Therèse Havenga, Head of Business Transformation at Momentum Savings
There is something fascinating about the way we behave behind the wheel. Some speed up when the road opens. Others slow down when the weather changes. Some check every mirror twice, while others trust their instinct and take the gap.
According to a Worldmetrics 2026 report on global gender driving statistics, male drivers face a 20% higher risk of fatal crashes than female drivers. They’re also less likely to wear seatbelts, more likely to violate red lights and more prone to using phones while driving.
It made me wonder: If men and women, on average, behave differently on the road, do they also behave differently when they invest? Do some investors ignore red lights and take too much risk too close to retirement? Do others play it so safe that their money never gets the chance to move?
Averages never tell the full human story. They show patterns, but not the lived experience behind a decision. Not every man rushes the gap, and not every woman brakes early. We all arrive at financial decisions with our own histories, fears and responsibilities. That is why this question feels relevant during Women’s Month: Investing is never just about numbers. It is also about safety, confidence and choice.
Most of us like to believe we invest with our heads. We look at performance, inflation and market cycles, and tell ourselves the decision is rational. But beneath the spreadsheet, another conversation often takes place: Can I afford to lose this? Will I blame myself if it goes wrong? Am I being wise, or simply afraid?
Paul Nixon, Behavioural Science Lead at the Momentum Group Digital and Technology Office, has done interesting research in this space. His data since 2024 suggests that women are, on average, less likely than men to switch investments when unit trust performance makes them anxious. “They also invest less aggressively and won’t increase or lower their risk as often as men do,” he says.
This doesn’t mean women are better investors, or men are irresponsible. It reminds us that people experience risk differently. For many women, money is security. School fees. Ageing parents. Family stability. Dignity, independence and choice. When women approach risk more carefully, it may be because they carry a wider emotional context into the decision.
That’s not a weakness. Patience and long-term thinking can be powerful investment strengths. But caution has its own risk. Over time, we need growth assets to help our money beat inflation. A money market investment may feel safe, but it is unlikely to deliver the long-term growth of shares.
At the same time, putting everything into crypto, AI stocks or any unproven asset a year before retirement may be poor timing dressed up as confidence. Risk and growth often sit on a seesaw. Too little risk, and inflation erodes our buying power. Too much risk, and we may panic and withdraw at the wrong time.
Good investing is not about pretending to be someone else. It is about understanding your own relationship with risk, shaped by money memories, past mistakes, responsibilities and family experiences. This is where balance matters: enough exposure to growth, but enough comfort to stay invested when markets become uncomfortable.
So, do men and women invest differently? On average, sometimes yes. But the deeper truth is that all of us invest through the lens of who we are, what we have lived through and what we fear losing.
The goal is not to become fearless. Fear makes us pause, question and prepare. But it should not drive the whole journey. In investing, as on the road, it helps to notice the warning lights. But it also helps to keep moving.
ENDS
