Investing is an important strategy in helping women build wealth to support their longer lifespans and goals for the future. However, a recent Bank of America study, Women, money, confidence—A lifelong relationship, reveals women often lack confidence with investing and related decisions that can affect their long-term financial health.
Women’s investing statistics
Among women participating in the study, 48% say they feel confident about managing their finances yet only 28% feel empowered. Women cite a lack of knowledge as one of the key factors holding them back from being more involved with investing.
These findings suggest a need for ongoing education and guidance to help women develop investing confidence and skills to take the next steps on their financial journeys. And women are poised for action, with 1 in 5 saying it is time for a change. Women are increasingly more comfortable having financial conversations and are interested in financial education and finding trusted sources of advice. Younger women especially show greater confidence in talking about their finances, which could signal a positive outlook for future generations of women.
Study highlights
- Women are less confident with everyday financial tasks and less confident investing
- A lack of knowledge about investing can prevent women from making important decisions about their future
- Women are looking for reliable sources of information and advice to help with investing
- Actions to consider