Women are making money moves where it counts. According to a recent study from Fidelity, young women are beginning to invest almost a decade sooner than those from previous generations, and are investing their excess savings outside of just retirement accounts. The average age for a woman to open her first brokerage account is now 21; for women over 36, the average age for their first account was 30. This shift provides younger women with more time to compound growth in their savings, further closing the financial gap between men and women.
Younger women take pride in being able to use their money to achieve important goals, while older women focus more on having an emergency fund and gaining financial independence. With goals-focused investing, younger women are more motivated to use their resources (also more abundant than ever) to create and maintain a financial plan, rendering them less overwhelmed by finances compared to young men. They are also less intimidated to seek help with their finances and are more comfortable beginning to invest in small doses to build up their risk tolerance and assets over time.
Overall, women are starting early, investing with purpose, and understanding that starting small is better than not investing at all. For more information on how to let your savings work for you, check out this article in My City Wellness, page 10, by Jessica Stirling.
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