Paxful, a global peer-to-peer fintech platform, has announced the release of its 2022 report on the state of women’s adoption of financial technologies. According to a new survey of 1,555 women in the United States, women are investing in stocks and owning bitcoin more than ever before with over half of respondents reported to have invested in stocks, nearly 90 per cent using mobile banking apps, and nearly a third owning Bitcoin.
The survey results reveal how women in the United States are leveraging financial tools and mobile banking applications to track finances and their existing level of education and application of Bitcoin.
These trends are tracked among different age groups, states, and household income levels. Just as McKinsey predicted in 2020 that women will be on track to drive the next wave of growth in US wealth management, Paxful’s 2022 survey confirms that there has been continued growth among women who are leveraging mobile banking applications to send money to friends and family, and even bitcoin ownership.
In the 2022 report, Paxful found that:
- Approximately 84 per cent of women are responsible for their family finances
- Nearly 60 per cent of women invest in stocks; this is 10 per cent higher than NerdWallet’s 2021 survey and a 20 per cent increase from the last S&P Global report in 2019 that found that only 26 per cent of American women have money in the stock market.
- Women in households with an annual income of $150,000 to $170,000 make up the highest percentage of bitcoin holders, followed by those in the $50,000 to $74,999 range
- Over 95 per cent of women have heard about bitcoin and over one-third own Bitcoin or digital assets
- Close to a third of women believe owning Bitcoin will lead to more financial freedom and 43 per cent of women want to learn more about the asset
Since last year, there has been notable change in the financial sector. The survey results suggest that a greater percentage of women are participating in the financial economy, with more than 51 per cent of women between the ages of 18 and 44 who are interested in learning more about bitcoin than any other age group.
“For Bitcoin to reach necessary adoption in the US we must make space for women,” said Jean Ng, VP of growth at Paxful. “More women than ever are becoming the primary breadwinner and women are expected to manage an extra $11trillion in assets by 2030. Additionally, women’s participation in Bitcoin and traditional stock markets have continued to grow steadily year over year. We are financially savvy and we’re increasingly curious about Bitcoin – yet the industry (not unlike the traditional financial system it eschews) has catered largely to one distinct message. It’s time to step into the 21st century, swing open our doors and widen the narrative.”
Although progress has been achieved in narrowing the gender gaps in the financial sector, there is still a long way to go. As financial innovations rewrite the future of the global economy, Paxful intends to take necessary steps to promote greater gender diversity and to foster an inclusive culture where all women are aware of alternative tools to build financial freedom.
“Bitcoin has the power to open doors and increase economic opportunity and mobility for millions of people across the world,” said Ray Youssef, CEO and co-founder of Paxful. “As the survey shows, close to a third of women believe that owning Bitcoin can lead to more financial freedom. The purchasing power of women is incredible, and their impact on the global economy should not be ignored. We believe that achieving widespread bitcoin adoption requires that we get ahead of the curve and speak to the needs of both men and women, allocating greater educational resources that onboard the next billion people for financial inclusion.”