Fidelity International surveyed 1,041 men and 1,012 women on their views about using technology to manage their finance.

Technology can play a pivotal role in helping women overcome the barriers they face when it comes to investing, according to new research. While the majority of women still steer clear of the stock market, close to half of women (44 per cent) who had downloaded an investment app in the past 12 months have increased the amount they invested.

Fidelity International surveyed 1,041 men and 1,012 women on their views about using technology to manage their finance. This included the use of apps or online platforms to invest, and the reasons why they chose this method of investment. All respondents had over £1,000 ($1,320) worth of investable assets.

According to Fidelity’s findings, technology is playing an increasingly significant role in women’s lives. For example, over a third of women (35 per cent) use travel apps to plan and manage their holidays, and over a quarter (26 per cent) use apps to keep track of their fitness. 

However, currently, just 11 per cent of women use online tools to invest. With more using apps to manage other aspects of their lives there is an opportunity to encourage more women to invest by using technology.

Of those women who do use an investment app or online solution, almost half (45 per cent) use technology separate from their high street bank, ranging from fintech companies to challenger banks and robo-advisors to invest their money.  In comparison just 33 per cent of men choose this route.

The latest research showed that close to a third of women (32 per cent) said that they used an app because it was an easier way to invest, and close to a quarter (24 per cent) said they liked being able to regularly check up on their investments. 

A further 22 per cent said it was down to wanting something convenient that suited their lifestyle and which they could fit around time demands, while almost half (44 per cent) wanted access to advice, suggestions and guidance.

“Our Women and Money research is about more than merely highlighting a problem, it’s also about finding solutions to bridging the gender investment gap,” said Maike Currie, investment director at Fidelity International. “Technology is changing every aspect of our lives and investment should be no exception. Applied correctly it could help bridge the gap and attract more women to investment. Beyond using apps to plan our daily lives, whether it be shopping, travelling or our fitness regime, technology can also help us to become financially fit. We know from our ongoing research that women point to being time poor as one barrier to investing. Women also want more support in 'knowing where to start’ - apps and online solutions are a step in the right direction.”
 
Currie added: “Of course, it’s by no means a quick fix and there are still barriers to overcome. Women are still too reliant on saving into cash and we need to work on building that trust, but we also need solutions at a policy level so we are addressing this trust at source. Tackling the obstacles from all angles will ensure women are capable of reaching their financial goals and taking control, now and for the next generation.”