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Women turn to apps to help manage investments

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Women are more likely to engage with their finances if they know they’ll receive regular updates or ‘nudges’, according to the Fidelity’s Financial Power of Women report.

The report showed half of women would choose to invest through an online platform or website, with over a quarter saying this is because they liked having regular updates on their investments

Similar to health apps (used regularly by 29 per cent of women) which track and remind users of their fitness or health goals, these money nudges help women to keep on top of their investments.

A quarter (25%) of women who had invested for the first time in the past twelve months had also topped up their investments after a prompt from the app.
Emma-Lou Montgomery, associate director for Fidelity International said: “Women, and indeed men, are becoming increasingly familiar with using apps to manage many aspects of their lives, and so it stands to reason that money management apps should be part of this. Just as we use health apps to manage our steps, travel apps to check on our commute, we now using money apps to manage our finances. But it doesn’t need to stop at budgeting and saving.
“Many will already be using an app or website to do their banking or budgeting and it’s encouraging that now more are using apps to invest as well – whether that’s rounding up the pennies or super-charging their investments.” She added that women have traditionally seen investing as inaccessible or time-consuming, so apps are potentially a good solution.

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