Women and men are just as serious about getting in the investment game, but it’s what keeps them engaged in the ups and downs that might give men the edge, a new survey shows. While women are driven more by certain life events –– say, saving for retirement or putting their kid through college –– men keep their eye on “the prize.” In most cases, that’s how much money they want in the future versus how much they have now, according to RBC Direct Investing, which conducted the poll.
That mentality just might be giving men the upper hand. A new study published by the Association for Psychological Science, shows evidence that focusing on broader goals rather than individual events could be the key to reaching long-term success –– whether in dieting or financial planning.
This “allows us to psychologically distance ourselves from the pushes and pulls of the immediate moment,” the study says. “This, in turn, makes us more sensitive to the broad implications of our behaviour and leads us to show greater consistency between our values and our behaviour.”
Men have also consistently been more confident than women in their investment choices, and RBC found a similar trend in its poll. Men overwhelmingly rated their investment skills higher than women (61 per cent vs. 47 per cent).
“Traditionally, women have felt more intimidated by investing than men have,” says Stephany Kirkpatrick, LearnVest Financial Planner in Residence. “They want to learn, but they lack the initial knowledge and confidence to get them started early in life.”
With an influx of women-oriented personal finance tools and sites, that all could change with the next generation. See Kirkpatrick’s tips on how women can start building up investment steam.