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.
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.”