Women Say They're 'Beginner Investors'

Women still feel kind of on the sidelines when it comes to investing -- but they don't necessarily want to be. The fact is, many women grew up in households where men did most of the financial stuff. Furthermore, financial literacy isn't taught in most schools, so home might have been the only place to learn about handling finances.

Last week on PLANADVISER.com, we wrote about two interesting surveys looking at women and investing. One survey finds that women place a lot of importance on their kids going to college, and yet they are not taking the lead when it comes to saving for it. The survey by investment management firm OppenheimerFunds found that almost three-fourths (74%) of women say it’s very important for their children to obtain a college degree (compared to 66% of men). Clearly college is important to both sexes, but women -- who perhaps know the difference college made to propel their careers -- especially advocate for it.

However, women don't necessarily play a role in planning for college financially. While many women are knowledgeable about their family's financial plan for saving for college, they still trail men: Women are less likely than men to know how much their household has saved for college (56% versus 65% of men) and also less likely to have a goal for college savings (40% versus 46%).

That shouldn't come as a surprise; men, in general, seem to take the lead in investing. Another survey last week by online brokerage firm Scottrade finds that women report having less investment knowledge than men. More than half of men describe themselves as "intermediate investors," while more than half of women consider themselves "beginner investors." Self-assessment of investing skills can be deceiving, but it's worth noting that so many women give themselves a low score.

On a positive note, women don't seem satisfied with their lack of financial knowledge, and the financial crisis has been an impetus to learn more. Almost a third of polled women say they gained a new understanding of their financial picture in the last year (compared to 24% of men).

The subtle differences of the sexes when it comes to investing continue to be fascinating. Some studies suggest that women are more conservative investors than men, with the most recent research linking the difference back to testosterone levels. Women might still be less confident about investing than men, but they are increasingly thrust into the driver's seat when it comes to their finances, particularly as more than half of women live without a spouse. So, ready or not, it's time to pay attention.