Unlocking the Underserved
Julie Greenwood at Octopus Money explains:
A couple of weeks ago, I was asked to speak to a women’s event about financial empowerment. The attendees were a group of professional women working across a range of industries, who came together to talk about things that matter to them.
Financial empowerment is more than just managing money—it’s about creating clarity, confidence, and motivation for clients to take charge of their financial futures. For me, it’s less about maths and more about emotion. Rather than focusing solely on information about, for example, where to invest – what is more important is understanding how that investment might help someone achieve their real life dreams.
Despite the critical need for financial guidance, 91% of people have not paid for advice in the last two years, and only 25% of UK adults know their pension pot’s value. Research tells us almost a third of people did not expect to have any pension provision beyond the State Pension when they retired.
Women are particularly underserved when it comes to their finances . For example, they often face a 19-year longer work requirement to achieve the same pension as men due to pay gaps and lower contributions. Furthermore, women’s financial confidence is significantly lower, scoring 4.1 compared to men’s 5.1 on the Nucleus Retirement Confidence Index. Adding to this, only 21% of advisers consistently include women in financial discussions within partnerships.
Holistic support can be particularly crucial for women, with 38% stating they wish their adviser understood their life priorities better. Effective financial planning is not merely about numbers—it involves understanding the emotions and experiences that shape decisions. Understanding clients’ hopes and dreams alongside their financial situation leads to better outcomes.
But it’s not all doom and gloom! Advisers have a unique opportunity in transforming these statistics: 90% of clients who receive financial advice report tangible benefits. By offering holistic support—spanning pensions, savings, investments, and protection—advisers can align financial decisions with clients’ goals and aspirations.
Advisers can empower clients by demystifying financial planning, using tools like cashflow modeling and personalised action plans. For women, fostering trust and emphasising non-judgmental, jargon-free communication are vital. As an industry, diversifying adviser demographics to reflect the communities they serve also encourages greater openness and engagement.
The stakes are high, but the opportunity to make a meaningful difference has never been greater. By adapting the advice model to provide holistic support, advisers can turn financial planning into a powerful tool for life transformation.