Why don’t most women identify as investors?

Women are a powerful economic force, building impressive investment portfolios and increasingly taking on the role of decision-maker of their household’s finances. Nearly 91% of American women investors say investing gives them a feeling of empowerment, according to the 2025 Charles Schwab Women Investors Survey. And that sentiment is even stronger among younger generations, with 94% of Millennial women investors feeling empowered—compared to 84% of baby boomers investors.

They’re also confident about their financial decisions and financial futures: 9 in 10 women investors feel they’re on the right track to achieving their financial goals, per the research. Yet many women investors are hesitant to truly own the role. Although nearly 85% of women currently own or have previously owned stocks, 38% still don’t think of themselves as investors, according to the survey.

That’s why it’s important to understand the roots—and the impact—of why this stealth investment mindset exists. Compared to men, women typically live longer and earn less money, which means they’ll need more retirement savings. To fully realize their potential as investors and prepare for the future, some women might need to shift their thinking.

There are varied reasons women might not see themselves as investors, even when their brokerage accounts and investing experience indicate otherwise.

More than a quarter of women who don’t see themselves as investors in the Schwab survey say it’s because they have a financial advisor or team that actively manages their portfolios and investment decisions. Another quarter point to a lack of confidence or knowledge, while 8% attribute it to not being a “risk taker” or not liking to gamble. 

But the source of these perceptions could run deeper and frequently involves language and social conditioning, says Meghaan Lurtz, a financial psychologist and lecturer at Columbia University. 

“Unspoken social rules—about aggression, for example—can be baked into the word investor,” Meghaan says. “The word itself evokes a high-risk, Wall Street image—one that many women don’t relate to.”

Rather than adopting the investor label, many women describe themselves as savers or planners—terms that feel more in line with being thoughtful and responsible, she says. To that end, when women talk about investing, they more commonly connect it to people, values, or causes. “I don’t often hear women call themselves investors, unless they’re talking about impact or philanthropic investing.”

Women who take an “undercover” approach to investing often use it to their advantage. Here’s where it helps, according to Meghaan:

• Long-term focus: Women are more likely to take a “buy-and-hold” position and less likely to chase market trends or react to temporary volatility. The Schwab survey found 80% of women investors say long-term goals are a bigger priority for them—and ranked patience and discipline as their top strengths. “Many women, especially working mothers like me, aren’t coming home thinking, ‘I can’t wait to tinker with my portfolio,’” she says.
• Openness to guidance: Women tend to ask more questions and seek out investment advice—traits that Meghaan says help them “develop more thoughtful, informed financial strategies.” In the Schwab survey, 86% of women investors report discussing financial information or advice with others.

Yet when women hesitate to identify as investors, it can also limit their financial possibilities. Here’s how it can hurt, according to Meghaan: 

• Thwarted potential: Even when they manage other financial responsibilities, some women might default to a partner’s investment strategies and decisions or adhere strictly to direction from their financial advisor. This could inhibit the urge to truly explore investing, limit hands-on experience, and curb long-term financial independence. The Schwab survey found only 21% of women investors rank knowledge as one of their strengths.
• Missed opportunities: A quarter of women investors say they don’t like to take on too much risk, per the Schwab survey. And while conservative investment management has helped many women avoid speculative trends, too much caution can mean missing out on meaningful financial gains. 

For some women, it may be time to redefine what it means to be an investor. Meghaan encourages them to think of investing not as chasing returns, but also as stewardship—caring for their wealth, families, communities, and futures. 

There may also need to be a reframing of risk—putting it in the context of “how it connects to her personal goals.” Tying risk to long-term priorities or values, such as retirement security, healthcare, or children’s education, can help make investing feel more like a strategy and less like a gamble.

Still, there’s no denying the forward motion. Investing is empowering women, encouraging more women to embrace the role of investor—not just in action but in identity.