Now I don’t want to cry “glass ceiling,” but there’s seriously something up with these numbers.
A new survey by invstr, a social finance app, has revealed differences between the men and women of Gen Y. For the most part, male millennials are outperforming their female equivalents. What exactly did this study show? Well…
- Guys trust themselves more. About 45 percent of males versus 33 percent of females say that they trust themselves to get sound financial advice.
- Men are able to save more. On average, female millennials have $11,650.35 in savings compared to $16,560.70 for guys of this generation
- They’re more confident. A reported 15.65 percent of males say they’re very comfortable investing in the stock market, which is almost double that of females at 8.17 percent
- Men invest more often. When it comes to stocks and bonds, 401ks, IRAs, gold, bitcoins, and other investing methods, 77 percent of males have invested compared to 67 percent of females
And while these statistics may change as millennial women age, males of older generations generally end up having an average of 50 percent more in their retirement accounts. All of which is troubling, considering that women tend to outlive men by five to six years.
Though these numbers seem disheartening, millennials as a whole may be on a path to outperforming their predecessors.
“Millennials are very financially aware, probably more so than any other generation before them, because many of them came of age during the financial crisis and its aftermath,” said Kerim Derhalli, CEO and founder of invstr. “As a generation that carries large amounts of debt and new personal financial responsibility, it’s important that they’re empowered to make smart financial decisions that prepare them for the future.”