- 51% of women over 45 see products that meet individual needs as important, compared to only 45% of men the same age
- 49% of women over 45 considered providing fair value for money to be important, compared to 42% of men
- Only 13% of UK consumers felt that that additional support offered to vulnerable customers was important – showing the need for greater education
Air, the platform for later life lending professionals, has today announced further findings from recent research to better understand the different factors that men and women over 45 consider most important in financial products and services. With the FCA Consumer Duty now in effect, the research looks to provide advisers with insight on how to best serve different demographics.
The findings highlighted that there were subtle differences in the priorities men and women have. While both genders felt that ‘products and services that meet individual needs’ were important, women (51%) placed greater importance on this factor than men (45%).
Similarly, 49% of women considered it more important that products provide fair value for money, compared to 42% of men. With fair value standing firmly at the heart of Consumer Duty regulation, it is vitally important that advisers consider these differences when discussing products and options with their clients.
Gender split over most important aspects of financial services
Overall, women were more likely to consider a number of factors more important than men, including products and services that meet their individual needs and which provide fair value for money; good support and customer service; information and understanding on financial products; and the ability to cancel without undue trouble.
Curiously, the only factors that men considered more important than women were the additional support that a company provides to vulnerable customers (14% vs 13%) and the stance of the financial services company on sustainability, community and other green issues (10% vs 5%).
However, when looking more broadly, only 13% of older consumers felt that that the additional support that a financial services company offered to vulnerable customers was important – despite this being a key focus of the Consumer Duty – highlighting the need for greater education and support for consumers.
Table 1: (Male vs Female) Aspects of financial services / products that are most important to respondents
| When it comes to the financial products and services you use which are most important to you? | Men | Women |
| Products and services that meet your individual needs | 45% | 51% |
| Products and services which provide fair value for money | 42% | 49% |
| Good support and customer services from the company you use | 42% | 44% |
| Information and understanding about the products and services you use | 34% | 37% |
| Ability to cancel the product/policy without undue trouble | 27% | 29% |
| Additional support the company offers to vulnerable customers | 14% | 13% |
| Companies’ stance on sustainability, community and other green issues | 10% | 5% |
| NB. Respondents could tick up to three responses, so the sum of percentages is above 100% | ||
Different views for different ages
Considering differences across age groups, men and women over 75 were also far more likely to report that products suited to their individual needs and that provided fair value for money were important (64% and 64%) than the national average (49% and 46%).
Interestingly, the over-75s were just as likely to consider the sustainability and community stance of a financial services company as important as the 45-54 age demographic (8% for both). However, far more of the younger 45-54 age demographic considered the ability to cancel a product or policy without undue trouble important compared to the over-75s (28% vs 11%).
Paul Glynn, CEO of Air, comments on the data:
“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.”
“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.”
For further information on Air and its propositions, please visit. www.airlaterlife.co.uk
