More than 8 in 10 Canadian women are either the primary decision-maker or have equal responsibility for household financial decisions, a new study discloses.
BMO Nesbitt Burns, Toronto, Ont., published this funding in a summary of results from an online survey of 1,500 Canadians. Completed this month, the survey was conducted using Leger Marketing's online panel, LegerWeb.
According to the study, 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 finds that:
● Only 30% of Canadian women believe the financial services industry is doing a good job servicing their needs as investors; and
● Almost 40% of these 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 and executive vice president of 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 adds.
Ms. Galpin also 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—a fact often overlooked by the financial services industry.
Other key findings from the study include:
● 61% of Canadian women want their investment advisors to provide more detailed information on how they can better manage their family's wealth.
● A third of Canadian women say they have different wealth management needs than men and should therefore be given different advice.