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Administration September 6, 2003
Survey: Wealthier Women Have More Money Savvy
June 21, 2002 (PLANSPONSOR.com) - Women living in
higher net worth households are closer to men in their
attitudes towards investing than they are to less affluent
women, a survey finds.
Reported by Camilla Klein
The survey, by OppenheimerFunds, found that almost two thirds of women with household financial assets of over $100,000 currently participate in a employee-sponsored retirement plan, compared to 40% of women with fewer financial assets, and 51% of men.
Findings also show that women in the wealthier group were significantly more knowledgeable about investing than other women and more confident in their abilities than both other women and men surveyed.
For example,
- 48% of women in households with $100,000+ in financial assets knew that stocks were the best-performing asset class over the last 30 years
- 36% of women in households with assets under $100,000 and 56% of men.
Similarly, 31% of women in the more affluent households knew the relationship between interest rates and stock prices compared to 15% of women in less affluent households, and 39% of men
Only 35% of women in $100,000+ households said they were not really sure how a mutual fund works versus 60% of women in households with financial assets under $100,000, and 38% of men, who weren’t sure
The survey looked at the investing attitudes, practices and knowledge levels of 884 women and 401 men, including 298 women in households with $100,000 or more in financial assets.