Canadian Women Manage Their Money

The Female Investor Poll, conducted by TD Wealth Management and Environics Research, found that 67% of the women interviewed consider themselves to be financially successful, but define success in a number of ways:

· living comfortably within their means was cited by 24%,
· the ability to retire in comfort was mentioned by 22%
· being on track to meet their financial goals was noted by 20%

The survey also found that:

• almost 90% of the women interviewed are interested in playing a role in their household’s financial and investment decisions, and
• just over 60% are more interested in financial planning and investing than they were five years ago

In terms of their financial goals and retirement planning, the survey found that:

• close to 80% are comfortable with their retirement plan,
• a little over 60% are comfortable managing general investments,
• just over 45% own an RRSP, 
• while 62% hold nothing outside their RRSP

According to the survey Marital status and age are also factors in financial awareness and preparedness. Single, separated, divorced or widowed women are less likely to have a financial plan or own an RRSP, and are less likely to make use of technology to access financial information.

Women between the ages of 36 and 55 are particularly interested in managing investments, while women older than 55 are less inclined to increase their financial knowledge – but they’re also more confident in their understanding of investing.
    
The survey polled 900 Canadian women aged between 25 and 69, who have either sole or shared responsibility for investment and financial planning. The sample comprised women of variety of income levels, marital statuses and educational backgrounds.

– Camilla Klein                              editors@plansponsor.com