Canadian women are generally comfortable about their level of savings and investment and confident in their abilities to manage their household investments and retirement savings, according to a poll released today by TD Waterhouse.

Two-thirds of respondents consider themselves successful in terms of lifestyle, retirement savings and peace of mind.

The average household income among respondents was $60,650 and the average value of their personal investment portfolios was $105,900.

When asked what they will need as a retirement nest-egg, the average response across Canada was $636,900, a 20% increase in the average amount reported in a similar poll conducted by TD Waterhouse in 2002.

“These results show that women feel more confident and more engaged in all aspects of their financial lives than we’ve seen in past surveys,” said Patricia Lovett-Reid, senior vp, TD Waterhouse Canada Inc., in a relese.

“Yet there is still a big gap between this new-found confidence and more ambitious retirement goals, and current investment behaviour,” she added.

The poll found that 50% of women considered themselves as low-risk investors, 45% as medium risk and only 4% classified themselves as high-risk. Most (80%) reported that their risk tolerance was unchanged from a year ago.

“A low risk tolerance leads to lower investment returns,” commented Lovett-Reid, “and this can be a problem for women who are living longer and more active lives after retirement. If ‘sixty is the new forty’, then there is a danger that women will either outlive their money or will not be able to enjoy the lifestyle they want.”

In other poll findings:

  • Three-quarters (73%) of women are responsible for retirement saving and planning in their households;
  • Nine out of 10 respondents (92%) indicated they are confident of their ability to manage their relationship with a financial professional; however, less than two-thirds (63%) actually do so;
  • More than three-quarters (77%) are confident in their ability to manage investments such as mutual funds, stocks and bonds; however, only 52% indicated that they actually do so; and
  • More than half of women (53%) have no financial plan.

TNS Canadian Facts, Toronto-based research company, conducted interviews with 901 randomly selected female investors across Canada between July 27 and August 10. Respondents were between the ages of 25 and 69, and had either sole or equally shared responsibility for their household’s financial decisions. Total sample data is accurate to 3.3%, 19 times out of 20.