Women Likely to Help Other Women Reach Financial Goals: Fidelity

Nearly half of women in a new study from Fidelity Investments said stress is the main emotion they feel around the topic of money, much more than men, who said they mainly feel hopeful.

At the same time, nearly 90% of women in the study reported that they have recently made money moves or plan to do so within the next six months. Fidelity noted that retail accounts opened by its female customers grew by 65% between 2019 and 2022, compared with 60% growth in retail accounts opened by men during that period.

Fidelity released its research findings on Wednesday, the first day of Women’s History Month. The firm said it is rolling out a month-long series of free virtual events, featuring special guests Jessica Alba and Venus Williams, to provide women the tools and resources they need to build a better future together.

“It’s no secret women continue to face unique challenges that have historically gone unaddressed by the financial services industry,” Joanna Rotenberg, president of personal investing at Fidelity Investments, said in a statement.

“Through working with millions of women of all ages, we understand first-hand that knowing and tackling these challenges both inspires women and helps chip away at the gender gap, which is important today and for future generations.”

Big Village conducted the national online survey in early January among 3,747 adults. In mid-January, Fidelity also surveyed members of its Women Talk Money community, which brings women together to learn more about their money.

Importance of Female Support

Fifty-three percent of women in Fidelity’s survey said talking about financial topics with peers helps them feel more confident about their finances. This is especially true of Generation Z and millennial women, 66% of whom prefer to learn about financial matters from other women.

And indeed, 69% female respondents said they go out of their way to help other women because another woman helped them.