Data & Research November 16, 2018

Women Plan to Take Steps to Make Their Money Grow

However, only 24% of women say they are comfortable with their knowledge on investing, Fidelity Investments found.

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Seventy-two percent of women across all ages plan to take steps within the next six months to make their money work harder and grow, according to the Fidelity Investments “2018 Women and Investing Study.”

Forty-four percent of women are investing money they have outside of retirement accounts and emergency funds in stocks and bonds; 59% of men are taking this action. Fifty-nine percent of women are not investing, leaving nearly all of their savings in cash or bank accounts, which are earning less than 1% in interest.

Only 24% of women say they are comfortable with their knowledge on investing. If they were given $25,000 to invest, only 44% say they would know what steps to take to do so.

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However, 48% of Millennial women are investing their money, as are 40% of Gen X and Baby Boomer women.

Thirty-five percent of women say they have $25,000 or more sitting in savings. Forty percent say that their finances keeps them up at night at least once a month.

“Women need to demand more from their money, so they can control their financial futures,” says Kathleen Murphy, president of Fidelity Investments’ personal investing business. “Women deserve to have their hard-earned savings work just as hard as they do every day.”

Fidelity conducted the online survey of 1,172 women in September.
Products November 15, 2018

Square Inc. Launches Affordable Small Business Benefit Offerings

To provide the benefits, the company partnered with technology-focused organizations.

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Square, Inc. has launched employee benefit offerings within Square Payroll, providing small businesses who use Square Payroll access to affordable benefits like health insurance and retirement savings. The benefit can also save businesses money by reducing payroll tax burdens, without any added cost.  

“With today’s launch, Square Payroll is giving small businesses access to ‘big company’ benefits,” says Caroline Hollis, head of Square Payroll. “We’re empowering businesses to provide their employees a comprehensive set of benefits and the financial security that comes with having them.”

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Benefits available through Square Payroll include health insurance, retirement savings, pre-tax spending, and workers’ compensation, says Square, Inc. To provide these benefits to businesses and their employees, Square Payroll has partnered with technology-focused companies including SimplyInsured, Guideline 401(k), Alice, and AP Intego Insurance Group. Through Square Payroll, business owners can select the specific benefits that fit their business and their budget, and after completing the benefits enrollment, those benefits will automatically sync with Square Payroll.

“With Square Payroll we are able to simply and affordably provide employees with the benefits they need and reduce administrative time in the process,” says Shatisha Wilson, LPC, RPT, the owner of Wilson’s Garden of Hope, a play therapy & counseling center in Augusta, Georgia that serves active duty, retired, and reserve members of the military and their families. “Options we looked at before had employee minimums that prevented us from qualifying, but with Square Payroll the benefit plans are designed to meet the needs of businesses my size.”

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