Trading platforms are waking up to women investors. And they need us too.
Online brokers like Robinhood have been growing, as everyone from college students to retirees take advantage of easy trading apps and time freed up by the pandemic. Now trading platforms are looking at the next big growth area: WOMEN.
"Attracting more women to Robinhood’s platform will be key to its growth, especially as the company aims to evolve beyond its retail trading roots," reports The Wall Street Journal. And the platform joins outfits like Charles Schwab Corp. in the U.S., Hargreaves Lansdown in the UK and a host of others in pursuing female customers.
“What these statistics tell us: Now is a vital time for women to get involved in stock investing.”
That said, there's a long way to go.
According to another WSJ article, less than a quarter of the deposits in U.S. brokerage accounts were made by women. (It's important to note the use of the word deposits, which leads us to wonder if that is specifically different from the number of accounts or the amount in the deposits. And how the data might be affected by the disparity income -- women overall earn less than men and thus might have less money available to invest.)
The same article reports that a Credit Suisse survey of existing customers found that women had more assets in "low-yielding cash and fixed income."
What these statistics tell us: Now is a vital time for women to get involved in stock investing. This represents a seminal moment for women and wealth. There is more opportunity and ease to invest, there are more free sources of information and support. And there's more need than ever before that women need to take control of their finances, as we've seen the outsized effect the pandemic has had on us. We need to do it -- make money, create freedom in our personal lives, build knowledge about the way the business and the markets work and take part in one of the most important methods for increasing wealth over the past decade.
It's time for us as women to be bold when imagining and plotting out our financial future -- however that fits our particular circumstances. They say numbers don't lie. But they can change.