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Singaporean women lack confidence in investing: survey
A Global Investor Pulse Survey conducted by BlackRock suggests Singaporean women can be just as financially savvy as men, but are lacking confidence in investing.
The annual survey on investor sentiment polled 31,000 respondents across 20 markets, including 1,000 in Singapore. It found that while Singaporean men and women share similar financial motivations, goals and responsibilities, they differ in investment attitudes and approaches.
Fifty-five per cent of women surveyed feel investment is like gambling compared to 47 per cent for men. Only 38 per cent of women are willing to take on higher risks for higher returns compared to 54 per cent for men. Women also do not consider themselves as competent investors, with only 37 per cent of those polled feeling that investing is for people like them compared to 54 per cent for men.
Women also tend to hold more conservative asset classes such as cash (men, 76 per cent; women, 78 per cent) and insurance-linked investments (men, 40 per cent; women, 43 per cent).
More men hold investments across equities, bonds, property and alternatives compared to women. They are also more confident with making the right savings and investment decisions (men, 53 per cent; women, 50 per cent).
Almost half of Singaporean women tend to seek advice from family and friends when making long-term savings and investment decisions (47 per cent) compared to men (39 per cent). Similarly, slightly more women (28 per cent) consult insurance companies than men (25 per cent) and financial advisers (women, 40 per cent; men, 38 per cent).
The survey's findings also suggest single Singaporeans are less aware of their financial needs, and therefore feel less comfortable in making financial decisions. By contrast, those who are attached seem financially savvier, and are significantly more confident in managing their investments and retirement funds.