Savings Dilemma: 87% Women Prefer Cash Accounts

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Today, online investment service Wealthify released research findings revealing that almost nine out of ten females (87%) are not investing their funds, and instead are opting for savings accounts. Surprisingly, 74% of women are scared by the thought of investing, compared to the meager 58% of men who feel similarly.

The research also discovered that only 41% of women would be prepared to try a stock-buying app, compared to 57% of males. However, when provided with more information about the subject, many women seemed far less apprehensive about investing.

Women are undeniably an vital target audience for investment services. This is why Wealthify believe in equipping clients with the right information to help them gain the confidence they need to make decisions that are right for them.

Speaking about the discrepancies between genders, Hannah Weston, Client Relationship Manager at Wealthify, expressed: “It’s important for us to ensure that both genders feel confident and informed when it comes to investing. We are driven to ensure that we identify and address the issues that are preventing people from harnessing the potential that the world of investing can offer – providing even more potential for positive financial outcomes.”

It should be noted that the stated acceptance percentage for stock-buying apps in the research also includes men, which came to 71% after more information about the service was provided.

These exceptionally interesting findings demonstrate that, although more information and education about investing undoubtedly plays a major part in making women feel more comfortable, the playing field between genders is quickly evening out when it comes to exploring investment opportunities – and that shouldn’t be glossed over.

In an effort to drive conversations about financial literacy, Wealthify is educating people on the benefits of putting their funds into investments instead of savings accounts – and offering access to these services through accessible and easy-to-use apps to encourage more people to get involved.

Evidently, there is a wide array of reasons why people may be unsure about investing; however, it’s clear that the current landscape is shifting. Women are clearly interested in the benefits that come with making investments if they are provided with the proper information. Wealthify is paving the way to ensure more people have access to the right resources that will help them make informed decisions about their finances.

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Savings Dilemma: 87% Women Prefer Cash Accounts