Women who invest their money get slightly higher long-term returns than men, new analysis suggests.

But only about a quarter of UK women have investments, compared with about 40% of men, a separate report shows.

We’ve looked at the data behind these trends, which reveal some surprising differences in how men and women approach investing.

Teleri Evans was 25 when she began saving into a Help To Buy ISA then a couple of years later she took out a stocks and shares Lifetime ISA. By 33, she had £40,000 saved – with £8,000 of it returns on her investments.

“I saved aggressively, and lived at my mum’s for half of that time, so I could save as close as possible to the maximum £4,000 per year into Lifetime ISA,” she says.

The civil servant from Cardiff used the money towards a house deposit earlier this year with her partner.

Only 26% of UK women invest, but that this falls to 23% for those under 45, according to a study by consumer finance website Boring Money.

In contrast, 41% of all men invest, which holds steady at 40% of those under 45.

So why are fewer women investing than men?

It can be “largely attributed to culture”, according to Gillian Fleming, co-founder and managing director of UK-based Mint Ventures, a women-led angel investment firm.

“Men historically have been more likely to make family investment decisions, and women have also historically not owned the balance of wealth, but that is changing now,” she says.

“Also, money and wealth creation is not a topic that women often discuss, and we would like to change that.”

Teleri says she has noticed a shift of late. “Investing is definitely something that women are talking about more, which is always a good thing,” she says. “That’s the case with my friendship group.”

When women do invest in stocks and shares, analysis by Fidelity International found that over three years its female personal investing customers recorded cumulative returns of 50%, compared with 47% for men. The analysis does not identify the reason for the difference, but why may it be the case?

One possible clue to women’s slightly higher long-term returns lies in how often they buy and sell their investments, with Barclays data showing that women trade around half as frequently as men.

This could be because women are more patient and risk averse, says Joanna Floyd, business psychologist at London-based The Work Psychologists.

“Studies show that male investors trade more than women, chasing higher returns, but women actually get higher returns,” she says.

“The restraint that keeps women out of the market in the first place is the very same thing that rewards them once they are in it.”

That more cautious approach to risk can be seen beyond investing, with women more likely to choose certainty when faced with a financial gamble.

When it comes to how women invest, Fleming says they are deliberately more cautious.

“Women are often accused of being more risk adverse, we call it more risk aware,” she says. “Certainly from speaking to male investors their main focus is on the rate of return.”

Fleming also says women appear to invest more broadly. “Men are more likely to invest in technology companies for their higher potential returns, whereas women want to invest in a broader range, from retail to food and drink, health and beauty, fem tech and creative industries.”

Anna Macdonald, investment strategy director at financial services company Hargreaves Lansdown, agrees that women choose the companies they invest in carefully.

“Women appear to place relatively greater weight on where their money is going and what impact it might have, as well as the reassurance that an investment is right for them,” she says.

“Our research suggests men are…more readily attracted by the potential financial return.”

Jemma Slingo, pensions and investment specialist at investment firm Fidelity International, says female investors “appear more likely to connect investing with real-life goals, from building emergency savings to looking after children.”

It’s important to remember women in the UK generally have less money to invest than men because the continuing gender pay gap means they earn less on average.

Macdonald says that the investment sector “needs to do a better job of making investing feel accessible, relevant and connected to people’s own goals and values”.

“Addressing this would be good for women’s long-term financial resilience and for the UK economy.”