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IFAs have something to offer the older woman

Single older women in the UK do not realise the benefits of independent financial advice, according to research by nat ional IFA RJ Temple.

The survey of 548 inves tors in December 2000 found this group is less likely than men or married women to consult an IFA for advice.

RJ Temple commiss ioned the research from Market Minder to identify and better understand the needs of the market it calls Sola (single older ladies with assets).

Solas often face specific financial planning issues due to lack of family support, a broken marriage or the death of a partner.

The research found that only 11.9 per cent of women over 55 said they would go to an IFA if they needed advice compared with 44 per cent of women between 25 and 54. Banks are the most popular source of advice for women over 65, with 27 per cent saying that would be their first destination.

Only 20 per cent of div orced, separated or widowed women would seek advice from an IFA, compared with around 35 per cent of married women.

Older men are much more likely to go to an IFA, with 30 per cent over the age of 65 saying they would do so.

RJ Temple communications director Liz Walk ington says: “IFAs are not the first point of call for single older women, probably because they are not aware of the types of services IFAs can offer.”

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