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How women are investing their money in 2023

When it comes to accumulating wealth, here's how women are spending their money in 2023.

CHARLOTTE, N.C. — Despite a sharp increase in the number of women investing outside of traditional retirement accounts, new data from Fidelity shows women are still behind men when it comes to accumulating retirement savings. 

And when it comes to investment apps, there's more to it than simple branding, financial experts say. It takes a lot more than marketing to create investing tools tailored to women. 

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"It can't just be the things that used to work for men and just put a pink label on it," Bernadette Joy, the founder of Charlotte-based Crush Your Money Goals, said. "A lot of my clients who actually really think about investing, they look at what's available in terms of investment products. A lot of those investment products aren't aligned to what women really want to invest in." 

It's a practice that women are behind on. According to the Transamerica Center for Retirement Students, women fall behind in retirement savings and investments when it comes IRA's, 401(k)s and brokerage accounts. 

Still, breaking down a study from Fidelity on women and investing showed that as of 2021, 67% of women are investing outside of retirement accounts. That was up 23% from 2018. 

WCNC Charlotte is always asking "where's the money?" If you need help, reach out to WCNC Charlotte by emailing money@wcnc.com.

Over the last decade, Fidelity researchers found that women outperformed men by about half a percent. As for what they're investing in, researches listed individual stocks and bonds, mutual funds or ETFs, money market funds and cryptocurrencies. 

It's something Joy pushes for with her clients. 

"I'm really encouraging women, in particular this month, Women's History Month, to kind of book the historical trend of being underpaid and undervalued and taking control of our financial system," Joy said. 

Contact Kia Murray at kmurray@wcnc.com and follow her on FacebookTwitter and Instagram.

WCNC Charlotte is committed to reporting on the issues facing the communities we serve. We tell the stories of people working to solve persistent social problems. We examine how problems can be solved or addressed to improve the quality of life and make a positive difference. WCNC Charlotte is seeking solutions for you. Send your tips or questions to newstips@wcnc.com.

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