More Women Taking Charge of Personal Investments
As women play bigger roles in the financial world, they are spending more of their money in self-directed investment accounts. The numbers of men and women with such accounts are now nearly equal, with 30% of women and 36% of men reporting so in the new research from Mintel. Women who have household incomes over $75,000 were even more likely to direct their own investments at 46%.
Young women in particular are making more choices about where their money, and their households’ money, is being invested. Despite the number of self-directed investment accounts, women are also more likely to seek out the advice of a trusted financial adviser. With the rise in investment money available to these women, financial advisers who wish to grow their practices should take aim at this rising segment of the investment world.
Nearly 40% of women who invest report that their investment choices come from advisers, while only a quarter of men said the same. Men preferred websites and blogs for financial advice, or the websites of investment companies. Newspapers and financial magazines are also much more popular among men, with 27% of males taking inspiration from them, compared to only 17% among females.
Experts with Mintel say that the difference stems from the preference of most women to get investment advice and information from personal relationships, instead of published sources. In a household where both males and females are investing, financial companies may be able to reach more of the household by appealing to women with financial advisers and to men through publications both online and off.