Chip finds that women outpace men when it comes to ESG investing
Chip, the digital savings app, has analysed the demographics and behaviors of its 350,000 users to find a record number of female investors.
In addition, it found that there is a higher appetite for risk among women compared to typical data but also a strong uptake in Environmental, Social, and Governance (or ESG) investing.
The fintech, which last month launched its ChipX plan, bringing more new BlackRock funds to its users, found that close to a third – or 27% – of its investors are women.
The figure is 17% higher than the national average reported by the Office for National Statistics.
Chip also found that 46% of its female investors have a Stocks & Shares ISA – nearly four times more than the UK average of 12%, as reported by Boring Money.
The analysis of specific funds women choose to invest in found that the top five funds most popular among female investors are:
|1||Balanced (official name BlackRock Consensus 60 – Acc (D)|
|2||Ethical X (official name MyMap 5 Select ESG Fund)|
|3||Cautious X (official name MyMap 4)|
|4||Clean Energy (official name iShares Global Clean Energy UCITS ETF)|
|5||Emerging Markets (official name BlackRock Emerging Markets Fund)|
Chip’s findings suggest that the notion that women adopt a more conservative and cautious approach while men tend to have more appetite for risk, including investing in new and untested shares, is becoming increasingly outdated.
Simon Rabin, CEO of Chip, commented: “Our goal is to democratise savings and investments. I believe that everyone should have access to tools that can effortlessly take their savings to the next level and help grow their wealth. This includes levelling out the playing field, which has traditionally skewed male.”
“We want to show that investing is no longer an elite, exclusive world dominated by dusty legacy wealth managers or macho crypto-trading “bros”. Investing is a tool everyone should consider using. I hope that by removing barriers in the form of mountains of paperwork, overly complicated interfaces and complex language, we can empower absolutely everyone to put their money to work.”