Women and Investing
Women and Investing
A recent study by Fidelity shows that women tend not to get involved in their long-term financial planning. Why, you ask? According to the study, it’s because they lack confidence in their knowledge of financial planning and investing and are reluctant to talk about money. This lack of confidence in long-term financial planning is despite the fact that a majority of women are very confident in their ability to manage their day-day budgeting. Women are missing out on opportunities. And the worst thing is, they tend to be pretty good investors when they do invest so there’s really no need for them to be sitting on the side-lines.
The Fidelity study points to many factors which contribute to women’s lack of confidence in financial planning and investments. Top among them is that women feel they haven’t researched their options, they don’t have experience, they don’t know who to talk to for the best advice, they lack time, past success, and recommendations from those they trust.
According to the same study, women are not comfortable talking about money. They’re actually less likely to talk about money with friends and family than other topics. The topic of money is perceived by women to be too personal, private, uncomfortable, taboo. They also feel that they don’t have enough financial knowledge. They are even reluctant to talk about money with a qualified professional for all the same reasons. Unfortunately, this shuts them out of investment advice.
Despite all of this, women are eager for more information about financial planning and investing. And over the last five years, a majority of women have been getting more involved in their long-term financial planning and are thinking more about the future when it comes to saving and spending and putting money aside for their future.
This is good news because women who get involved in long-term financial decision making have success. Studies have shown that women are good investors. Fidelity’s analysis of more than 12 million investors shows that women actually demonstrated stronger savings rates than their male counterparts and enjoyed better long-term investment performance when they did engage.
This is also good new for another reason, according to a Prudential study, women who use a financial professional are more than twice as likely as those who do not to consider themselves on track or ahead of schedule in meeting their long-term financial goals.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
Partnership Wealth Management is comprehensive financial services company. We are committed to providing our clients with financial planning and wealth management services to help them make the most of their investments. At Partnership Wealth Management we have a long history of working with the LGBT community. Among our many services we offer financial planning for gay couples and lesbian couples as well as estate planning for gay couples and lesbian couples. Financial planning is an important part of preparing for the future. Contact us today to get started: www.partnershipwm.com.