Women investors overall tend to be more thorough than men in conducting financial and investment research.
Nearly eight-in-ten high income women (77 percent) rank smart investing as the most significant contributing factor to their financial success, according to High Income Women Investors, a new Spectrem Group e-zine. Only hard work, education and frugality rank higher as wealth creation factors.
Women investors overall tend to be more thorough than men in conducting financial and investment research. A national survey by LPL Financial found that women tend to research investments in depth before making portfolio decisions. The Millionaire Corner study finds that they are increasingly using social media as a research tool.
Seventy percent of surveyed high income women use Facebook, while two-thirds percent use the professional network site LinkedIn. Three-in-ten use YouTube and Twitter. High income women tend to be more engaged social media users. One-third, for example, are active Twitter users who observe, share, comment and communicate with others compared with 28 percent who observe only.
Nearly eight-in-ten follow family or friends on twitter, but the next highest percentages of high income women who use Twitter follow political commentators (53 percent) and news commentators (44 percent). Nearly three-in-ten follow financial and/or investment commentators.
When it comes to gathering investment information, 87 percent of high income women prefere articles as opposed to videos (3 percent). The Millionaire Corner study also finds that high income women are more likely to read financial blogs on social media or websites than other affluent investors. The platforms of choice are financial media websites such as Forbes, CNBC or Fox Business, followed by other financial websites and the websites of their financial provider or advisor.
Twitter and Linked are the two-most cited social media platforms where high income women are most likely to check out a financial blog, the study finds.
Female or male, financial information is a priority for wealthy investors, according to Spectrem research. More than half of Millionaires rate their financial knowledge as “extremely important” In contrast, about one-fourth of investors with less than $100,000 say their financial knowledge is “extremely important."
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.