Single females are showing a great deal more interest than average in less conventional investments such as marijuana securities, blockchain and crypto-related securities and ESG investing, according to E*TRADE’s most recent wave of StreetWise, its quarterly tracking study of experienced investors.
In conjunction with Women’s History Month, E*TRADE analyzed trends among single female investors, a segment which is expected to make up almost half of the working female population between the ages of 25 to 44 in the next 10 years.
The survey, which was conducted in January and included 907 self-directed, active female investors who manage at least $10,000 in an online brokerage account, revealed that 35% of women are interested in marijuana securities versus 26% of the general population. Thirty-three percent are interested in blockchain and crypto-related securities versus 26% for the general population and 29% are interested in ESG compared to 18%.
Single women, the survey showed, also indicated a strong desire for real estate (53% versus 43%), renewable resources (52% versus 42%) and payment stock (46% versus 38%).
Almost two out of five single women (37%) are more likely to invest abroad than domestically, compared to 29% of the total population.
The survey showed single women were interested in financial wellness benefits such as student loan refinancing (24%) and education reimbursements (42%), compared to 17% and 34% of the total population, respectively.
More than two out of five single women (43%) have taken early withdrawals from their retirement accounts, compared to one third of the total population (33%). They indicated that they needed the money to pay for a large purchase (17%), a medical emergency (15%), unemployment (12%), or education costs (12%).
“Many single people carry the financial burden of an entire household, which can make it difficult to prioritize and visualize long-term financial goals when you’re trying to stay above water on the day to day,” Kerry McDermott, senior director of E*TRADE Advisor Services, said in a prepared statement. “For those who are hesitant to get started, it bears repeating that it’s critical to create a foundation, however small. Over time, the power of compounding can help women build their wealth and put them on the path to financial security."