BMO Nesbitt Burns Inc. Monday released a study that finds 82% of Canadian women are either the primary decision-maker or have equal responsibility for household financial decisions.
However, despite the influence that women are having over household finances, the study found that only 30% of women feel that the financial services industry is currently doing a good job servicing their unique needs as investors.
In addition, almost 40% of women feel that their views and opinions on financial matters are not taken as seriously as those of men.
“As an industry, we need to do a better job of recognizing the key differences between men and women when it comes to managing their wealth and acknowledging that women tend to make decisions differently than men,” says Charyl Galpin, co-head, executive vice oresident, BMO Nesbitt Burns – Private Client Division. “We need to include women more in financial conversations. Women are looking for clear, honest, and relevant communication regarding product and service offerings.”
Galpin notes that women often act as “Chief Financial Officer” of their families, taking the lead on household financial decisions including budgeting and education savings for children. This is often overlooked by the financial services industry.
The survey also found that 61% of women want their investment advisors to provide more detailed information on how they can better manage their family’s wealth. In addition, a third of women feel that they have different wealth management needs than men and should therefore be given different advice.
The survey was completed on-line from February 27 to March 1, using Leger Marketing’s online panel, LegerWeb, with a sample of 1,500 Canadians.
BMO Nesbitt Burns also announced today that it has launched a client education campaign, www.bmo.com/familywealth to help couples learn more about a variety of wealth topics that impact family wealth including education savings, estate, tax and retirement planning.