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Are Canadian women too busy to invest?

Are Canadian women too busy to invest?

Posted on: December 14, 2011
Author: Staff

According to a 2010 survey conducted by Franklin Templeton Investments, Canadian men are 7 per cent more likely to hold investments than women, and 77 per cent of men are satisfied with their investment knowledge compared to only 65 per cent of Canadian women who are satisfied.

Why the discrepancy?

The two main reasons why women don’t invest is a lack of confidence and lack of time. Women still remain the primary child-care providers and some surveys show that they’re also doing most of the housework and day-to-day banking. After juggling work responsibilities, active parenting, housework, and daily financial responsibilities, many women just don’t have the time or energy to invest in investing.

Canadian women also have less confidence in their financial and investing knowledge than men. They tend to rely on their spouse to make investing decisions, particularly if they don’t have their own income, or work part-time.

Why should women invest?

Canadian women are more likely than men to retire without the income they need to support them through retirement. This is partly because they’re expected to live longer and, on average, women work fewer years and earn less than men, which makes it more difficult for them to save a sufficient retirement amount. This makes it even more important to build a financial nest egg.

What can women do about it?

Make the time. You make the time to do things for so many other people, but it’s important to look after yourself too. Set aside an hour a week to learn about investing and get started.

Seek financial advice. The Franklin Templeton survey found that Canadian women were 14 per cent more satisfied with their investment knowledge, and 16 per cent more satisfied with their financial plans, when they consulted with a financial advisor. Ask for help from a financial expert—they can be a valuable partner in building your knowledge, and your wealth.

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