If you play the stock market it’s a good bet you check on your portfolio at least once a day. And according to a new survey it’s also a good bet that you’re a man if you’re doing that.
A recent Wells Fargo poll shows that 34% of women who call themselves rich also say the stock market 'too risky.' 41% say it's not the best way to grow savings. Financial planner Bill Dendy told KTRH that many women are missing out.
“The belief that it’s too risky leaves women earning returns that are lower than their male counterparts,” Dendy said. “If you enter the market in a fearful condition you are more likely to exit at the wrong time, when things aren’t working out.”
And 58% of the women polled said they have no interest in learning more about the market. Dendy says that's a mistake.
“We’re going to have to overcome that by looking at what happens if they don’t get the knowledge and one day have to manage those portfolios,” Dendy explained.
All of this could come down to mindset. Women tend to take less risk than men do.
“When they look at the big picture they’ll realize they are taking risks by not moving forward with a properly allocated investment portfolio,” Dendy stated.
Dendy says if women take the time to look at what's going on out there, it's a bigger risk to stay out of the game than it is to get in the investment game.