Time to myth bust money
When it comes to women and money, there are a huge number of misconceptions. Our study, The Financial Power of Women – based on the responses from more than 1,000 men and 1,000 women – made clear how vital it is that we recognise the financial reality for women, in order to financially empower them.
Myth 1: Women are more likely to feel financially insecure
One of the most pervasive myths is that women are more likely to feel financially insecure. Yet, asked to describe their financial situation, women were just as likely to say they were comfortable as men. The same proportion of men and women said they were very comfortable as were struggling financially.
Myth 2: Women don’t make financial decisions
When it comes to financial decisions, our research found women were in fact more likely than men to say they took all decisions about their household finances.
Myth 3: Women aren’t as financially savvy
Two thirds of women polled in our study said they considered themselves the financially savviest member of the household.
Myth 4: Women lack the confidence to make financial decisions
Despite this, our research did reveal a gender gap in financial confidence. More than one in ten women do not feel at all comfortable choosing financial products and services, twice as many as men.
Myth 5: Women have no interest in investing
When asked directly what barriers existed to investing, a lack of interest, knowledge and information was only marginally more of a barrier to women than to men. But, there is an issue when it comes to trust in investment providers. Four in five (81%) women said they lack trust in investment providers, and this stopped them from investing.
What does this tell us?
So while women say they are as financially comfortable, that they make as many (if not more) financial decisions and, in the main, feel confident making these decisions, the bottom line is that women aren’t investing. Part of the answer is the lack of confidence in the investment industry. It is a clear call to action on what is needed to unlock the financial power of women.
Please remember the value of investments can go down as well as up, and you may not get back the amount you invest. This information is not a personal recommendation for any particular investment. If you are unsure of the suitability of an investment, you should speak to an authorised financial adviser.
The financial power of women
More details on Fidelity’s state of the nation report into the barriers stopping women from investing. Together we can help women unlock their financial power.
Unlocking women's financial power
Maike Currie and Tom Stevenson explain the thinking behind Fidelity’s GET INvested campaign.
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