Single women feel more financially knowledgeable than married women — but less so than single men, according to a new report from UBS.
The findings from a new UBS Investor Watch Pulse — titled “Single point of view” — show that 61% of single men said they “know a lot about investing,” compared with 45% of single women and 28% of married women who feel this way.
“Women underestimate what they know. Men can be overconfident. I think each have different perceptions about what they really know,” said one 60-year-old single woman interviewed for the survey.
Similarly, when asked if they monitor the markets regularly, 63% of single men said they did compared with 47% of single women and 37% of married women.
A 53-year-old single woman interviewed for the survey told UBS, “For sure I am more involved than if I were married. As a single person, there is only me to make all decisions and consider all investment options.”
For this report, UBS surveyed 883 single investors — 414 women and 469 men — who have never been married. To be included, millennials needed at least $250,000 in investable assets, Gen X $500,000 and boomers at least $1 million.
The report also included results from the Own Your Worth Investor Watch report, which included 632 U.S. married women with at least $1 million in investable assets, for comparison purposes where applicable.
Among single women, millennials are the least engaged with their finances. According to the report, 61% of single millennial women say they put other parts of their lives ahead of their finances, compared with 38% of single Generation X women and 28% of single baby boomer women.
The survey also found that many women think they should be doing more with their finances, including 59% of single millennial women, 47% of Gen Xers and 22% of boomers.