Study: Women gaining confidence as investors

Women in the U.S. are feeling financially well-prepared for retirement with 99%  saying they are taking an “active role” in their financial futures, according to a recent study released by Bryn Mawr Trust, a division of WSFS Bank in Wilmington. Eighty-seven % of the 826 women aged 40 or above of the 826 surveyed with investable assets above $175,000 stated they feel well-prepared through active asset control.

With International Women’s Day creating a focal point to understand pay imbalances and the need for more mentorship and active executive recruitment last week, this new investment profile offers some hope.

Mature women, however, are more likely to report having sole responsibility in retirement planning, with 16% of women ages 40-49 reporting having sole responsibility for retirement planning, compared to 23% of women ages 50-59, 19% of those ages 60-69, and 23% of those ages 70-79.

“Women play a vital role in the economic picture of their families and communities. Taking a proactive and engaged approach to their financial planning is crucial,” Bryn Mawr Trust Private Wealth Management Director Jamie Hopkins said. “This study shows how women can be more confident in their retirement plans, which is an important step in bridging the gender and wealth gap for many.”

Jackie Reeves is the director of retirement planning at the firm. She provided some tips for women as they embark on or expand their family role in financial planning and retirement savings. “Increasing involvement and understanding in any field naturally boosts confidence, which in turn, propels growth,” said Reeves.

Reeves recommended that women play an active role in financial planning – especially retirement – and embrace making decisions with your partner. Women should also prioritize learning to enrich financial knowledge and decision-making capabilities, and share the knowledge with children when possible.

This foundational advice sets the stage for a deeper understanding and engagement with personal finance, encouraging women to actively participate in their financial decisions and planning processes, she said.

Reeves also recommended women look into financial planning areas, such as retirement, investment, and tax planning, contributing to a holistic approach to financial security. Women should also stay updated on financial regulations and adopt a blend of collaborative and independent strategies, to support financial well-being and overall health.

Among the survey findings: Most women are confident in their ability to sustain and enjoy themselves in retirement and maintain their current lifestyle (73% agreed).

Mike Smith is a contributing writer.