ONE in five women believe investing is only for men, research has revealed.
A poll of 2,000 adults found that 74% of females are more inclined to save their money than attempt an investment (12%).
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Whereas only 63% of men would put spare money into a savings account – with 21% putting it in the stock market instead.
The gender pay gap (27%) and access to financial education (15%) were among the reasons it’s seen as a preserve for men.
However, 77% of women would be interested in learning more about how to get started in investing.
And 47% of men and women polled admitted they have no idea exactly how much money is in their pension pot.
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The research comes as Bake Off star Candice Brown revealed her top tips to make her money go further, including extreme meal prepping and bulk buying key items.
Other advice included evaluating when you last used your subscription platforms, religiously using cashback sites and freezing leftovers.
Candice Brown, who is working with pension provider Nest, which commissioned the research, said: “So many people don’t seem to know where their money goes.
“It took me a long time to really get to grips with what I was doing with my money, I didn’t think it would be easy to invest.”
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“It’s something I wish I’d done much sooner before Bake Off changed my life.
“My employees all have Nest pensions so it was great to teach more members that they are actually investors themselves.”
The study found women are slightly more afraid of losing money in a bad investment than men (57% vs 45%).
But 35 per cent of females think improved financial education in schools would help boost the nation’s knowledge.
While 23% would like to see a government initiative brought in to help people learn more about the process.
In terms of the ethics of investing, men and women are equal in considering it very important their investments are made in a positive way for the world (19%).
Across all adults, only 12% would describe themselves as very confident in starting to invest in something new to them.
Elizabeth Fernando, of Nest, which invests member’s monthly contributions into everyday brands, said: “Investing is for everyone.
“The cliché of the 1980s City broker in a pinstripe suit and red braces is almost always a male figure – but that stereotype is old and changing all the time.
“A pension can be an efficient way to save and invest money for the long term. If you have a pension, you’re already an investor.
“Investing knows no gender – it’s about making informed choices and decisions to reach your financial goals.
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“By breaking down stereotypes and promoting financial literacy, we can ensure that everyone has the chance to benefit from the opportunities that investing offers.”
Candice’s top tips to help your money go further
- Extreme meal prepping. Get ahead of the curve and make sure you get what you need ahead of time, instead of having to pop out for the little bits which can add up.
- Bulk buy key items. If there’s not a risk of it going off, like pasta, rice, teabags or other non-perishables, it might be worth buying more to save more in the long run.
- Be honest with your subscriptions. If you aren’t watching certain streaming services any longer, or perhaps not reading those magazines you always say you’ll get around to, it might be time for a rethink.
- Cashback is king. You could be rewarded for spending money on things you’d buy anyway. It’s a no-brainer.
- Don’t let it go off, chuck food in the freezer. You retain the nutritional value and get to enjoy your delicious meals at a later date.
- Plan your meals. This comes back to point five, but it helps you stay on top of your budget and reduce food waste.
- Use reselling websites. From Depop, to eBay and others, there’s a whole host of ways you can sell on your unwanted goods. It has the added bonus of avoiding the waste heap and could put a smile on someone else’s face, too.
- Resist the impulse buy. It can be gratifying at the time, but that instant dopamine hit can also hit your bank balance. If you still want it after a bit of thought, then don’t be afraid to treat yourself.
- Compare and contrast. Don’t be afraid to spend a bit of time looking for the best deal possible. You could save yourself a fortune, particularly on those big-ticket items.
- Don’t be afraid to haggle. Energy companies, phone providers and insurers won’t want to lose your custom, so make sure you get the best deal possible.
How to start investing
BEFORE investing you need to be aware of the risks, as unlike cash, what you save can go both up and down.
This means you can be left with less than what you started with.
And if your investment performs poorly, you’re not protected for any loss by the Financial Services Compensation Scheme (FSCS) which covers cash up to £85,000 per financial institution.
Although if the firm you’ve invested with is regulated in the UK, you may still be able to use the FSCS to claim if the company itself fails.
There are of course ways to reduce the risk of investing – for example you could opt to invest in cheaper so-called “passive funds” that track the fortunes of various stock markets, such as the FTSE100 or FTSE All Share indices.
Investing in actively managed funds – that pool different types of investment together – is also less risky than just investing in individual companies, known as shares. This is because you’re spreading your risk across a range of companies or other types of investment, such as bonds or property.
Robo-investing – where a computer determines what you should invest in based on a questionnaire of your preferences – also comes with lower risk as it’s spreading your investments.
If you feel confident, you can start investing by setting up an account on an investment platform – a sort of supermarket of different investment products. And you can do all of this within a Stocks and Shares or Lifetime Isa wrapper. Do check the fees first – both for the platform and the individual investments themselves.
If you’re unsure, you should always seek professional advice – you can use comparison services Unbiased or VouchedFor to find a suitable financial adviser.
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