Watching Your Wallet: Women and investing

Published: Oct. 4, 2021 at 6:48 PM EDT
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(WILX) - 48% of women currently invest in the stock market, as compared to 66% of men. Even more alarming, women are less likely than men to have learned about investments.

Tiffany Lam-Balfour, from NerdWallet, said, “A lot of times girls are taught more at a young age about saving and budgeting when it’s about finances. Whereas boys learn more about investment and credit scores and how to build wealth.”

Lam-Balfour says it shows that sometimes, at an early age, men and women are put on different paths.

The study was conducted by NerdWallet and the Harris Poll. It surveyed 2,000 adults. It also found men are more likely to report feeling confidant when it comes to talking about investments.

Lam-Balfour says there are ways to change these stats for women to re-write their financial future.

She said, “A lot of women tend to invest less and also wait longer because they feel like they need to have more to start investing. We encourage [women] to start investing as early as possible.”

It’s important to get that compounding interest over a long period of time. And there are lots of platforms out there where you don’t have to have an account minimum. You can just put a small amount of money in to get you going.

Automatic deductions from your paycheck, even just $20 or $25, can help you siphon money away without even thinking about it.

And look at the possibility of hiring a financial advisor, or you could try a free robo-advisor online.

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