When it comes to something as personal as our finances, it’s natural that our individual perspectives, experiences, and even our gender can shape how we approach money and who we trust for advice. Simply put, men and women approach financial planning differently.
At Barnum Financial Group, our study of Americans in the Workplace delved into these very nuances, uncovering fascinating differences in how men and women think about financial planning and choosing an advisor. Understanding these distinctions isn’t about stereotypes; it’s about recognizing diverse needs and validating individual approaches.
What Women Prioritize: Values, Expertise, and Trusted Voices
Our study revealed that women often place a strong emphasis on connection and shared principles when choosing a financial advisor. 57% of women listed an advisor having similar values as their own in their top three desired qualities, compared to 44% of men. This highlights a desire for a deeper, more relatable connection, where advice feels aligned with their personal worldview.
Beyond values, expertise also stands out for women. 50% of women prioritized an advisor who is more educated than them, signaling a strong appreciation for demonstrable knowledge and a desire to learn from a highly qualified professional. This compares to 41% of men who felt the same.
When it comes to finding an advisor, women tend to lean heavily on established trust networks. Our data showed that 65% of women rely on recommendations from friends, family, or other trusted sources, compared to 50% of men. Similarly, 56% of women look to referrals from other financial professionals like a CPA or banker, versus 50% of men. This underscores the power of word-of-mouth and professional credibility in reaching female clients.
When defining financial security, women strongly desire to comfortably retire when ready (48%), be without debt (46%), and have money set aside for emergencies (43%). These foundational elements speak to a comprehensive desire for stability and control.
What Men Prioritize: Action, Efficiency, and Direct Engagement
While men also value expertise and good advice, our study suggested a slightly different pathway to engagement. Men showed a higher receptivity to more direct forms of outreach, with 32% being receptive to direct outreach through letters or advertisements, compared to 25% of women. Similarly, 32% of men were more likely to find an advisor through social media, versus 23% of women. This suggests that clear, direct communication and visible online presence can be particularly effective in reaching male audiences.
Why These Differences Matter to You
Recognizing these gender-based preferences is crucial for everyone navigating their financial journey.
- For Women: If you find yourself prioritizing shared values, seeking a highly educated expert, and relying on trusted recommendations, know that your approach is common and valid. It emphasizes the importance of building a relationship where you feel heard, understood, and confident in the advice you receive.
- For Men: If you’re more inclined to seek out information online or respond to direct outreach, recognize that clarity and efficient delivery of information are likely key for you.
Ultimately, financial planning is about personal goals and comfort. Whether your decision-making process is rooted in relationship-building, analytical research, or direct engagement, the most important step is finding an advisor who respects your unique perspective and communicates in a way that resonates with you.
Ready for a financial partner who understands your unique perspective and financial goals? Contact Barnum Financial Group for a personalized consultation today. We’re here to help you build a financial plan that truly works for you.
