While 31% women investors prefer to go with male IFAs for financial advice, 19% women like to go with female financial advisors for their investments, shows the latest investor survey titled ‘The DSP Winvestor Pulse 2019.
The rest of women (50%) said that they would be gender neutral while considering financial advisers.
For men, the bias in favour of male advisers was higher. While 55% men said they prefer a male adviser, only 3% said they would go for a female adviser. The rest, which is 42%, said that they would be gender neutral while considering financial advisers.
The survey said, “From those who consulted someone to make investment decisions, only 42% women consulted a professional financial advisor (for men, the comparable figure was higher, at 46%). Most men (42%) and women (50%) said they were gender neutral when it came to considering financial advisors, while the second largest preference was for male advisors, by both men (55%) and women (31%). When it came to female financial advisors, 6 times more women preferred them than men (19% women vs 3% men).”
The survey, which was done by DSP MF and research agency Nielsen, covered 1853 men and 2160 women across 8 cities to understand their goals and views on money.
Another key finding was that the qualifications/ education level of a financial advisor was the top parameter considered while choosing a financial advisor (47% among women, 50% among men).
Among other things, the survey shows that 42% women consulted a professional financial advisor as against 46% men.
About investment goals, the survey shows that women are slightly more inclined towards child-oriented goals than men are.
The study found that the top goals for men and women are similar: children education, dream home, children marriage, debt free life and a higher standard of living. However, women are slightly more inclined towards child oriented financial goals. On the other hand, more men aim to start their own venture & retirement planning than women.
