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Women get worse money advice from financial advisors than men: study
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FOX Business’ Charles Payne and Nicholas Wealth Management David Nicholas answer a FOX Business viewer’s question of whether to take this year’s profits now and then jump back into the market once the election is over. They continue to answer other retirement investing questions on 401(k)s and dividend stocks.
Bad money advice is another hurdle women face that could potentially be widening the gender investing gap.
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Financial advisors often push women into making riskier financial investments compared to men with a similar appetite for risk, according to a study by researchers at Hong Kong University of Science & Technology.
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The two-year academic study featured trained undercover men and women posing as potential clients visiting all of the 65 local financial advisory firms in Hong Kong. Each participant was told to have a high- or low-risk tolerance for investing, have high or low confidence and be interested in investing domestically or internationally.