Nearly 20% of American women with more than $1 million in assets say they have no intention of retiring, significantly ahead of their male counterparts, according to new research exclusively shared with Fortune.<\/p>\n
The Goldman Sachs survey, which included more than 1,000 U.S. high-net-worth investors, found 18% of women\u2014with an average age of over 60\u2014have no plans to retire. The same can be said for only 11% of men.<\/p>\n
The report, titled Opening the Door to Alternatives, found that women had three main investment goals: Maintaining their spending came first, with 48% of women saying this was a motivation, followed by 47% of women saying they want to preserve their wealth.<\/p>\n
A further 44% said their investment strategy included planning for a comfortable retirement, with women on average saving 17% of their income each month. Of the female respondents Goldman spoke to, their average income was a little under $550,000 a year. <\/p>\n
As well as unpacking women\u2019s financial goals, the report also explored how their investment strategies differ from those of their male counterparts. While female investors showed a preference toward equities (40%) in their portfolio, that wasn\u2019t as high as their male counterparts, who allocated 45% to equities.<\/p>\n
Women held a little more in cash (21% versus 19% for men) and a little more in fixed income (25% versus 23% for men).<\/p>\n
Female investors were also extremely focused on performance in their investment strategy, identifying it as the characteristic they look for first when entering into a new purchase. The flip side is that they are more focused on risk: 92% of the women Goldman spoke to didn\u2019t own alternatives, with 34% saying the asset class was too risky.<\/p>\n
Even then, alternatives weren\u2019t ranked the most risky by female investors; they said cryptocurrency was by far the least reliable asset, compared with U.S. stocks, for example, which only 22% of women classed as \u201chigh-risk.\u201d<\/p>\n
But as women increasingly become power players in the economy thanks to the spousal element of the Great Wealth Transfer, this may change. <\/p>\n
\u201cAs wealth accumulates, so too does the imperative to diversify beyond traditional markets and explore dynamic asset allocation models,\u201d said Kyle Kniffen, global head of alternatives for third-party wealth at Goldman Sachs Asset Management. He added: \u201cThis approach leverages alternative investments to seek enhanced returns and capital preservation, moving beyond conventional portfolios to optimize long-term financial health.\u201d<\/p>\n
Women reshaping investment<\/p>\n
In the coming decades, women will be altering investment flows as a result of funds they inherit in the Great Wealth Transfer.<\/p>\n
The \u201csideways succession\u201d of female inheritance has been put at some $9 trillion according to studies, as part of the broader shift over the next 20 to 30 years, with some\u00a0$124 trillion being passed down<\/a>\u00a0from older generations to their younger counterparts, with baby boomers\u2014people born between 1946 and 1964\u2014identified as the wealthiest generation in history.<\/p>\n