Women across the UK are taking a more active role in managing their money, but confidence is failing to keep pace with action, according to new research from Canaccord Wealth.
Nearly three-quarters (72%) of women say they are taking steps to manage their finances – from saving and investing to seeking professional advice – marking a notable shift in engagement and awareness. However, beneath this progress lies a clear confidence gap with just 18% of women saying they feel calm and in control of their finances, and just 15% feel confident because they have a trusted adviser.
By contrast, two in five men report having regular meetings with a financial adviser, compared with just one in five women – suggesting that professional support remains a key factor in financial confidence.
The data also points to the emotional toll financial planning can take. Among women who feel uneasy discussing money, one in seven (14%) admit they worry they won’t know what to say or ask, one in ten (11%) feel anxious because they’ve never done it before, and 7% say they lose sleep over financial concerns.
Despite these anxieties, the research reveals that for most women, the fear of financial admin is far greater than the reality. Four in five (80%) women say they complete a financial task faster than expected with 44% finishing within an hour, 18% taking just 10–30 minutes, and 21% assuming tasks will take more than two hours, when in practice only 10% spend that long.
Almost three-quarters (72%) agree that once they start a financial task, it’s simpler than they imagined. Yet one in four (25%) regularly avoid financial planning altogether, and 42% admit they spend more time worrying about financial admin than actually doing it. Another 40% find the process overwhelming.
Alice Wright, Investment Director at Canaccord Wealth at Canaccord Wealth, said:
“The core challenge for many women is not the task itself, but the thought of the task at hand. Most financial actions – from checking pensions to updating a budget – can be completed in less time than it takes to scroll social media or run a short errand. But for many women, it’s the stress and anxiety that financial and wealth planning presents. It is really important for people to feel that they can grow their wealth with confidence and we’re not seeing enough of that.
“By reframing financial planning as a powerful form of self-care and control, we can help turn anxiety into action. The choice to spend 10 to 30 minutes on a financial task is a smart decision to invest in one’s future. The UK’s wealth gap isn’t vast between men and women, but it shows that everyone can benefit from greater confidence and access to planning support. It’s time to celebrate this efficiency – and encourage women to turn thought into action.”
To help you manage your wealth with confidence, Alice Wright, Investment Director at Canaccord Wealth shares her top tips:
- Map out your income and expenditure – Start by creating a record of your income and expenditure or update the one you already have. Does your income match your outgoings? Do you have any extra income you could put to better use in an investment portfolio? Do you have any monthly subscriptions, memberships, or other expenses that you’re not enjoying or using enough and could the money be put to better use elsewhere? Gaining an overview of your day-to-day financial situation is a great place to start your journey towards enhancing financial security.
- Review any existing investments – If you have any existing investments, make sure you know exactly what you’ve got. Make a list of them, where they are invested and how much they’re worth. Are you being charged for them? If so, how much? Could you make the holdings more tax efficient by maximising your annual investment allowance for your ISA? Familiarising yourself better with your investments enables you to make them work better for you and to make the most of the advantages they offer. You may also wish to consider how your lifestyle, life stage, or attitude to risk may have changed since you originally made your investments.
- Consider your family situation – If you’re married or in a civil partnership, you and your partner will want to ensure that you’re making the most of your income and capital. Shifting assets between one another could lead to significant advantages in terms of both tax planning and ISA allowances. It’s also important to consider any specific financial circumstances between you and your partner. For example, ensuring long-term financial stability for the younger partner if there is an age gap between you. If you have separated from a partner, it’s equally important to make sure that your finances are disentangled and that you are fully aware of your new financial situation.
- Make sure you’re protected – Nobody likes to think of the unforeseen, but it can happen. What if you were no longer able to work and provide an income for yourself and your family? Would you be able to meet the costs to live comfortably? It’s important to review your protection policies – both those held personally and with your employer. Are they still valid and up to date? Could you be over or under-insured? Perhaps you have moved employment and a plan previously available is no longer there and needs replacing. It’s good to have contingency plans in place – just in case.
- Plan for the future – When you train your sights on the future, you’ll almost always find that more financial fitness work can be done. Allowances are often available annually, so it can be advantageous to review your investments and finances every year. Whether it’s tidying up your pension plans, ensuring your savings are as tax efficient as possible, or considering what sorts of new investments would be suitable, a financial planner can provide valuable input.
