumstances, priorities and long-term goals, they can drive greater engagement in financial planning, support better long-term outcomes and build trusted relationships that endure for generations.”

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