-Are high-achieving women confident investors?
BANKING AND CREDIT NEWS-September 20, 2013--Are high-achieving women confident investors?(C)2013 M2 COMMUNICATIONS http://www.m2.com
20 September 2013 - At a time when women make up about half the US workforce and have been encouraged to take charge and "lean in" more than two out of five working married affluent women between the ages of 40 and 69 report that they earn about the same or more than their spouses according to a new Wells Fargo Affluent Women Retirement Survey (NYSE: WFC).
The telephone survey, conducted by Koski Research of 600 women with a median of USD 455,000 in investable assets and USD 145,000 in household income, examined affluent women and their perception of wealth, investing and retirement.
As affluent women gain wealth, two-thirds say having more money has made them "thriftier" and 58% describe themselves as "savers."
Yet, having wealth and strong savings values do not translate into women who also feel very confident in their investing ability. Two in five affluent women say they are "not at all" confident in their ability to invest.
According to the survey, 41% of all affluent women do not believe the stock market is the best way to grow savings, versus 52% who do. About a third of affluent women say that the stock market is "too risky" for them. In fact, as affluent women have built wealth, 64% say they have become more risk-averse. Fifty-eight percent of affluent women say they are not interested in learning more about how to invest in the stock market.
While more than half of affluent women do not have interest in learning more about stock market investing, a clear majority, say it is important that women be confident in their ability to invest, yet only 8% describe themselves as "extremely confident." Forty-nine percent of women say they are "somewhat confident" in investing, and 41% say they are "not at all confident."
Confidence in investing among affluent women correlates to attitudes and choices that differ greatly from those of women who describe themselves as not confident at investing.
More than half of affluent women most often say they are scared by "living in poor health for many years in retirement," which is over three times more than their fear of having to work forever.
Healthcare is the top ranked topic discussed by women and their spouses as well as women and their female friends. However, nearly a third of married affluent women and their spouses have not discussed "how they will address any potential major healthcare issues."
While a comfortable retirement is a goal for women, fewer than 40% have a written retirement plan. They report needing a nest egg averaging USD 1.5m and expect to retire at the age of 66 (average) and project that their savings will need to last an average of 18 years.
Find out more at www.wellsfargo.com.
1 USD = 0.628534 GBP
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|Publication:||M2 Banking & Credit News (BCN)|
|Date:||Sep 20, 2013|
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