08 Mar 2023
As part of our Q1 State of Personal Investing survey, we asked 1,000 Americans about investing and their attitude towards artificial intelligence (AI) and found unique attitudinal data, specifically related to women investors.
For the past several decades, the investing landscape has been dominated by men. But new data from a Magnifi survey revealed that young female investors are eager and ready to put their money to work in 2023.
Of women planning to invest, the majority (55%) want to invest more of their money in 2023 compared to last year, led by Millennials (64%), specifically Asian (82%), Black (80%), and Hispanic or Latino (69%) women (1).
The survey also indicated that this group of female investors wants to take control of their finances and are eager to succeed long-term. 46% want to invest independently and believe it’s wise to start investing after you get your first job (48%) or once you have substantial savings (28%) (2).
We also found that negative news is not holding them back, as 72% of women stated they would continue to save for their financial future despite negative news coverage ranging from big tech corporate layoffs to the uncertainties of the economy and even the war in Ukraine (3).
According to the same survey, one factor is the ability to receive one-to-one, personalized investing guidance.
77% of women believe investing advice that is tailored to their specific needs and goals will help lead them to better financial outcomes. In fact, investment guidance from artificial intelligence (AI) is particularly intriguing as nearly all of Gen Z and Millennial women (91%) would make an investment decision based on advice from conversational AI like Magnifi Personal or ChatGPT (4).
Most women generally have an optimistic attitude toward AI’s capabilities. More than half of American women are either excited for AI to make their lives easier (19%) or believe it has the potential to improve their lives (33%). Gen Z and Millennial women are most looking forward to AI’s ability to make smart financial decisions like, analyze historical data and trends (54%), help understand complex financial terms (42%), and give investing recommendations (24%) (5).
The good news is as more and more women seek financial independence through investing, AI assistants, like Magnifi Personal offer investors the ability to craft hyper-personalized, diversified portfolios, making individual investing even more available and accessible for everyone.
Vasu Chetluru, Head of Conversational AI, offers three tips to get started:
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A recent survey by Magnifi found some good news: worrying about today isn’t stopping American investors from planning for their future.
Disclosures
This material is provided for informational purposes only and should not be construed as individualized investment advice or an offer or solicitation to buy or sell securities tailored to your needs. Investors should carefully consider the investment objectives and risks as well as charges and expenses of all innovation-related securities before investing. Read the prospectus carefully before investing. ETFs and mutual funds are actively managed and there is no guarantee that the manager’s investment decisions will produce the desired results. All investments involve risks, including possible loss of principal. ETFs trade like stocks, fluctuate in market value and may trade at prices above or below their net asset value. Brokerage commissions and fund expenses will reduce returns. You should carefully consider a fund’s investment goals, risks, charges and expenses before investing. Download a summary prospectus and/or prospectus, which contains this and other information and read it before you invest or send money.