Handelsbanken Wealth & Asset Management released new research this week looking at men and women’s attitudes towards their standard of living over the next 12 months, as well as the impact of macroeconomic factors and stock market volatility on their finances.  

Independent research conducted on behalf of Handelsbanken Wealth & Asset Management has found that 57 per cent of women are worried that their standard of living will fall over the next 12 months. 

Men are slightly less concerned, with 51 per cent concerned that their standard of living will fall, the firm said in a statement. The research revealed that women are generally more concerned about the impact of macroeconomic factors on their finances such as inflation, with 85 per cent of them expressing concerns about rising inflation, compared with 75 per cent of men. 

Meanwhile, men are more worried about matters such as stock market volatility and capital gains tax on their finances, with 45 per cent of them expressing concerns about this, compared with 40 per cent of women.

The research was conducted by Opinium among a sample of 4,000 UK adults between 20 and 27 February 2023. Respondents were chosen on a nationally representative basis, weighted evenly by gender, age, region and value of financial assets. Of the overall sample, 49 per cent were male and 51 per cent were female, while 18 per cent had a net worth of more than £100,000. 

It reveals that energy prices top the general population’s concerns in terms of the impact on their personal finances and their standard of living. Specifically, 85 per cent of women expressed concerns about energy prices, compared with 76 per cent of men, the firm added.

However, men are more concerned than women when it comes to personal life factors, such as family disputes and illnesses impacting their finances, the research shows. Nearly a quarter of men are worried about the financial impact of divorce, compared with 14 per cent of women, for instance.

The study also found that the average person in the UK spends nearly seven hours a month reviewing their financial commitments, with general household costs and bank accounts taking up the most time – 56 minutes and 50 minutes respectively. Unsurprisingly, nearly two thirds of people see this time increasing over 2023.

Men also typically spend 1 hour 47 minutes longer than women reviewing their financial commitments every month. When it comes to pensions and investments, women spend 45 per cent less time reviewing them, the research revealed.

“With so many potential worries on the table and only so much time in the day, it can be hard to know where to focus efforts when it comes to financial plans,” said Lydia King, head of wealth planning at Handelsbanken Wealth & Asset Management.

“It’s important to plan for a range of scenarios, without allowing short-term influences – such as high inflation – to become an obstacle to building robust, long-term financial plans. Getting the right advice from a wealth planner can allow you to home in on the issues that matter, whilst efficiently taking economic growth projections to expected personal spending habits into account,” she continued.

“We encourage women in particular to seek advice and become more involved in their finances, especially given their high levels of concern. Dishearteningly, our study found lower levels of financial literacy and confidence among women when it comes to financial planning, meaning they often stay away from key financial planning discussions,” she said.