Regular updates and nudges encourage women to invest

Regular reminders and updates on investments are a key reason why women are choosing to invest through an online website or mobile application, often for the first time, according to new research from Fidelity International.

The study revealed that over a quarter (27 per cent) of women using an online website or money application to invest chose to do so because they wanted to receive regular updates on their investments. A further 19 per cent said the ability to receive regular nudges and reminders to invest was a key benefit of managing their investments online.

Fidelity found that women in particular are increasingly utilising online platforms as an investment vehicle, with almost half (49 per cent) of women citing it as their preferred investment method. For many women, the sole reason as to why they began in investing is because of money management applications, with 39 per cent of those who had downloaded one in the last 12 months also purchasing an investment product for the first time.

The ease and accessibility of online tools is one of the key reasons given by women for investing through a website or application, while 27 per cent the ability to access information quickly was crucial. Being able to view performance information in real time and easily was always cited as a major factor.

Women highlighted that ‘nudges’ from mobile applications allowed them to keep on top of their investments, with a quarter (25 per cent) of them who had invested for the first time in the past twelve months had also topped up their investments after being prompted.

Commenting, Fidelity International associate director Emma-Lou Montgomery said: “Women, and indeed men, are becoming increasingly familiar with using apps to manage many aspects of their lives, and so it stands to reason that money management apps should be part of this. Just as we use health apps to manage our steps, travel apps to check on our commute, we are now using money apps to manage our finances. But it doesn’t need to stop at budgeting and saving.

“Many will already be using an app or website to do their banking or budgeting and it’s encouraging that now more are using apps to invest as well – whether that’s rounding up the pennies or super-charging their investments. We know that women have traditionally seen investing as inaccessible or time-consuming, so the ability to manage their investments from an app in the palm of their hand, complete with timely reminders is a fantastic solution.

“As women will, on average, retire with a smaller pension pot than men, it’s vital that they start investing as much as they can, as early as they can.”

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