According to the 2022 Winvestor Pulse Study, only 44 per cent women make their own independent investment decisions, compared to 65 per cent men who do so. This study focuses on the different attitudes that men and women adopt when making investment choices. It found that about 67 per cent of women consult their partner or spouse when deciding what to do with their assets, compared to just 48 per cent of men who would do the same.
The study also found that 26 per cent of men prefer consulting their fathers for investment choices versus 10 per cent of women who were likely to do so. It also revealed that husbands played a more vital role in familiarizing women with investing compared to their fathers. In order to make the next generation of women investors smarter, Aditi Kothari Desai, the vice chairperson of DSP Investment Managers Pvt. Ltd, said that fathers should have open conversations on money and investing with their daughters at an earlier age. It is also reported that 32 per cent of women consult a professional financial advisor compared to 36 per cent of men.
Other important highlights from the study:
• Men and women mostly prioritise the same investment goals like improving their standard of living, saving enough money for retirement and providing for children’s education. But, 45 per cent women said that providing for their children’s studies is one of their top goals compared to 40 per cent of men.
• 38 per cent of men said they wanted to live debt-free versus 33 per cent of women.
• 26 per cent of men want to start their own businesses compared to 23 per cent of women.
• 79 per cent of men and 78 per cent of women said that gender isn’t an aspect they consider when working with financial advisors.
• Nearly 70 per cent of male and female respondents said that their investment advice and strategy would differ depending on their child’s gender.
• 45 per cent of men and women respondents said that after COVID-19, they are investing more money. This is because of pandemic-induced introspection about money, higher returns, and how easy apps make it to invest.