Last week, Roy Morgan Research published some interesting detail on Australian children’s savings habits.

Its Young Australians Survey showed that more than 75% of kids aged between 6 and 13 years of age had money saved with an average amount of $251 kept aside.

More importantly in my view, it was also shown that in each of the 8-9, 10-11 and 12-13-year age groups, boys had saved more money than girls with the 12-13-year age group having saved the most ($322 for boys and $294 for girls).

Norman Morris, Industry Communications Director of Roy Morgan Research states:

While it’s encouraging to see that the vast majority of Australian kids are saving money, and that the value of their savings has increased in the last eight years, the discrepancy in how much boys and girls have saved is worthy of our attention.

One major implication and concern raised from this research, according to Mr Norris, is the disparity in childhood savings balances …

seems like an ominous precursor to later inequality and needs to be addressed

Unfortunately, the report didn’t provide any detail on what kids actually do with this money, although it’s a good sign that the average balances saved show some inclination for thrift on the part of kids.

The share market as a conduit for closing the wealth gap between boys and girls

Back on 26 September 2016 I wrote on a strategy to help kids become millionaires through a combination of an early start, a helpful handout from the parents, and generous amounts of time.

Now, when it comes to the investment side-of-things, although boys have a higher savings rate, they’re not necessarily better investors as argued by LouAnn Lofton, a Motley Fool writer in the US.

According to LouAnn, females have temperaments more suited to investing than males. For example, females:

  • are less impulsive
  • are less reckless,
  • are more patient,
  • trade less, and
  • are not prone to overconfidence

Given these traits, it could be argued that good direction and care from you, the parent, combined with your girls’ natural temperament, should be enough to set them on the right track for the rest of their financial lives.

Investing like a girl then is a very good thing.

Right, where do I start?

Here are three stocks that can be bought today which, when combined with a superior female investing temperament, should allow girls to have every chance of eliminating that wealth gap as they get older:

  • ISCS&P500 CDI 1:1 (ASX: IVV). The iShares Core S&P 500 exchange-traded fund seeks to replicate the investment return of US large-cap stocks, as represented by the S&P 500. This stock provides instant diversification away from the Australian economy and currency, and all for the measly price of 0.07% per year
  • Washington H. Soul Pattinson and Co. Ltd (ASX: SOL) can be best described as an investment company with investments held across several industries in Australia (such as telecommunications, building materials, energy and corporate advisory). With the Milner family effectively running the show and having a large stake in the business themselves, this is a company that’s being managed for the very long run
  • CSL Limited (ASX: CSL) is a global biopharmaceutical company that is, without a doubt, Australia’s best company. Its product range, global reach, strong market position in its key markets and a commitment to ongoing research & development make the shares of this company suitable for anyone with a long-term investing time horizon

Assuming there’s a little help to get the young girl/s in your life to $500 or more, this money can then be allocated to a long-term investment plan designed specifically to get her on the right path towards financial independence.

It’s incredible to think that a mere $500, earning a compound annual growth rate (CAGR) of 10% due to her now-unleashed superior investing temperament, grows to $58,695 50 years later.

Imagine though if in addition to the starting balance of $500, an additional $25 could be socked away each month until age 65. Then your 15-year-old daughter today would end up with just over $505,000.

Foolish takeaway

The benefits of getting your kids to invest aren’t just financial though. There are at least 10 very good reasons to teach your kids to invest which you can read here.

Whatever you do, make a start and let’s help close that wealth gap before it’s too late.

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Motley Fool contributor Edward Vesely owns shares of CSL Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.