When it comes to money, women are more likely to save than invest despite potentially higher returns. Christobel Hastings speaks to experts about why that’s the case and how it impacts women’s financial security…
Chances are you’ve probably never really questioned your financial freedom.
You have bank accounts in your own name. You’ve likely applied for a loan. And you’ve possibly got a credit card or two, sealed with your signature.
But we don’t have to turn the clock back too far to imagine a time when women had few rights or ownership over their finances.
Until the introduction of the Sex Discrimination Act in 1975, it was still legal for banks to refuse women mortgages without a male guarantor.
And despite women being admitted to the London Stock Exchange in 1973 for the first time in the institution’s 200-year history, it still took 172 years for it to happen and until 2001 for a woman to be appointed in a senior position.
These days, women no longer have to prove their marital status when making money moves.
But in a world where women have fought hard for their financial independence, one uncomfortable truth persists: there’s a gender gap when it comes to money.
We know this exists in the workplace but there is also a significant gap appearing in our financial affairs because generally women don’t tend to invest – just one in five women currently hold an investment, against 1 in 3 men.
This investment gap is concerning as it impacts women’s financial stability in later life – and, interestingly, it’s not something that’s improving with tech-savvy younger generations.
A study exploring millennials’ attitudes towards money found only 26% of women are investing, compared to 43% of men the same age.
Read the full article here.