She’s Got This! Women Are Owning Their Financial Futures’

Due to the level of interest in our previous article Yes, Women Can Retire Comfortably and with the recent International Women’s Day, we wanted to share some updated statistics showcasing how women are taking control of their finances.

In this week’s blog, we look at how things are changing for women when it comes to money, what challenges they might face, and how we can help make seeking advice less intimidating and more empowering for everyone.

Understanding the change in dynamics:

Recent studies have shed light on the evolving landscape of women’s finances. While women are traditionally less likely to invest than men, there’s a notable shift as more are getting into investing to secure their future.

But even with this positive change, there’s still a sizable gap. Data shows that, on average, women feel less confident and knowledgeable about investing compared to men. It’s a fact that women are less confident in their investing abilities compared to men. Specifically, only 19% of women feel very confident, whereas 38% of men feel the same level of confidence.

However, despite these challenges, women often outperform men in terms of returns.

Let’s delve a bit deeper into this…

When it comes to investing, there’s a big difference in how men and women feel about risk.

Women tend to adopt a more cautious approach with their investments, while men are often more willing to take ‘aggressive risks’. This careful approach could be beneficial for women, as it can help them build a stable base for their finances to grow steadily over time.

With the right support and education, women can become not just good, but excellent investors. Confidence is key and women have every reason to believe in their ability to succeed when it comes to investing.

Bridging the Savings and Retirement Gender Divide

When it comes to saving for the future, there’s also a noticeable contrast between men and women, largely driven by the gender pay gap. Despite progress in recent years, women still earn less on average than their male counterparts, making it challenging to put away as much money for retirement and other long-term goals.

However, new evidence from Fidelity indicates that in 2023, 68% of women were saving for retirement, compared to 77% of men. Whereas, in 2019, 66% of women were saving for retirement, compared to 82% of men.

This is a positive sign, highlighting that progress is being made towards greater financial security and independence for women. With more women taking steps to secure their financial futures, there’s every reason to feel hopeful and confident about overcoming past obstacles and achieving financial well-being.

Overcoming Fear and Building Confidence:

While the gender investing gap is narrowing, it’s no secret that women lack financial confidence. Current findings suggest that nearly half of women report facing inequalities in investing experiences.

Women prioritise advisers who understand their life priorities, communicate proactively, listen more, and offer flexibility in communication. Research conducted by Nucleus reveals that many women feel like their advisers don’t communicate with them in a way that fits their needs.

However, at Joslin Rhodes, we get it. We know that communication is key and that understanding what matters to you is crucial. That’s why we go the extra mile to give you advice that’s worth it. We’re all about making sure you feel at home, valued, and confident when it comes to your money decisions.

Whether it’s overcoming fear or building confidence, we’re here to listen, understand, and assist you in making informed financial decisions that secure your future. Many women haven’t talked about their dreams and goals with their advisers simply because it hasn’t come up in conversation or they haven’t thought to bring it up themselves. Our approach, however, is different; we prioritise focusing on your life and what matters to you.

We provide free Pension and Estate Planning Workshops designed to help you gain knowledge and feel more confident in managing your finances. We understand how important this is for your peace of mind and confidence. Or, if you feel as though you’re ready for a one-to-one chat, contact our local team today.

Let’s close the confidence gap when it comes to women owning their financial future’s.

Joslin Rhodes Pension & Retirement Planning – Real Advice, For Real People