Women are taking the plunge into the investment world earlier than men, research has found.
According to research from Janus Henderson, women start investing at an average age of 32, three years younger than their male counterparts
The average age that people start to invest is 34, while 13 per cent discover investing later and choose to do so after turning 50.
James de Sausmarez, head of investment trusts at Janus Henderson said: “It’s great to see that women are making the decision to invest earlier than men, and it certainly gives hope that the industry is making some headway in helping close the gender savings gap.”
The survey conducted by Janus Henderson Investment Trusts, was put to 1,008 UK Adults that held investment products in mid-January.
The research also found that across all age groups, feeling financially stable and having the necessary financial liquidity was the primary trigger point for investing.
The second trigger, for those above 34, was the realisation that the state pension would be insufficient for retirement (30 per cent).
However among younger investors the second most impactful driver for investing was seeing their friends and family investing (34 per cent).
When asked why they did not invest earlier, more than half (53 per cent) said that it because they did not have any spare money.
The research also pointed out that a lack of financial education was a barrier. More than a quarter thought that they were too young (27 per cent) and a similar percentage of people did not realise the importance of investing (26 per cent).
While 18 per cent were worried about risking their savings.
De Sausmarez said: "The majority of those surveyed cited lack of spare cash as the primary reason they didn’t start investing earlier, which is particularly poignant in the current context of rising living costs.
“Young investors are right to prioritise building up a cash pot and reducing ‘bad’ debt, but investing doesn’t have to be about large chunks of capital.”
He added: “At the heart of the issue is financial education, it’s crucial that first-time investors understand that the first pound invested is in many ways the most important one because starting that process as early as possible, regardless of how much or how little money it involves, is the first step towards achieving that goal of ensuring a comfortable retirement.”
When asked what the main goals of investors were, 56 per cent of those surveyed saidit was to achieve a certain lifestyle in retirement. This was followed by ensuring they have an emergency pot of money (45 per cent).