The narrative around female investors is due for a refresh, according to J.P. Morgan’s newly released 2024 Diverse Investor study, which surveyed 1,069 Americans over age 25 with at least $25,000 in investable assets.

One major glimmer of hope: More Black, Hispanic, and Latina women are investing than in prior years. In fact, 51% of Hispanic and Latina women respondents and 46% of Black women respondents started investing outside of an employer-sponsored retirement plan within the past five years, compared to 24% of all respondents.

“Improved access to investment resources is working,” says Veronica Navarro, head of communications for J.P. Morgan Wealth Management. “Investing is now more approachable to these communities, and for us that’s phenomenal.”

Another positive development, according to Navarro: Millennials of all genders are the first generation in which the majority of respondents have a self-directed investing account, meaning they are picking their own securities without an advisor. Navarro credits the shift to younger generations being more familiar with online tools and having increased access to platforms and information than the people before them. 

It also requires much less money to start investing than ever before, which helps women get in the game earlier. All of that aids women’s long-term outcomes and wealth building, she says. 

“Decades ago, the whole approach to women in the financial sector was about spending, and they would make fun of women,” says Navarro, noting perceptions of who an investor is have changed dramatically in recent years. “Right now, there’s a cultural shift where it’s cool to invest. Investing is seen as a positive, it’s not seen as something women don’t have access to.”

JPM’s report does find that women lag men in investing confidence—55% of women are confident in their investing knowledge, compared to 76% of men—and a much higher share of women say they are risk averse than do men.

But Navarro notes that confidence and being proactive don’t necessarily make men better investors; in fact, there is a large body of research that shows that women investors outperform men on average because more frequent buying and selling hurts men’s returns.

Women “understand that this is a long-term commitment, that it is looking beyond today. They are looking at the news—who can not?—but they are trying to keep their emotions in check,” Navarro says.

If there’s one change Navarro would like to see, it’s women thinking of themselves as “investors” rather than simply “savers.” Shifting that mentality could help build confidence—and wealth.

“The view I had was that investing is gambling, in a way. I didn’t invest for so long because of those views that investing is dangerous and it is better to put money under the mattress,” says Navarro. “But we need to stop talking about saving for retirement. Investing is the key to success.”

Alicia Adamczyk
alicia.adamczyk@fortune.com

The Broadsheet is Fortune’s newsletter for and about the world’s most powerful women. Today’s edition was curated by Nina Ajemian. Subscribe here.

ALSO IN THE HEADLINES

- Funding research. First lady Jill Biden introduced a $500 million plan for researching women’s health. The funds will mostly come from the Department of Defense, which provides medical care for more than 230,000 women on active military duty and almost 2 million military retirees and their families. The research will focus on why women experience immunity-related disorders twice as often as men. Fortune

- Dissenting decision. Federal Reserve Governor Michelle Bowman was the only governor to dissent to the Fed’s decision last week to lower interest rates by half a percentage point. Bowman now explains her decision, saying she supports “moving at a measured pace” to bring inflation down; she would have preferred a quarter percentage point cut. CNBC

- More charges. A new study shows that at least 210 women were charged with pregnancy-related crimes from June 2022 to June 2023 after the fall of Roe v. Wade, more than in any 12-month period since 1973. Despite that record, almost none of the women were accused of violating abortion bans; instead, allegations were related to substance abuse or pregnancy losses were treated as crimes. AP

- Recipe for success. Ina Garten—chef, cookbook author, and longtime cooking show host also known as the Barefoot Contessa—is releasing a memoir in October, titled Be Ready When the Luck Happens. “My cookbooks matter to people, which makes me feel really good,” Garten said. “And the memoir matters in a different way. This is what I’ve learned, and maybe it’ll help you.” Wall Street Journal

MOVERS AND SHAKERS

Law firm Ropes & Gray renewed Julie Jones for a second term as chair.

Designer Alberta Ferretti is stepping down as creative director from her self-named brand; she will continue to serve as vice president of Aeffe, its parent group.

WEKA, a data platform company, appointed Lauren Vaccarello as chief marketing officer. Previously, she was an executive-in-residence at Scale Venture Partners.

Sorenson, a language services provider, named Wendy Adams chief relationship officer. She most recently served as Sorenson senior design consultant.

ON MY RADAR

Ellen DeGeneres is in her boss era on her new Netflix special New York Times

Bling it on: An AI Startup turns shoppers into jewelry designers The Information

How Foot Locker is waging a comeback after its breakup with Nike CNBC

PARTING WORDS

“I had feedback early in my career of, ‘you’re too emotional, you’re too passionate,’ and it took me a couple of years to understand that, you know what? That’s not a weakness. That’s my superpower.”

— Hanneke Willenborg, CEO of vitamin and supplement company OLLY, on being herself at work