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By Jerrod Foresman
Do women really have unique investing needs? Simply, the answer is yes. When it comes to personal finance and managing investments, there are distinct differences between men and women. Women live longer, their careers are more often interrupted by family needs, and many women tend to be more conservative about investing--often to the extent that they may have trouble reaching their financial goals. But women do have choices.
The Trend Has Changed
Historically, women as a group have lagged men when initiating investment programs. As recently as 30 years ago, a woman often married for financial security. As women have become better prepared to manage their own finances, that trend has changed. Higher divorce rates and increased professional opportunities are just two of the many reasons why women today are providing for more of their own financial needs.
What We Know About Women Investors...
Today, women are smarter and more confident investors.
- 42% say they're more knowledgeable about investing today than they were five years ago.
- 64% are working with a financial advisor which makes them feel more knowledgeable.
- 55% have planned for the future by investing for retirement.
- 70% say when they have more money, they feel better about themselves.
However, many women want to understand investing better.
- 80% wish they had learned more about investing as they were growing up.
- 60% say the do not understand the basics regarding mutual funds.
- And only 35% consider themselves ~very or somewhat knowledgeable about investing.
Source: Oppenheimerfunds.com; Women & Investing Survey, 2004.
Prepare for Your Financial Future
Obviously, women are well suited to make prudent investment decisions. And while it's important for everyone to plan for the future, it's especially important for women. If you think you have plenty of time or too many pressing financial responsibilities to begin saving for retirement, you may find yourself financially unprepared down the road. What can you do now to secure your financial future?
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