Millennials women are saving up and interested in investing, but are unfortunately held back by fear, a study reveals.
Despite the cultural narrative around millennials and financial planning, the study found young women to be incredibly active and prudent managers of their personal finances with the cash flow to pay off debt, save money, and invest for the future, a press release states.
They’re smart about paying off debt first—and when they do invest, the record shows that they set themselves up for an even brighter future.
Lending company SoFi teamed up with Levo, a leading professional community for game-changing millennial women, and surveyed 2,050 millennial women on their behaviors and motivations around financial habits.
Key findings show that of the women surveyed, 53% have an emergency savings fund set aside and that 70% of them review their bank accounts at least once a week.
Moreover, 56% say fear holds them back from investing, even if they’re interested in getting started. However, when they do get in the investing game they often outperform men.
Sofi says in a blog post:
These findings indicate millennial women are much more financially responsible than they’re given credit for, in that they are savers and have cash flow to invest.
Find out more here.