Women’s empowerment is on the rise. With the growth in recognizing female leadership and power, strides are being made to achieve gender equality across all sectors. With this happening, why are women still getting left behind in investing?
In the past, the investing world was difficult to access. If you wanted to invest, you had to go through an advisor, which was most likely gate kept by a man. And even when you met with them, they used male language and lacked knowledge around women’s investment needs to give the best advice. This left women to experience negative stereotypes about their investing acumen and financial contributions to their household. It was not an inclusive or empowering experience.
This inaccessibility of investing is still felt today. According to Ellevest, 71% of all assets controlled by women are in cash, not investments. Additionally, women overall invest 40% less money than men do according to a survey conducted by Wealthsimple. Not only do they invest less compared to men, but 41% of women wished they invested more of their money according to a study by Merrill Lynch. The majority of Canadian working women are contributing meaningfully to household income and want to be engaged in their financial future.
While investing may seem intimidating and inaccessible for women, thanks to the digital world, there are accessible ways to become investment literate. Here are three easy and beginner-friendly ways you can start investing:
1. Get engaged by listening and learning.
There are many free resources available online. Here are some resources that can educate you on the lingo and types of investments you can make.
BuyProperly offers free email courses and webinars featuring experts in the field. Our resources make investing and financial literacy available for everyone. We have panel discussions with academics and senior leadership in the industry and keep you updated with the industry trends and insights through our newsletters and blogs. Sign up for our newsletter and events here.
Clever Girl Finance is a fun, engaging, and relatable website that educates women on Finance. They do this through blogs, websites, podcasts, and a weekly newsletter.
Everygirl is a blog that provides both lifestyle and finance tips for the everyday life of a millennial woman.
Women Investing Network’s Podcast talks with finance experts. From entrepreneurs, investors, and financial experts, they share tips and tools that you can apply to your finances.
Money Girl is a short and sweet podcast. In less than 20 minutes, they give advice on personal finance for both amateurs and experts.
2. Know Yourself.
Take the time to understand your tolerance for risk and what level of risk you are comfortable with. You never want to spend more than you make. Also, take the time to save. Start by saving $1 a day. By understanding your risk tolerance and savings, you can create an allocated investing budget. This will ease you into the world of investing.
3. Consider consulting a professional.
Sure, you can learn the ins and outs of investing, but an expert can also help you create a more robust plan that works for you. Women are long-term planners looking for specific growth goals rather than risky returns. Reach out to an advisor that understands the investing needs and values of a women. BuyProperly has a dedicated financial adviser for women, Rita Li, Investment Advisor at RBC, who can provide unique advice. She understands the needs of women and can cater to your values, goals, and aspirations.
With these steps, you will become more confident and gain the knowledge to make smart financial and investing decisions! Ready to start? Learn how you can invest with our free webinars and investing courses or start investing in fractional real estate with BuyProperly. Contact us today!