Are you losing out?

Posted on Jul 20 2016 - 9:00am by Samantha Clark
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  • A whopping 85 percent of British women are disengaged with the stock market
  • Over a third (34 percent) of women report having no pension arrangement
  • ‘Ladies Losing Out’ campaign will dispel myths and provide simple solutions to help ‘normal women’ reap the long-term rewards of investing and pensions

Boring Money’s Ladies Losing Out campaign tackles the fact that British women are shying away from the stock market, neglecting pensions and losing out on the potential long-term gains of investing.

Research shows that a whopping 85 percent of British women are disengaged with the stock market and only 11 percent of women (compared to 17 percent of men) contribute to private pensions.

PensionBoring Money has recruited seven women to tell their stories and share their attitudes in order to help demonstrate exactly how Ladies are Losing Out. By addressing common concerns and fears in relation to investments, pensions and the stock market, Boring Money hopes to debunk a few urban myths and to show ‘normal women’ that investing is easier and more accessible than they might think.Typically saving 38 percent less, women’s average retirement income is likely to be around £5,000 a year lower than men’s¹ and with women living around four years longer than men, they actually need to find an additional £100,000 for a retirement income of £25,000 a year.

The ‘Ladies Losing Out’ campaign points to affordability, risk, trust and a feeling of ‘not knowing where to start’ as the key factors behind female unease when it comes to investment and to tackle these misconceptions, Boring Money MD, Holly Mackay, points out some truths that may surprise any woman who is worried about pensions or investing:

  • You can get a stocks and shares ISA sorted in 10 minutes online, with a monthly direct debit of £25. And with simple guides and questionnaires to help, it’s not only for economics enthusiasts
  • Investing doesn’t have to feel like gambling: Over ten years shares are likely to outperform cash by 90 percent²
  • You can set up a DIY online pension from just £1 a day, far less than most people think
  • According to various studies, women typically make better investors than men.³

free moneyWhen it comes to wills, life insurance, savings accounts and cash ISAs, there’s little obvious difference between men and women. However, when it comes to investments, pensions and retirement funds, the gender gap becomes worryingly evident:

  • Over a third (34 percent) of women report having no pension arrangement
  • More than double the amount of women (11 percent vs 5 percent of men) are ‘very uncomfortable’ with saving into a pension
  • Only 10 percent of women have stocks and shares ISAs compared to 17 percent of men
  • Only 7 percent of women hold other investments or unit trusts, compared with 14 percent of men
  • The ratio of male to female customers among the top 10 DIY investment platforms is 68 to 32.

“At Boring Money, we are contacted by a growing number of women who feel alienated by the investment world but are fed up with perennially low interest rates. Lots of women I talk to just don’t perceive themselves as investors. They don’t think they’re rich enough, they’ve previously delegated it or they don’t think they’re smart enough. I want to challenge this and help them.”Holly Mackay comments: “We were inspired to run this campaign to address the astonishing gap which remains between men and women when it comes to savings, pensions and investments. Women typically live longer and yet save less. We tend to avoid what we perceive to be risky investments but in doing so, are consigning ourselves to a retirement of scrimping and struggling.”

Holly concludes:

“The City has been a bastion of stiff grey suits, talking to fellow investment enthusiasts in self-congratulatory jargon for too long. We can’t wait any longer and the figures speak for themselves. Ladies are losing out. I wanted to try a totally new approach which feels inclusive, which feels achievable and which feels relevant. I want women to think about investments and to say “Yes We Can.” This is the goal of our campaign.”

  • For more information about the ‘Ladies Losing Out’ campaign and to meet the Boring Money ‘wonder women’, check out these videos here
  • Visit Boring Money for further tips and advice on savings and investments
  • Get the lowdown on Holly; independent financial expert, commentator, entrepreneur and mum.

¹As shown by Fidelity survey and Scottish Widows report

²As shown by the Barclays Equity Gilt Survey

³Evidence identified in a seminal study ‘Boys will be boys: gender, overconfidence, and common stock investment’ by academics from the University of California; in an analysis of 60,000 users of Openfolio, a US online investment-sharing platform; and by research carried out by HFR, a specialist hedge fund analyst

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