The firm stresses the need for building financial literacy and confidence among women of all ages so that they can reach an equal level of wealth generation.

According to new research by Handelsbanken Wealth & Asset Management, women in the UK are still significantly worse off than their male counterparts in wealth terms. Women hold an average of £177,000 ($228,330) in financial assets, compared with £218,000 for men.

Handelsbanken Wealth & Asset Management’s report, Building your financial future: Are you in control? highlights how the gender divide in financial literacy and confidence in investment markets and products is impairing women’s ability to build wealth; it also explores how different generations are experiencing the financial world differently.

A flurry of reports about women's financial issues have come out in recent days ahead of International Women's Day tomorrow. See an example here. This news service writes about related topics of women and wealth regularly (see here, and here, for example).

Persistent lack of financial education
This year’s research reveals that just 19 per cent of adult women feel they received a good education on managing money in school compared with 23 per cent of men. Reassuringly, the future looks brighter: younger generations (aged 18 to 34) are more likely to feel that they had a good education than those aged 50 years or over (34 per cent versus 13 per cent), suggesting that efforts to narrow this gap through education are beginning to work.

Limited knowledge of financial products 
Nevertheless, more women than men in every age bracket admit to having limited or no understanding of financial products such as investments, mortgages, pensions, and insurance. Notably, nearly two thirds (64 per cent) of women claimed to have little or no knowledge of investments compared with 43 per cent of men, while over half (53 per cent) of women admitted to the same for pensions, compared with 34 per cent of men.

Gender divide in financial roles  
Once again, this year’s survey indicated that men are still guiding long-term financial products, while women are typically running household finances. Women are more likely to have oversight of groceries and other household bills: 75 per cent of the women who responded to the survey, versus 63 per cent of the men.

Meanwhile, men are more likely to have responsibility for longer-term products such as pensions (43 per cent versus 32 per cent) and investments (38 per cent versus 19 per cent). When it comes to finance, the traditional stereotype of women managing household budgets while men take care of financial products and services is appearing to linger.

Tellingly, wealthier consumers were more likely to embrace higher risk investment options. More, than four fifths (86 per cent) of people with assets of over £100,000 felt comfortable with a higher risk product in their search for higher returns, compared with 73 per cent of those with assets under £100,000.

The research also found that men are far more likely to feel confident offering financial advice to friends and family (38 per cent versus 29 per cent).

“This year’s wealth survey has shown continued evidence of the ongoing disparity between men’s and women’s finances across the country,” Stephen Cowling, acting head of wealth management at Handelsbanken Wealth & Asset Management, said. “The gender wealth gap, which has been created by historical and systematic factors, will take many years to balance out, particularly as younger women continue to feel that they have not received a proper financial education. Building financial literacy and confidence among women of all ages is crucial in turning the tide and reaching an equal level of wealth generation.”

“As wealth advisors, we are committed to bridging this gap by empowering women to build secure financial futures with confidence. This means examining our own biases, hosting women-focused events, and guiding clients toward the best financial education resources available,” Cowling added.

The study was conducted by independent research company Opinium among a nationally representative sample of 4,000 UK adults between 3 and 7 January 2025. Respondents were chosen on a nationally representative basis, weighted evenly by gender, age, region and value of financial assets. Of the overall sample, 1,927 (48.4 per cent) were male and 2,058 (51.6 per cent) were female, while 779 (19.5 per cent) had a net worth of more than £100,000.