Lack of super and advice services tailored to women
The financial services industry needs to do more to cater for women nearing or in retirement, although tailored services and products for women are lacking in general, according to CoreData-brandmanagement.
The advice and superannuation industry must recognise the importance of women as a target market and offer tailored solutions to meet its needs, CoreData stated. The researcher noted that research has revealed that nearly 50 per cent of women do not seek the services of a financial adviser compared to 37.2 per cent of men. However, it noted that due to the different life expectancies between men and women, many women would become the sole decision-makers later in life, presenting a considerable opportunity for financial advisers.
CoreData stated that the financial services industry needed to take two approaches: developing products and services for the different needs of women in pre and post-retirement and also for professionals.
Referring to women in retirement, CoreData stated the industry needed to develop services aimed at taking the hassle out of managing financial affairs, focusing on wealth preservation and creating a steady income stream in the event of a spouse’s death.
CoreData-brandmanagement is set to release its ‘Women in Super’ research later in the year.
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