Each generation has different spending and investing habits. People of the Baby Boomer generation (born 1946-1964) tend to be less confident in their investments than younger generations and want to invest at the lowest cost possible.
GenXers (born 1965-1980) are most concerned about retiring early and not missing out on investment opportunities, according to data by Raconteur. Millennials (born 1981-1996) have the highest agreement with passing along their wealth to their heirs and are willing to pay the most for the best investment advice, according to the same study.
While this research highlights differences between age groups, how does this apply to women? What are the differences between female generations? Let’s take a look.
- Baby Boomer women had less access to wealth management when they were younger
- The reality is that older women had to self-educate when it came to finances and wealth management. Prior to 1975, married women couldn’t get their own credit cards without permission from their husbands, which meant their husbands often controlled the household finances. Therefore, these women didn’t learn financial literacy from their families, but rather sought advice from specialists.
- Younger women embrace technology
- It really isn’t surprising that younger generations of women are more open to technology than older generations. Women under 35 are using apps, listening to money-related podcasts, and watching money-related TV shows at a higher rate than women 35 and older.
- Millennials are the most interested in socially-responsible investing
- Younger women are the most concerned of the generations with investing in companies that align with their values.
- Generation X are most likely to use a financial advisor
- GenX women expect clear, to-the-point answers and tend to be more conservative in their investments than Baby Boomers.
- Baby Boomers have the most patience
- Their life experience has shown them the ups and downs of the market, leading them to have a long-term approach to investing. They are comfortable with buying and holding onto investments with their future goals in mind.
Overall, women have different life experiences than men that require different approaches to investing and wealth management. We are devoted to helping women plan and invest in their financial futures. If you’d like to learn more about who we are and our approach to investing, contact us today.