Research: 7 out of 10 women in the Asian- Pacific region are anxious about their ability of save and invest. Only 29% believe investing is for them.
Welcome to the bi-weekly update (#178) where we dive deeper into key topics, themes or issues specific to women and their lived experience.
According to Fidelity International Global Women & Money Study 2023, seven out of ten women are anxious about their ability to save and invest.
For 81% of women in the Asian-Pacific region, the rising cost of living is a top concern and 73% of women are worried about the long-term health of the economy.
Women tend to focus more on what they can control, such as work for longer (before retirement) but only 29% invest their money (versus 39% of men), in order to meet their retirement needs.
Moreover, only a third of women say they are confident about having enough savings to support them through retirement, compared to 40% of men.
And only 38% of women feel confident about their financial knowledge, and their ability to make the right decisions about how to save and invest, compared to 51% of men.
Most women consider cash savings, term deposits and foreign currencies as the top financial products and only 29% of women believe investing is for them.
Women tend to overestimate how much money they need to invest.
And many consider having a monthly stable income is one of the top post-retirement investing priorities in the region.
Women are expected to retire at 63 in the Asia-Pacific (with life-expectancy at 85 years), and nearly half of women expect their retirement savings will last less than 20 years.
However, contrary to the research about what most women believe, it is more important to start investing now, even if this is just £10 or £100 a month (versus, say £1000).
Creating a habit, making a commitment to invest and learning ‘as you go’ is far more important than waiting for the ‘perfect moment to start’ (which may never come).
Making mistakes and learning from these is a critical part of being an investor.
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The Purse provides content for informational purposes only, we do not provide investment advice. Please do your own research or speak to a financial adviser.