A majority of men and women find several advantages to working with a financial advisor, but the emphasis the genders place on these benefits is characteristic of their confidence levels in their investment acumen and financial knowledge, according to Millionaire Corner research.
The primary benefit both glean from working with a financial advisor is that it improves their knowledge of investing. Men more than women feel this way (75 percent vs. 69 percent), our recent survey of Affluent investors found. This is consistent with ongoing Millionaire Corner research that finds women to be less confident in their investment knowledge than their male cohorts. They also tend to be more thoughtful and deliberate investors, taking care to do more research. Men, on the other hand, put more stock in their own.financial literacy
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Likewise, men appreciate more than women other benefits to working with a financial advisor, such as boosting their investment returns (64 percent vs. 61 percent) and being given a wider range of investment opportunities (65 percent vs. 62 percent).
But women are more likely than men to express that working with a financial advisor gives them peace of mind (60 percent vs. 56 percent). They also appreciate more being able to delegate responsibility to an expert (54 percent vs. 53 percent).
This is perhaps a reflection of the personal finance challenges women face, particularly in saving for retirement. Women generally do not earn as much as men and thus are not able to save as much. In addition, their earning years are compromised when they take time off to start a family or to act as a caregiver. Not surprisingly, women were less likely than men (59 percent vs. 74 percent) to express confidence that they were putting away enough money to live comfortably in retirement and more likely than men (46 percent vs. 36 percent) to say that their biggest financial fear is running out of money in retirement, according to ongoing Millionaire Corner research.
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Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.