According to a survey conducted by the Association of Investment Companies (AIC), in association with YouGov, British men have been found more willing to take advantage of the new pension freedoms brought into effect by the 2014 Budget. The research surveyed 3,147 Brits aged forty and above, who earned over £50,000 a year, and it was reported that 54% of men and 46% of women were beginning to contribute to new pension schemes. This gender gap doesn’t seem to have affected respondents’ attitudes to ISAs/NISAs, which showed very little variation.
The Director General of the AIC, Ian Sayers, believes that “many of us are not contributing enough to our pensions”, so considers people’s increased awareness to be a very positive development, despite the apparent gender gap. The women surveyed were evidently more cautious about investing, something that wealth coach Tyrone Jackson attributes to the fact that the large number of women who attend his investment classes had previously been deterred from investing their money by family members and some financial advisors, who still believed it to be a male responsibility. He emphasises the importance of breaking down these stereotypes, especially as women “tend to live longer than their male counterparts”, meaning they “have an even greater need to save for retirement and pursue a financial education”.
Alternative investment, including peer-to-peer lending, is becoming increasingly commonplace and accessible throughout Britain, and at Wellesley & Co., anyone can begin investing with as little as £10. The process can be completed and managed online, so more and more people will be able to achieve their financial goals. Hopefully as P2P investment flourishes, the gender gap will narrow.
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