1 in 3 women investors anticipate becoming ISA millionaires


Plum, a smart money app, has conducted research showing that one in three women between the ages of 18 and 44 believe they have the potential to become a millionaire via astute investments in an ISA.

The research highlights the ambitions of a generation of women who are optimistic about their financial future. The study also revealed that women were less likely to take risks when investing, with most opting for tried-and-tested avenues such as buying property and stocks and shares ISAs. In comparison, men were more likely to opt for riskier investments such as single stocks, cryptocurrency and gold.

The research also showed that women are being cautious in their investment choices due to the current cost of living crisis, with almost three-quarters agreeing that the economic climate is making them less likely to take risks.

Better education and the availability of investment advice online is having a positive impact on women’s interest in investing, with close to two-thirds finding financial information available online helpful.

Plum’s Investment Product Manager, Elise Nunn, commented on the findings saying, “Women in particular are seeing the potential of investing to build their wealth, which is great as they’ve been traditionally underserved by investment providers. These results point to a more long-term and strategic approach to investing, which may actually make women better investors overall. They’re less likely to be distracted by gimmicky trends and more focused on what’s important, which is building financial resilience and meeting their goals.”

The research highlights the need for financial institutions to tailor their products and services to better meet the needs of different genders.

Plum was founded in 2016 by Victor Trokoudes and automates parts of personal finance, helping people save, invest, budget and manage their spending. The app has over 1.5 million customers across the UK and EU, helping them set aside more than £1.5bn.

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