SJP’s latest Women and Wealth report, conducted among 6,000 individuals across the UK, reveals that women in Scotland are more likely than men to lead on day-to-day spending decisions in relationships, with almost half (48%) saying they mainly take responsibility for this, compared with around three in ten men (31%). Women are also slightly more likely to lead on household budgeting, at more than two fifths (43%), compared with almost two fifths of men (38%).

However, this involvement does not always translate into longer-term wealth decisions. Just around a quarter of women in Scotland (23%) say they mainly make investment decisions, compared with two fifths of men (40%). Similarly, only a quarter (25%) lead on retirement planning, compared with more than two fifths of men (43%).

The findings also point to lower levels of confidence among women around future wealth. Just over half of women in Scotland (53%) say they would feel confident managing a significant inheritance or financial windfall alone, compared with almost two thirds of men (65%). Confidence falls further when it comes to investing a windfall, with less than half of women (45%) saying they would feel confident doing so, compared with over half of men (55%).

Women in Scotland are also less confident making changes to investments, with just over two fifths (43%) saying they would feel confident doing so alone, compared with almost three fifths of men (58%).

This comes despite the benefits associated with investing and planning. Across the UK, women who invest are more than twice as likely to describe themselves as financially comfortable as those who do not invest (53% vs 23%). In Scotland, just around a quarter of women (26%) currently invest, while a third (33%) have a financial plan in place.

Advice can play an important role in helping to bridge the confidence gap. Nationally, women receiving ongoing financial advice are significantly more confident managing a substantial inheritance or financial windfall than those without advice (82% vs 52%). They are also more confident making changes to investments (74% vs 41%) and adjusting pension contributions (68% vs 43%).

The research also highlights a clear link between advice and longer-term financial engagement. Women receiving ongoing advice are almost four times as likely to invest as those without advice (77% vs 22%) and more than twice as likely to have a financial plan in place (65% vs 30%).

Claire Trott, head of advice at St. James’s Place, said: “The gaps we can see aren’t driven by women lacking interest in money. In fact, women are highly involved in managing all aspects of daily finances. The challenge is that too many still feel investing, financial planning and advice are not for people like them, despite the clear benefits they can bring over the long term.

“In Scotland, women are clearly playing a major role in managing household money day to day, but they pay less of a role around longer term decisions such as investing, retirement planning or managing future wealth. Closing that gap is important, particularly as women’s influence over both earned and inherited wealth continues to grow.

“The research highlights the difference that support can make. Women who receive ongoing financial advice are significantly more likely to invest, plan for the future and feel confident making important financial decisions. Taking small, practical steps now can make longer-term decisions feel more manageable.”