Women take 'more cautious approach to banking'

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Women take 'more cautious approach to banking'

Tue 1st Sep 2009

Women worry more than men about the effects of the recession on their finances, according to a specialist female financial advisor.

Caroline Anstee, director of Elements IFA, has said that women, particularly older ladies, will be more concerned when they read negative newspaper articles about personal finance, as they think they are in the same situation.

She notes that often just some reassurance is enough to put their minds at rest, but in general there has been a trend among her female clients for them to resist becoming involved any long-term financial commitments.

"At times like this, women can generally be the ones who tend to worry more and are often a little more cautious from that point of view," she said.

Ms Anstee claims that she will often need to tell her customers to ignore what the media is telling them and focus on their own circumstances.

She made her comments following the publication of research by National Savings and Investments, which showed that 50 per cent of women know their financial situation, compared to 41 per cent of men.

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