Published On: Mon, Apr 15th, 2024

Women are six times more likely to put their money into savings – than to invest it | Personal Finance | Finance

One in five women believe investing is only for men, research has revealed. A poll, of 2,000 adults, found 74 percent of females are more inclined to save their money, rather than attempt an investment (12 percent).

But just 63 percent of men would put their spare money into a savings account – with one in five (21 percent) putting it in the stock market, instead.

The gender pay gap (27 percent), and access to financial education (15 percent), were among reasons it’s seen as reserved for men. However, 77 percent of women would be interested in learning more about how to get started in investing.

And nearly half (47 percent) of all those polled – both men and women – admitted they have no idea exactly how much money is in their pension pot.

The research comes as former Great British Bake Off winner, Candice Brown, revealed her tops tips to make her money go further – including extreme meal prepping, and bulk-buying key items.

Other advice included evaluating when you last used your subscription platforms, religiously using cashback sites, and freezing leftovers.

Candice Brown, who is working with pension provider, Nest, which commissioned the research, said: “So many people don’t seem to know where their money goes.

“It took me a long time to really get to grips with what I was doing with my money – I didn’t think it would be easy to invest. It’s something I wish I’d done much sooner, before Bake Off changed my life.

“My employees all have Nest pensions, so it was great to teach more members that they are actually investors themselves.”

The study found women are slightly more afraid of losing money in a bad investment than men (57 percent, vs 45 percent).

But 35 percent of females think improved financial education in schools would help boost the nation’s knowledge, while 23 percent would like to see a government initiative brought in to help people learn more about the process.

In terms of the ethics of investing, men and women are equal in considering it very important that their investments are made in a positive way for the world (19 percent).

But just 12 percent, of all those surveyed, would describe themselves as very confident when it comes to starting to invest in something new to them.

Elizabeth Fernando, of Nest, which invests member’s monthly contributions into everyday brands, said: “Investing is for everyone.

“The cliché of the 1980s City broker, in a pin-stripe suit and red braces, is almost always a male figure – but that stereotype is old, and changing all the time.

“A pension can be an efficient way to save and invest money for the long term. If you have a pension, you’re already an investor.

“Investing knows no gender – it’s about making informed choices and decisions to reach your financial goals. By breaking down stereotypes and promoting financial literacy, we can ensure that everyone has the chance to benefit from the opportunities that investing offers.”

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