Women more likely to have DIY super

Founder and Publisher of the Switzer Report
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Female investors are more likely to use self-managed super funds than their male counterparts, according to new data from Goldman Sachs Asset Management.

According to the GSAM 2013 Australian Retail Investor Survey, 30% of women use SMSFs to invest, compared to 25% of men.

The research also shows that women are more likely to use financial advisors than men, with 46% and 37% seeking advice respectively.

However the survey also revealed that an “alarmingly low” level of retail investors rely on independent financial advisers to help make investment decisions.

“The 2013 research also reveals that only 10% of retail investors are relying on independent financial advice to make investment decisions,” managing director of GSAM for Asia-Pacific, Jessica Jones, said.

“This is particularly concerning given the clear signal from investors that their knowledge and understanding of certain asset classes could be improved.”

This figure is down from 17% in 2012, with almost a third of investors relying primarily on investment tips from media commentators and experts.

“There is a real need and opportunity for advisers to engage with retail investors to help them better understand risk and diversification.”

Despite these concerns, Jones says there has been an overall lift in investor confidence in the domestic economy since 2012.

“This spike in confidence appears to be fuelling expectations of much higher returns and a strong preference for Australian equities,” she said.

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