News
Women over 45 more concerned about products fitting needs and fair value than men
Around half of women feel that products and services that meet individual needs are important, and are more likely to prioritise fair value, research has shown.
According to Air, 51% of women said that products and services meeting individual needs was important, compared to 45% of men.
Around 49% of women considered fair value of products as important, which is up from 42% of men.
The research continued that women were likely to consider several factors more important than men, with other areas including good support and customer service, information and understanding on financial products and the ability to cancel without undue trouble.
The only issues that men considered more important than women were the additional support offered to vulnerable customers and the position of the company on sustainability, community and other green issues.
Only 13% of older consumers felt additional support to vulnerable customers was important, which the firm said emphasised the need for greater education and support for consumers.
Men and women over 75 were more likely to value fair value and products suited to individual needs at 64% compared to national average of 49% and 46% apiece.
Over-75s were also more concerned with sustainability and community position of a company than the 45 to 54-year-old demographic.
Those in the 45 to 54-year-old demographic were more likely to value easy cancellation of a product than over-75s.
Recognition of individual needs vital
Air said that as fair value and good customer outcomes were at the heart of Consumer Duty then these differences in priorities were key for advisers to be aware of in discussions with clients.
Paul Glynn, CEO of Air, said: “The beauty of independent financial advice is how it supports and enables an individual to make the most out of their savings, investments and income.
“However, this is dependent on the needs of the individual being recognised, and it’s clear that older men and women place different levels of importance on features regarding the financial products and services they use.”
He added: “As greater numbers of older consumers look toward later life lending options to pay off mortgages when a fixed term ends, support their retirement income, or help family members looking to step onto the property ladder, advisers would benefit from examining this data to determine how they can best tailor their conversations.
“Ultimately, a bespoke approach to advice will always be essential in creating the best customer outcomes.”
