Finances for women: Investing, saving and building for the long term

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  Serge Nussbaumer
  Chefredaktor

Ms. Miler, why is there a differencedifference between women and men when it comes to finances?

Differences in the financial behavior of women and men are often the result of traditional role models and unequal pay. On average, women earn less and interrupt their careers more often to look after the family, which in turn has an impact on their financial situation. In Switzerland, twice as many women as men work part-time and this has a corresponding impact on the money available to them.

Where are the biggest differences?

The biggest differences are in income, pension entitlements and investment behavior. Women tend to invest more risk-consciously and save more often in liquid assets than in higher-yielding investments. Yet it is precisely this discipline that makes women more successful investors in the long term: they invest consciously, disciplined and for the long term. A study has found that women generate around 1.8% more returns per year than men in this way – but that’s just one study.

How can the differences be overcome?be solved? Do they have to be solved at all? become?

Equal pay, fair distribution of care work and targeted financial education can reduce existing inequalities and enable social freedom and economic independence for all.

Why are financial services especially important for women?

Advice, financial planning and approach should be tailored to the biographies and needs of customers. This applies equally to women and men. As women’s biographies and challenges often differ from those of men, specific advisory services are required to address these specific life situations and needs. For example, individual and tailored financial planning, strategic support during career breaks, part-time work and longer life expectancy can provide targeted support to ensure financial security. Couples also often come to me.

With your company “SmartPurse” you advertise with the slogan: “Start your financial independence now”. How do I get started?

The best place to start is with some financial education. To do this, we at SmartPurse offer a free app that allows you to learn the basics and improve your financial situation in just three minutes a day. You’ll learn how to invest, optimize your retirement savings and achieve your financial goals. Then start investing – initially with manageable amounts. This will allow you to gain experience and grow over time.

What are typical mistakes that women make in financial matters?

Typical mistakes include not paying enough attention to finances, saving too conservatively and failing to make provision for old age. Many women leave financial decisions to others and miss out on opportunities to build wealth.

Which financial products are particularly suitable for women?

Special financial products for women are not necessary. The key is to choose products that match the individual risk profile – such as flexible savings plans, sustainable investments or customized retirement products. As women often invest in a more disciplined and controlled manner, broadly diversified products that are suitable for savings plans are particularly suitable for long-term wealth accumulation.

What advice do you have for women who are just starting to deal with the subject of finance?

Anyone new to finance should first analyze their financial situation, draw up a budget, set themselves clear goals, build up a nest egg so that they don’t have to sell investments for less than they’re worth, and familiarize themselves with simple basics. And then, above all, get started!

What role does financial education play and where can women get information?

Financial education is crucial for financial independence. A little business reading or podcasts can help. In addition, people of both genders have the opportunity to educate themselves through platforms such as SmartPurse, which offers courses, events and expert networks to increase knowledge and boost their confidence when making financial decisions.

What is your most important tip for women to be financially independent in the long term?

My most important tip: negotiate your salary consistently and invest early, but above all regularly, no matter how large or small the amount.

Which investment theme do you currently like best?

I am fascinated by investments in the future that focus on megatrends such as AI, new forms of mobility, smart cities, cybersecurity and sustainable investments – especially in renewable energies and environmentally friendly technologies.

Thank you very much!

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Olga Miler is an economist and entrepreneur specializing in financial education, innovation and customer experience. She has received numerous awards for her transformative work in the financial industry, including LinkdeIn Top Voice Finance, Top 100 Women in Switzerland (Women in Business), the FemBizSwiss Award 2021 for Communication, Top Female Entrepreneurs to Watch in 2021 (Tech Round), Inspirational Woman of the Year 201 (CityWealth Magazine), twice named in the Top Women in Fintech Powerlist (Innovate Finance) and recognition in the press such as Sky News, Newsweek, NZZ, Bilanz, BBC News, CBNC and Financial Times. As an expert, she has been researching financial education and gender-smart investing for almost a decade, regularly speaks at international conferences and writes the blog “Money Talks” for Watson News as a freelance columnist. After a successful career at UBS and various banks, she founded her own start-up – SmartPurse. In her spare time, Olga supports the Cherie Blair Foundation for Women as a board member. Her first book “Rich, richer…me!” was published by Beobachter Verlag in April 2024.