08 March 2024 , 09:32
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A survey found that women are less confident about investing than men.
Only 31% of women feel they know enough to make informed choices about investinting compared to 44% of men. The survey, carried out by HSBC, also said that 34% of women don't have savings to invest compared to 28% of men.. The survey was carried out for International Women's Day.
63% of women don't know how to start investing, but only 46% of men feel this way, the study discovered. Rebecca Owers from HSBC UK said: "We need to make our money work harder, so it's important to consider options like investing. Financial education is key here by talking openly about money and learning the different options available, women can gain the confidence needed to take control of their financial futures."
The value of money put into investments can go down as well as up. Some people might want help from a financial advisor when they invest. The study also found that women who do invest often choose things their friends or family have invested in (20%), unlike men (8%). More than half of the women (55%) think you need lots of money to invest, but only 36% of men think the same.
Nowadays, many banks and investment companies have apps that make it easier to invest. Censuswide asked over 2,000 people in the UK in December 2023 for this information.
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Marianne Oliver, who helps run the investment company InvestEngine, shared: "Women face a myriad of challenges when it comes to investing not least having less money to put aside as a result of societal inequalities, from the gender pay gap, and often taking on more of the caring and financial responsibilities for either children or elderly family members."
She also said: "This is obviously going to have an impact on how frequently they invest and their risk appetite, both of which would affect their returns."