Abstract

Historically, the financial sector has been dominated by men. However, during the last few years,  the proportion of women in leadership roles at financial services firms has risen. According to Deloitte, this proportion reached 24% in the fourth quarter of 2021. As opportunities for women in the financial sector grow, financial tools, applications, and innovations are making it easier for women to reach higher levels of financial inclusion and gain confidence as active participants in the global financial market. 

By surveying 1,555 women in the United States, Paxful discovered that:

  • Approximately 84% of women are in charge of their family’s finances
  • Almost 90% of women use mobile banking apps
  • More women are using checks to send money to friends and family than wire transfers
  • Gen X women like stocks; Gen Y + Z women like Bitcoin  
  • Over 95% of women surveyed have heard of Bitcoin, nearly a third of women own Bitcoin
  • Almost a third of women surveyed between the ages of 30-44 own Bitcoin (more than all other age groups)
  • Bitcoin ownership is more prominent among women whose household income range between $50,000-$74,999 and $150,000-$199,999 
  • Women based in the Middle Atlantic region of the U.S. (Pennsylvania, Maryland, New York, New Jersey, Delaware) take the lead on Bitcoin ownership
  • Women based in the South Atlantic region (Washington DC, Virginia, West Virginia, Florida, Georgia, North Carolina, South Carolina) want to learn about bitcoin more than any other region in the U.S.
  • 43% of women in the United States want to learn more about Bitcoin 

The data revealed in the survey provides insurmountable evidence that 1) women are leading the usage and adoption of new financial apps and instruments, and 2) a gap exists between women who are financially literate and those that own Bitcoin. 

Introduction

How have women begun to stake their claim in the financial industry? The answer is simple, through a keen interest in the sector, increased financial literacy, and active participation – from managing their family’s finances at home to changing the ratio of women in leadership positions in the finance sector. 

According to the findings of this survey, more than 84% of women in the U.S. manage their family’s finances. Compared to previous studies that have shown that women are lagging behind men when it comes to managing and accessing assets or financial services around the world, this is a tremendous improvement. 

In the last few years, Bitcoin has been heralded as a road to a more equitable, transparent, and inclusive world. Mobile apps and platforms have made it easier for women to invest in stocks, and the growing financial literacy among women has also led many to explore  Bitcoin as an alternative financial tool. As participation by women as users and key decision-makers in the financial sector continues to grow, identifying areas, where more job and education opportunities can be created, should be mission-critical.  

Objective

This survey seeks to examine the trends in how women in the United States are leveraging financial tools and applications.

Methods

A survey conducted by Paxful, a global peer-to-peer fintech platform, was administered online via the SurveyMonkey platform to study how women in the United States are leveraging financial tools and mobile banking applications to track finances and their existing level of education about Bitcoin. The survey was administered on February 28, 2022 and the data was gathered on March 1, 2022. Data on these trends are tracked among different age groups, states, and household income levels for each survey respondent were auto-generated via SurveyMonkey participant profiles. The content of the survey instruments focused on identifying the growth among women who are leveraging mobile banking applications to send money to friends and family, and even Bitcoin ownership, as self-reported by respondents. 

Results

We received responses from 1,555 women in America. 

Table 1. Participant Demographics

AgeHousehold IncomeRegions 
18-29
30-44
45-59 >60
$50,000-74,999
$75,000-99,999
$100,000-124,999
$125,000-149,000
$150,000-174,999
$175,000-199,999
$200,000+
East North Central
East South Central
Middle Atlantic
Mountain
New England
Pacific
South Atlantic
West North Central
West South Central

General Trends

The survey revealed that women are very comfortable with managing money, whether digitally through banking applications like Zelle, Venmo, and PayPal or through checks, and trading Bitcoin. According to the survey, approximately 90% of women surveyed use mobile banking applications. Almost 73% of women use mobile banking apps like Venmo, Zelle, or Cash App to send money to friends and approximately 1% use Bitcoin to send money to friends and family.

Do you use mobile banking apps

The survey also revealed that out of 1,555 women, over 95% have at least heard of Bitcoin and another fifth of the women surveyed invest in Bitcoin. 

Have you heard of bitcoin

This shows that not only have women heard of Bitcoin, but that they are actually looking to invest in Bitcoin. 

Do you want to learn more about bitcoin

There is still a gap between women who own Bitcoin and those who invest in stocks, which made up nearly 60% of this survey’s respondents. 

Do you invest in stocks

While just a little over half, it still represents a 10% increase over the last year if referencing a report published by Nerd Wallet in 2021 that showed that only 48% of women invested in stocks at the time. 

What these trends tell us is that investing is no longer a male-driven world. We are starting to see a considerable shift in women’s interest in not only learning about stocks but also taking part in investing in stocks as well.

Age Trends

The survey reveals that younger age groups are more likely to own Bitcoin, with Gen Y and Gen Z women demonstrating higher Bitcoin ownership than any other generation of women to date.  While women between the ages of 18-44 believe Bitcoin can lead to financial freedom, only 20% of women own Bitcoin. 

Currently, women between the ages of 30-44 are the biggest holders of Bitcoin. Women between the ages of 18-29 were the next highest group of Bitcoin owners, and among them, more than half are interested in learning more about Bitcoin.  

With a large percentage of women using mobile banking applications, the introduction of Bitcoin payments or yield generation products within existing apps and services could have a significant impact on adoption.

Do you own bitcoin

U.S. Regional Trends

Across the United States, the percentage of women who own Bitcoin range from 17-23%. The data tells us that location is not a factor when it comes to Bitcoin ownership or the desire to learn more about Bitcoin. Coastal cities have the most startup hubs, so naturally, the awareness around Bitcoin and other financial innovations would be more common in populous cities that serve as financial hubs.

Do you own bitcoin

Some of the highest percentages that the survey produced were women who were interested in learning more about Bitcoin, which ranged from 31-46% across the board. The South Atlantic region comes in first when wanting Bitcoin education, but as it was with ownership, other parts of the country are not far behind. 

Do you want to learn more about bitcoin

About Paxful 

Paxful is a global peer-to-peer fintech platform for people to make payments, transactions, and send money by buying and selling Bitcoin as a means of exchange. Founded in 2015 by Ray Youssef and Artur Schaback, Paxful’s mission is to help everyone have equal access to finance no matter who or where they are. More than seven million people use Paxful to buy and sell Bitcoin (BTC), Ethereum (ETH) and Tether (USDT) with nearly 400 different payment methods.

As part of Paxful’s mission to support emerging markets, Ray Youssef, alongside Yusuf Nessary, set up the Built With Bitcoin Foundation, a U.S.-based registered 501(c)(3) not-for-profit dedicated to creating equitable opportunity by providing clean water, access to quality education, sustainable farming, and humanitarian support – all powered by Bitcoin and cryptocurrencies. To date, the Foundation has built and repaired 8 schools, 7 solar projects, and over a dozen water and farming systems across the globe.