More women are going to college and joining the workforce- and now women are becoming increasingly influential in the financial world, according to market research firm Mintel.
On Wednesday Mintel released data showing that men and women are about equally as likely to have a self-directed investment account, with 30% of women saying they have one versus 36% of men. Among women who report a household income of more than $75,000, 46% say they are self-directed investors.
“Women, and particularly younger women, are increasingly making their own decisions about how to invest money—both for themselves and for their households,” said Susan Menke, vice president and behavioral economist at Mintel, in a statement.
Even so, women are more likely than men to consult a trusted advisor for investment ideas.
According to Mintel, 39% of female investors say their primary source of investment ideas are their investment advisors, compared to only 27% of males. Meanwhile, 29% of women solicit ideas from friends and family members, compared to 22% of men.
Men are much more likely to look to financial websites and blogs, with 38% of those surveyed saying they have, while 31% look at investment companies’ websites. At the same time, 27% of males read financial newspapers such as the Wall Street Journal for ideas, while only 17% of females do.
“Basically, women are much more likely to rely on personal interaction to get ideas, while men are more likely to look to published or televised sources of information, such as websites, newspapers or television programs,” explained Menke. “What this means is that because quite often both men and women are involved in the household investment decision making, financial services companies need to use a variety of channels, including advisors, to appeal to all of the members of the household.”
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