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Women less likely than men to seek IFAs&#39 advice

Women are making poorly informed financial decisions and are less comfortable making them than men, acc-ording to research from IFA Save & Invest.

Over a quarter of women, 28 per cent, say they are making financial decisions without being armed with the necessary information to make properly informed choices.

Only 22 per cent of women would go to an IFA for financial advice, preferring instead to consult banks or building societies and family or friends.

One in four women do not know what an IFA does. Save & Invest says the lack of awareness of the role of IFAs is a major concern for the industry.

Men are more likely to seek independent advice,with 29 per cent saying they would go to IFA before making a decision.

Save & Invest joint managing director Mary Marsh says: “A surprising number of women taking part in the survey look to friends and family for advice where financial decisions are concerned. Although they may get an independent view it will rarely be based on all the facts.

“Clearly one of the difficulties where both men and women are concerned is that people know so little about the role of an IFA. This lack of understanding is an issue that the financial industry must address.”

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