Women are driving the economy forward, with Fidelity International revealing that women’s income increased from $20 trillion in 2018 to $24 trillion in 2020.
Friday, March 3, 2023 at 12:36 PM
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While these are steps in the right direction, women face different challenges than men, including wage and retirement gaps.
Another study from Fidelity’s 2021 Women and Investing Study showed that 50% of American women are more interested in investing and 42% have had a need to invest since the start of the pandemic. In the follow-up of this study, 2022, Fidelity We examined how women approach financial decisions and change their behavior. Of her 2,015 adults surveyed who opened an investment account, the survey showed:
Women aged 18-35:
- 50% have invested in the last 6 months or plan to invest in the next 6 months
- 37% have created or updated a financial plan in the last 6 months
- 35% started or added emergency funding
- 37% think it’s important to start investing, no matter how much.
Percentage of women over the age of 36:
- 36% regret taking too long to start saving for retirement
- 70% believe it is important to educate the next generation about investing
- 57% believe it’s important to start investing, and any amount is fine.
Overall, 57% of women are motivated to invest money for financial independence. Things seem to be moving in a positive direction for women.The facts show that we are interested in investing and our future financial future, but we still seem to lack confidence.
So how can women become more involved in their own economy and the economy of the future?
of Fidelity International 2021 Research shows that while more than 50% of women actually manage their household finances, they find it difficult to make investment decisions and prefer safe and easy cash deposits. We know that cash is king in many situations, but cash is the lowest-returning asset class over the long term and comes with a high opportunity cost. Women are unlikely to close the retirement gap simply by holding cash.
What we need is free access to information about available investment options, how to access information, and how to access advice. In this day and age, a lot of information is freely available. We need to make sure women know where to look.
First, access to financial advice needs to be improved. Many licensed advisors do not charge for initial or subsequent planning meetings, and may not even charge for financial planning preparation. Need to direct people to Financial Advice New Zealand. Directory of Advisors.
Sorted.org A website is a good place to start your financial planning journey. There are many free and useful tools and calculators. And then there are webinars, live chats, and podcasts. There is some very useful and valuable content.
If useful information is out there, why aren’t women better at accessing and reaching out to it?
Last year’s FSC campaign it starts with action I emphasized how important it is for women to simply start talking about money. Money and finance still remain “taboo” topics.
As we start talking, we may find that our friends have some good tips and can recommend helpful advisors or websites or podcasts. Well, you obviously have a lot of cash in your bank, so your insurance broker might have recommended you see a financial advisor, or you might have attended a KiwiSaver workshop at work.
You can read more about how to open up money conversations in my article let’s talk about money FSC has also developed some fun question card Designed to start conversations and share knowledge between women.
The data is clear, women are getting richer. As such, we need to become adept at how to manage it, not only to secure our own economic future, but also to combat some of the social problems we face. We need to talk about it, build confidence and break this taboo topic by supporting each other with advice, tips and suggestions from trusted experts in our network. and resources to educate yourself. From podcasts to retirement calculators to financial advisor directories, there’s so much more. All of this will help you make informed decisions about how best to achieve and better manage your financial, lifestyle, and retirement goals.
Fidelity 2021 Fidelity Investments Women and Investing Survey 2021.pdf
Fidelity International 2021 Women and money in the world 2021 report.pdf
Fidelity 2022 2022 Money Movement Survey
Disclaimer: Aga Krzeczkowska is Senior Financial Advisor. Sage Wealth ManagementThe above article is for informational purposes only and is not intended to be investment advice.
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