Insights

Regardless of gender, a good financial plan is one that is unique to you and the goals you set for yourself. But a financial plan that works for the man in your life may not automatically work for you.

There are added factors that make certain planning elements more critical to women. There is often a need to balance caregiving for children or older parents with a career and other personal commitments. Women worry about leaving a legacy and becoming a burden to their children in the future. Some of these ‘life factors’, coupled with the concerns women tend to have when it comes to their wealth, also suggests that women may choose to invest differently from men. All of the factors that affect them require careful consideration and planning.

Women have historically taken a back seat when it comes to investment decision-making. In a recent poll among affluent Canadians, we found that men (74%) remained the lead decision-makers for financial and investment decision in their household. Among women, only 46% said they were the lead decision-makers. However, research shows that 90% of women will have to play the role of sole financial decision maker later in life, often due to a death or divorce. 

The lower levels of engagement could speak to a lack of financial confidence. Research has shown that, in general, women feel less prepared and not as well educated about investments and other financial issues.

Building financial confidence and making the right wealth planning decisions rests on finding the right Advisor – one who will personalize your plan to your goals and also be your mentor, coach and guide through every stage of life.

A Four-Point Framework to Find Your Advisor

Our Advisor Assessment Framework outlines important questions you should consider to help you find the right Advisor and build financial confidence.

Download the E-Book to find out if you’re asking the right questions and working with the right advisor.