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McKague Financial to the Rescue

October 26, 2016

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3 Ways Women Can Become More Confident Investors

Women investors have reason to celebrate their strengths if they can overcome one big weakness. Women investors may be their own worst critics, because as it turns out they're doing a lot right. A Fidelity Investments survey released in May found that, on average, women investors outperformed men by 40 basis points. Women in the study consistently saved a higher percentage of their salaries in workplace retirement accounts, as well as individual retirement and brokerage accounts. That paints an encouraging picture, but there's one area where some women fall short: confidence.

 

Gina McKague, president and CEO of McKague Financial in Livonia, Michigan, says a lack of confidence shouldn't be confused with a lack of knowledge, even though women may ask more questions.

 

"Women need to know the how and why regarding their investment choices and options," she says. "It's not just the return on investment they seek, but how the decisions they make will impact their overall plan.

 

"That desire to understand makes women wiser investors, McKague says, but it can also make them more self-conscious about their investment decisions.

 

Time is another constraint that often hampers women, who may be juggling a job, kids and a household.

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