Women phone a friend on finance

WOMEN are less comfortable making financial decisions than men, a survey commissioned by independent financial adviser Save & Invest suggests. Results from a nationwide NOP survey of nearly 1,000 adults showed more than one in four females who took part felt they make financial decisions without having access to the full facts.

Only 22% of women surveyed said they would approach an IFA for financial advice, with many saying they prefer to consult their family or friends, or bank or building societies before seeking independent financial advice.

Women‘s unwillingness to seek independent financial advice could be related to a further finding of the survey, showing that only in four women know what an IFA does. Men are more likely to look to IFAs for help with their financial planning - more than a quarter, 29%, of males said they would see an IFA.

Mary Marsh, joint managing director at Save & Invest said: 'A surprising number of women taking part in the survey look to friends and family for advice where financial decisions are concerned - although they give an independent viewpoint, they too may not have all the facts.'

Research published by the Financial Services Authority last month showed women tend to take responsibility for the day-to-day running of household finances, while men take the reigns when it comes to long-term financial arrangements. Following these findings, the regulator launched an information pack for women, Piling on the pounds, designed especially to help them tackle all their personal finance issues and make the most of their money.

To get a copy, call the FSA‘s consumer helpline on 0845 606 1234.