Canada’s women investors may not be taking full advantage of opportunities to invest because of misconceptions, suggests a new poll from TD Waterhouse.
“Investing is an essential part of building a nest egg for a financially-secure future,” says Sandy Cimoroni, senior vice president, TD Mutual Funds. “You don’t need in-depth financial knowledge or a significant amount of savings to get started. If you work with an advisor, they can help you separate fact from fiction to help you plan and work towards a successful financial future.”
According to the survey, only 31% Canadian women say they have a financial plan.
“It’s disappointing to hear that so few Canadian women have a documented financial plan,” says Cimoroni. “An advisor can help you develop a financial plan that acts as a roadmap to whatever you’re trying to achieve.”
The survey found that 53% of Canadian women agree that there are differences in the way women approach investing and working with an advisor.
“From living longer than their spouse to taking time off from work to care for children or aging parents, there are a number of unique factors women should consider that could have a significant impact on their investments,” says Cimoroni. “Part of being financially successful is determining your short, medium and long-term goals, and creating a realistic plan to follow in case those life events become a reality.”
“Women may also look for a different experience than men when it comes to working with an advisor and making investment decisions,” adds Patricia Lovett-Reid, senior vice president, TD Waterhouse.
“For example, they often highlight the desire for more financial education and market information from an advisor so they feel like they are a partner when making investing decisions and to help them feel more confident in these decisions,” says Lovett-Reid.
Forty-five per cent of women surveyed think you need to have a substantial amount to invest.
“You really don’t need to start with a lot of money, but you should determine your goals before you start,” says Cimoroni.
The survey found that almost half (48%) of Canadian women agreed that you don’t need to be an expert to work with an advisor.
“You shouldn’t avoid investing and working with an advisor just because you don’t feel like an expert,” adds Cimoroni.
The TD Waterhouse Women Investor Poll surveyed 1,000 Canadian women aged 45-64 who share in the responsibility of planning the finances for their households. Results for the study were collected through an online survey of Canadian women investors by Environics Research Group, conducted between September 22-28.