Younger Women Glued to Financial News: Survey

In anticipation of Women’s History Month, which begins March 1, M1 Finance has released findings specific to women from a survey of 2,000 retail investors with at least $10,000 in investable assets, fielded in November. 

The findings show younger women are educating themselves on finances and planning to invest at higher rates than their older counterparts.

Sixty-three percent of Generation Z and 59% of millennial women reported that they consume financial news and investing information for more than one hour per day, compared with only 35% of Gen X and 19% of baby boomer women.

Younger women are also much likelier than older ones to take an investment action as a result of traditional news media and social media.

Ninety-one percent of Gen Z and 80% of millennial women said they plan to invest in alternative investments over the next 12 months, compared with 53% of Gen X and 26% of boomer women. 

Millennial women in the survey were especially keen on cryptocurrency, with 47% looking to invest in the coming year, versus 31% of Gen Z, 28% of Gen X and 8% of boomer women.

These were the top reasons younger women in the survey gave for investing:

• Travel: Gen Z, 53.7%; millennials, 47.9%.
• Support family with expenses: Gen Z, 34.3%; millennials, 41.9%.
• Live more luxuriously: Gen Z, 35.8%; millennials, 29.5%.
• Buy a first home: Gen Z, 32.8%; millennials, 21.9%.
• Pay off debt: Gen Z, 29.9%; millennials, 28.9%.

Asked whether they expect to achieve financial freedom in their lifetime (meaning having enough savings), 76% of Gen Z and 74% of millennial women at least somewhat agreed that they will, compared with 68% of Gen X and 52% of boomer women.

As to who regularly assists them with their investment decisions, more than half of millennial, Gen X and boomer women but only 37% of Gen Z women cited a financial advisor.

Thirteen percent of Gen Z women said they make their own investment decisions, as do 8% of millennials, 12% of Gen Xers and 18% of boomers.