Many women think stock market is too risky

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Many women think the stock market is too risky (Getty Images).

The stock market has been going gangbusters, but many women think investing in it is just too risky.

In fact, a third (34%) of rich women say the stock market is too risky for them, and 41% do not believe it’s the best way to grow savings, according to a survey of 600 women with a median household income of $145,000 and $455,000 in investable assets.

And more than half (58%) of these affluent women do not have any interest in learning more about stock market investing, although 91% say it’s important that women are confident in their ability to invest.

Women have “just got to get in the game,” says Karen Wimbish, director of Retail Retirement at Wells Fargo, which commissioned the survey released last year.

“Women are intelligent. We have the chops. We have the brains. We have all of the capacity to do this, but women come at investing with concern, lack of interest and fear.”

A recent survey from Wells Fargo shows that even young highly-educated Millennial women lag behind Millennial men in interest and confidence in investing in the market, Wimbish says.

There are so many resources for women: Financial advisers, bankers, friends, mentors, books. “Get referrals. Interview people. Find out who has a trusted financial adviser and see if that person is a fit for you. Do a financial plan and a budget.

“Money is a scarce resource, particularly your savings, and it deserves your time, your energy, and your focus to take care of it because you’ve worked hard for it,” she says.

“The payoff is so big if you take care of this precious resource.”

USA TODAY’s Rodney Brooks offers seven tips for women about to retire.

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