Women 'more cautious' when it comes to money

Women in the UK are more cautious when it comes to finances, according to one institution.

Financial planning worries tend to be at the forefront of women's money concerns, according to AJS Wealth Management.

Whereas men tend to be more product conscious, women are more concerned about taking stock of their financial lives, explained Anna Sofat, director of AJS Wealth Management.

Ms Sofat commented: "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, for instance a mortgage or a pension.

"They are much more transaction focused rather than wanting a general overhaul."

Ms Sofat went on to add that women tend to feel guilty about their finances and therefore seek advice about where they are with their money.

Some 70 per cent of people in the UK have some form of savings, whether it be in an account, in shares or individual savings accounts and investments, according to the Office for National Statistics.