When it comes to personal finances, women take a more general approach to savings and investments, it has been claimed.
Anna Sofat, director of savings advisory firm AJS Wealth Management, asserts that women tend to seek financial advice because of overall concerns about their finances, while men seek remedies and advice for individual problems.
“Women tend to come with more financial planning type worries … Men, on the other hand, come for advice a lot more when there is a specific need,” Ms Sofat claims.
This is often a result of guilt or concern about the health of their finances, with general concerns about asset management, debt consolidation, loans, or other financial matters spurring women to seek advice, Ms Sofat states.
For those concerned about taking control of personal finances, the Citizens Advice Bureau notes that debt consolidation loans can help people pay off credit card debts and other non-priority payments.
Individual Voluntary Arrangements (IVAs) are also cited as an option for those looking to become debt free.