71% of women are investing in the stock market: Fidelity

Women are becoming increasingly investment-savvy, with 7 in 10 now investing in the stock market outside of their retirement accounts, according to a new Fidelity report. However, despite this progress, women's confidence in financial investing may still lag behind that of their male counterparts.

Yahoo Finance Senior Columnist Kerry Hannon delves into the details of this trend, exploring which generation of women is spearheading this new era of investing and examines how women's financial acumen has evolved over the years.

For more expert insight and the latest market action, click here to watch this full episode of Wealth!

This post was written by Angel Smith

Video Transcript

An increasing number of women are investing in the stock market, but they are also more likely than men to lack confidence when it comes to investing Yahoo Finance's own carry.

Hannon is here with a closer look at the data.

Carrie, what have you found?

Hi, Brad.

Yeah, there was a, an interesting study came out from fidelity to uh today that shows that, you know, seven in 10 women are investing in the market in the stock market outside of their retirement accounts and that's up from 60% last year.

So it's on the rise and boomer women are really getting rolling too there.

Uh up 23% of these women, boomer women investing in the market outside of retirement accounts.

And the overall number is something like 9.5% of their paycheck after the retirement, uh, savings is going towards investing in the stock market for all women.

But the ones who are really on a roll are Gen Z. Ok.

These are workers in their twenties and they are Uber optimistic.

Um They are setting aside about 10.4% of their paycheck after the retirement savings and, and they're starting earlier, which is so exciting for, in terms of building wealth for women that where boomer women really didn't get rolling in investing outside of their retirement accounts in the markets until they were in their fifties.

But here's the problem just as you noted, Brad, um women say that two, they're two times more likely than men to say that their investing knowledge is non existent.

OK?

This really troubling and they say that they're overwhelmed, they're intimidated and all of these things, you know, it's fair.

It's a mixed bag here.

So, you know, I recently sat down in the Yahoo Finance Studios to talk to a panel of women who are experts in the financial world about how far women have come in the past 50 years since the passage of the Equal Credit Opportunity Act.

Let's listen to what they had to say.

Well, it's so important to recognize that financial independence is not solely based on the amount of money you have, but the access to tools and things that help you achieve freedom and autonomy in your life.

And so with this act and with the power given back to women to be able to have more opportunities, more destiny, they hold their own destinies in their hands and can make those decisions.

I mean, it's, it's trickled to me and be able to be able to obviously charge my path, you know, have a career the way I did have a career and then become an entrepreneur in the way that I'm talking about financial freedom and independence to help women like myself who want to achieve that freedom and autonomy in their life carry.

That was really interesting.

And, and we know that you can catch more of that panel.

Our viewers can catch more of that panel.

Saturday 11:30 a.m. Eastern.

Right here on Yahoo Finance Carrie.

I, I read your story here and I thought it was particularly interesting to break down gene generationally as well here.

Uh, while we do have you, I wanna switch gears though, to social security.

As we're thinking about different generations.

Should someone who just turned 70 start claiming their social security benefits?

Yeah, it's a great question.

And the answer, the simple answer is why not?

Because uh the way the system is set up is that yes, you can start taking your benefit at age 62 and then you have your full retirement age, which could be 66 or 67 depending on the year where you were born.

But then the, the at age 70.

And so if you wait 62 to age 70 your benefit increases each year and that amount will be as you know, by the time you get to 70 it's not gonna increase anymore.

So there's no reason not to take it at age 70 you will get the biggest check for the remainder of your life if you can wait till age 70.

That's what I usually recommend.

People do.

Obviously not, everyone can do that because of health reasons and financial reasons.

But if someone's look at age 70 they're going, hey, should I turn it on now?

Yeah, why not carry Hannon?

Thanks so much and look forward to catching more of that special later on this week.

Appreciate it.

Thanks Brent.