Wealth Adviser news update - "Mind the pensions gap!"

Mind the pensions gap!

It's all about equality this week, or rather inequality, as we look at new research commissioned by equity release specialist more2life which reveals a stark 'gender pensions gap' in the UK.
According to the study, men anticipate retirement income of GBP19,748 per annum while women expect just GBP14,833. When the longer life expectancy of women is taken into account, this equates to a basic pension difference of GBP108,130, rising to GBP186.120 for women who are married or in a long-term relationship.
Dave Harris, Chief Executive Officer at more2life, says: “This stark difference highlights not only the need to address the root causes of financial gender inequality but the need to better support women both in the lead up to, and during, later life. Part of that is encouraging them to think carefully about how they will fund their retirement using all of their available assets including their housing wealth.”
On that theme, later life lending specialist Responsible Life, has reported a 52 per cent annual surge in sales of lifetime mortgages, as retirees increasingly look to equity release as part of their financial planning. The broker advised on GBP41 million of lifetime mortgages in August – up 51.9 per cent from GBP27 million in August 2019.
Returning to female finances, we also report on Laffer Tengler Investments' new Women & Wealth initiative, which aims to 'inspire and inform females to confidently pursue their best financial future through education, resources and networking opportunities dedicated to their financial empowerment'.
“Our goal is to empower more women to take further ownership of their personal wealth," says Fern Hailey, Regional Director of Laffer Tengler. "Through this initiative, Laffer Tengler is dedicated to financial education for our clients, teams, and our communities.”
The UK funds market meanwhile, maintained its recent momentum in July, according to the Investment Association with savers putting GBP1.6 billion into retail funds during the month. Responsible investment funds saw another strong month of net sales with GBP966 million invested.
Increased investor interest in ESG has resulted in a raft of ESG-themed investment funds/portfolios being made available to advisers and their clients over the last 12-18 months, according to a new study by independent analysts AKG, co-sponsored by wealth managers Charles Stanley. The Future of Advice – Beneath and Beyond, reveals that three in five (60 per cent) advisers are now factoring in ESG related questions when speaking to clients and undertaking fact finds, while a further one in five (22 per cent) expect to introduce ESG related questions in the next 12 months.
And finally, for those yet to get up to speed with all things ESG, PortfolioMetrix has released a new white paper that aims to provide investment advisers with a 'quikipedia' of essential information needed to advise clients on this fast-growing investment option.
Wealth Adviser

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