Millennial Women Lean Into Investing: They Start Earlier, Invest Across More Asset Classes and Carry Greater Confidence Than Previous Generations

Millennial women are getting started with investing nearly a decade earlier than Boomer women, according to a new generational analysis of data from Charles Schwab’s 2025 Women Investors Survey. They are also investing in a broader and more complex range of asset classes, have greater confidence in their investment strategies, and are more likely to say they find investing fun and empowering than older generations.

The survey of 1,200 American women investors who are primary or joint financial decisionmakers in their households found that the average age that Millennial women started investing is 27, as compared to Gen Xers who started at 31 and Boomers at 36. Almost one-third (31%) of Millennial women investors say they feel very confident in their investing strategy while a quarter each of Gen X women (26%) and Boomer women (26%) say the same.

Millennial women have come to investing with different motivations and drivers than previous generations, according to the survey. Less than half (47%) started primarily to save for retirement whereas large majorities of Gen Xers (62%) and Boomers (77%) cite retirement as their primary reason for getting started. Millennial women are more likely than older generations to say they got interested on their own or because they wanted to learn.

Additionally, significantly higher numbers of Millennial women say they enjoy investing and that it gives them a feeling of empowerment. Millennial women are also more likely than older generations to see themselves as “investors” and “traders.”

"These really positive shifts with young women investors mirror what we see in our day-to-day work with clients,” said Jeannie Bidner, Head of Schwab’s Branch Network, overseeing the firm’s nearly 400 branch locations across 48 states. “Women are coming to the table earlier, more prepared, and asking deeper questions, which lead to more meaningful and personalized financial planning conversations. From day one, Schwab’s mission has been about empowering more people to get invested and reach their financial goals by removing barriers and providing access to products, education and services. We’re thrilled to see younger women own the role of investor with confidence and are excited to support them in shaping their futures.”

Doing it their way

The survey finds that Millennial women are more likely to embrace a broader and more complex range of investments beyond more traditional stocks and bonds, including cryptocurrencies, options or futures, and alternative investments.

When it comes to their strengths as investors, all women investors point to their patience and discipline, but Millennial women notably also highlight their strategic planning skills and open-mindedness.

“Younger women investors are off to a good start when it comes to embracing core investing principles like patience and discipline, though there is room for them to continue to strengthen those important characteristics, which often comes with time and experience,” said Bidner. “What’s interesting, is that younger women investors are more likely than older peers to be focused on building their base of knowledge and thinking through their plan and the options that are out there. It speaks to the heightened level of engagement we see among Millennial women and the importance of investing and financial education and resources – a big focus for Schwab.”

A community-driven approach

While knowledge sharing and tapping their communities to discuss finances is important to women investors across generations, it stands out as a core part of the investing experience for Millennial women, the survey finds. In fact, nearly twice as many Millennial women investors say they participated in an investment club or community when they first started investing than prior generations. Millennial women investors are also the most likely of those surveyed to see financial conversations as a way to build closer relationships. More than a quarter frequently discuss financial information or advice with others and are more likely to do so with their friends than older generations. They are also more likely to go to friends or leverage social media for financial information, research and advice.

“At Schwab, we believe that investing is key to financial freedom, and we are constantly working to engage people across generations to help them unlock the power of investing – but on their own terms. The way that Millennial women are making investing their own and creating a network effect by sharing their learnings is an important emerging trend, and we’re excited to support them in that effort,” said Bidner.

To learn more about how Schwab serves women investors, from those just starting out to those with decades of experience, visit Schwab.com/women-in-investing.

About the Schwab Women Investors Survey

The online survey was conducted by Logica Research from January 7, 2025, to January 23, 2025, among a national sample of 1,200 women investors in the United States, aged 21+, with at least $5,000 in investable assets and who are primary or joint financial decisionmakers in their households. Detailed results can be found here.

Disclosures

​The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. All expressions of opinion are subject to changes without notice in reaction to shifting market, economic, and geopolitical conditions.

Data herein is obtained from what are considered reliable sources; however, its accuracy, completeness, or reliability cannot be guaranteed. Supporting documentation for any claims or statistical information is available upon request.

Investing involves risk, including loss of principal.

About Charles Schwab

At Charles Schwab we believe in the power of investing to help individuals create a better tomorrow. We have a history of challenging the status quo in our industry, innovating in ways that benefit investors and the advisors and employers who serve them, and championing our clients’ goals with passion and integrity.

The Charles Schwab Corporation (NYSE: SCHW) is a leading provider of financial services, with 37.0 million active brokerage accounts, 5.5 million workplace plan participant accounts, 2.1 million banking accounts, and $9.93 trillion in client assets as of March 31, 2025. Through its operating subsidiaries, the company provides a full range of wealth management, securities brokerage, banking, asset management, custody, and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC, https://www.sipc.org), and its affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent, fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through Schwab Advisor Services. Its primary banking subsidiary, Charles Schwab Bank, SSB (member FDIC and an Equal Housing Lender), provides banking and lending services and products.

More information is available at https://www.aboutschwab.com. Follow us on X, Facebook, YouTube and LinkedIn.

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Women are coming to the table earlier, more prepared, and asking deeper questions, which lead to more meaningful and personalized financial planning conversations.