Women Prioritize Children in Wealth Planning, Survey Finds

Research from wealth manager Charles Stanley indicates that high-net-worth (HNW) women are more likely to prioritize their children in succession planning compared to men, with 45% versus 33% respectively. Conversely, men are more inclined to prioritize their spouses, with 37% doing so, while only 17% of women consider their spouse first. Alarmingly, only 59% of HNW individuals have a will, highlighting a significant gap in legal arrangements for wealth transfer. In a related study by Columbia Threadneedle, parents, particularly mothers, are under pressure to secure their children’s financial futures, with many feeling stressed about investment decisions. The research shows that mothers are 79% more likely than fathers to open Junior ISAs, yet many parents are turning to friends and family for advice amidst concerns over their financial knowledge. Overall, the findings underscore the need for better support and planning in wealth management and family financial security.