If 92% of women want to learn more about financial planning and get more involved in their finances, why is it that 80% of women respondents said they weren’t comfortable talking about money even with the people they’re close to?
Research from the investment firm Fidelity, which is led by two of the most powerful women in finance, reveals why women are so uncomfortable talking about money. A lack of confidence in investing is the leading factor holding women back, with the #1 reason being the subject is “too personal.”
After a historic number of women gathered across the country in January to march for women’s rights, women’s issues have come to the forefront of the national conversation.
However, the discourse often overlooks the importance of women taking control of their financial future. For women to achieve true equality, women must empower themselves to be financially literate—and become confident, fearless investors.
Many women’s lack of confidence is rooted in their feeling that they don’t have sufficient knowledge to invest and that they don’t understand the stock market and the Wall Street jargon. Less than half of women surveyed felt comfortable discussing finance and investing with an investment professional, which is a key part of long-term saving for retirement.
Yet it is imperative women have a solid understanding of how to invest, given that nine out of ten women will be the sole financial decision maker of their household at some point in their lives since women are staying single for longer and often outliving their partners.
While the world of Wall Street and the stock market may seem complex at first, it’s not as complicated as it appears. There are plenty of tools that can teach anyone the fundamentals of investing and the stock market. Many women who are now successful investors were once the same women who were afraid to discuss their finances with those they are close to, and now they are confident, fearless investors.
To get started, listen to webinars presented by successful female investors. For example, Sandy Chaikin’s husband worked on Wall Street for decades, but once they co-founded Chaikin Analytics, which was awarded Benzinga’s Fintech Award for 2017 for Best Stock Ideas Platform, she spent time learning how to invest. Sandy gives webinars on how she created a winning portfolio with 5 simple steps. Sandy’s portfolio has outperformed the S&P 500 and 80% of money managers since she started investing in 2012. She is living proof you don’t have to be a financial expert to take control of your investments.
The most important step is to just get started. Like anything else, with practice comes confidence . . . and soon you’ll become a fearless investor!