Both men and women are hands-on when it comes to investing, but they differ in what keeps them interested. According to a recent RBC Direct Investing survey, the largest motivator driving women to become more involved in managing their investments is a life event (28%). For men, on the other hand, it’s knowing how much money they have now compared to what they will need in the future (27%).
“Women tell us their engagement is rooted in the future use of the investment, such as saving for a child’s education or retirement, while men are more driven by achieving the target amount they have set for themselves,” says Michael MacDonald, vice president, strategy, RBC Direct Investing. “The key motivator for each gender differs, but both men and women recognize the importance of being knowledgeable and involved.”
Equally, men and women (64 and 65% respectively) say being able to plan for their future is a top benefit of being knowledgeable and involved in managing their investments. Women are more likely (52%) to say that having peace of mind is another top benefit; men are more likely (38%) to say that it allows them to know how close they are to achieving their goals.
The poll also found that confidence continues to be a divergent factor between the sexes, with less than half (47%) of women agreeing that they are good investors compared to a majority (61%) of men.
Of those who make investment decisions on their own, women (71%) are more likely than men (65%) to say that being knowledgeable about their investments allows them to plan for the future.
Men are more likely to read everything they can about a topic when learning new things (36% compared to 27% of women).
This survey was conducted via the Ipsos I-Say Online Panel, Ipsos Reid’s national online panel, from June 6 to 11.
Online brokerage RBC Direct Investing is a wholly owned subsidiary of Royal Bank of Canada.