Women vs. Men – Differing Financial Outlooks
According to the recently released 2015 BlackRock Global Investor Pulse Survey, American women are a little more confident about their financial futures than they were in 2014 (51% vs. 46%), and feel they are making the correct savings and investment decisions (42% vs. 34%).
There are, however, differences in how women and men evaluate their financial positions:
|Believe saving for retirement should be a high priority||43%||41%|
|Actually save for retirement||55%||65%|
|Worry about being able to achieve their retirement goals||75%||68%|
|Emphasis on growing their wealth||28%||35%|
|Holding onto their wealth||20%||26%|
|Holding less of their portfolio in cash||71%||60%|
This trend extends into the daily focus on finances as well, with women paying more attention to household budgets (61%) and paying off debt (55% vs. 46% of men). Men tend to focus more on investments (33%) while only 23% of women regularly check their savings and investments performance. Men are more likely to consider themselves an investor (40% vs. 22%), say they enjoy managing their investments (46% vs. 26%), and are more likely to use words such as “hopeful” and “optimistic”. Women, on the other hand, tend to use words like “nervous” and “risky” in their descriptions of portfolio management.
Heather Pelant, head of personal investing at BlackRock in San Francisco says, “It’s clear that women need to become much more active in managing their money toward urgent long-term goals, particularly retirement, but our survey also indicates that women have some key positive financial instincts that can lend valuable support to their saving and investing efforts.”