Employers can help raise financial literacy of staff by offering classes

IN a recent survey of the financial habits of Singaporeans, OCBC Bank found that 39 per cent of women (versus 31 per cent of men) had no investments, 43 per cent of women did not know the best ways to grow their wealth (against 32 per cent for men), and 54 per cent of women (versus 44 per cent of men) have no sources of passive income.

To be clear, there are some seriously financially savvy women, and not just those at the top of the league in the finance sector. But these survey numbers - which suggest that across the broader population, women are generally less prepared than men - gel with findings in other countries. For example, a 2017 study by Merrill Lynch and consulting firm Age Wave reported that only 52 per cent of US women were confident of their investment abilities versus 68 per cent of men, and that the biggest financial regret among women was that they had not invested more of their money.

The main reasons given for women's investing inertia were that they did not have the knowledge and confidence. A 2014 study in Canada also reported similar findings, and attributed the gender disparity in investing to societal stereotyping. In other words, investing is traditionally seen as a man's role, and comes across as intimidating for some women. Overall, studies have generally shown that women tend to leave major financial matters and decisions to their partners.