CII Thinkpiece recommends 'WeightWatchers' financial health model for women

July 30 2009

A new report recommends women approach their financial health in the same way they approach their physical health.

A new model financial health plan designed around the hugely successful 'WeightWatchers' scheme aimed at women is being recommended by a new Thinkpiece from the Chartered Insurance Institute (CII).

The paper, written by Carole Nicholls, past President of the Personal Finance Society and herself an experienced practitioner, challenges the industry to evolve from the traditional 'product' driven offering to one based on 'outcomes', and suggests a model for the new 'financial health plan' based on the massively popular WeightWatchers health plan.

Recent research undertaken by the CII supports the view that women feel less confident about making financial decisions than men, and are also less confident in their knowledge of financial issues and products. Findings included:

50% of women do not feel confident about making financial decisions, as opposed to only 38% of men

31% of women felt they did not understand financial products sufficiently, compared to 26% of men

75% of women say simplicity is important to them when selecting a financial product. 66% of men say the same

40% of women say the large choice of financial products makes it more difficult for them to make financial decisions. This compares to 35% of men

Carole Nicholls, Director of Nicholls Stevens Financial Services and author of the Thinkpiece, said:

"The current systems of financial advice is product-driven, the key information being supplied in a booklet or report full of jargon for the individual to select the most suitable product. Attitudes to financial advisers vary between men and women with women holding financial advisers in lower regard. Specifically saying that they find advisers poor at communicating in clear and simple language without being patronising.

"The new model I am suggesting offers the individual a personalised financial plan to work to which should focus on the outcome as well as the investment – making the connection between the product and the result in real-life terms.

"One vital introduction to the new model includes the investor having a trusted mentor to work with to assist with any life or financial disruptions."

Ana Catalano, Manager Policy and Research at the CII, commented:

"The industry is missing a trick if it focuses on the product rather than the whole experience for the consumer – and also missing out on a big market in potential female clients. The 'WeightWatchers' style financial health plan is simple, lifestyle specific – and not just for women. It offers a real opportunity for the professional adviser to add value to their services. In these difficult times, a return to fundamentals focusing on the consumer has real potential to help restore trust and confidence in the profession."

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