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Why Should Every Woman Invest?
According to a study by Merrill Lynch, 41% of women wish they invested more of their money. But why is it such a necessary part of personal finance?
First and foremost, it’s important for women to be able to achieve a sense of financial equality and independence. In the face of issues like the gender pay gap and the pink tax, investing is one of the best ways for women to ensure that they have the potential to accumulate the same amount of wealth as men.“It’s important for women to be able to walk away from situations that are hurting or not serving them – whether that’s a bad job or a bad relationship,” comments Ellevest’s Susan Thompson. “You should be able to have your own financial power to make decisions that enable you to care for yourself."
Whether you are looking to go back to school, save up an emergency fund, send your kids to college, save up for a large spend like a house or wedding, or just grow your overall wealth, investing is arguably the best way to pursue those goals.
Women earn approximately 83 cents to every dollar a man earns, on average. That means that even if we’re saving the same percentage of our income as men, we’re not going to save the same amount. In addition, women also tend to live longer. Basically, less money has to last longer when women simply save their money without an investing strategy.Many employers do a match on a 401(k) or similar retirement savings plan. If you’re unsure about whether or not investing is really a good option for you, enroll in your employer’s program and watch as your savings grow.