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Most Canadian women make their family’s financial decisions

Almost all Canadian women who have investments say they are the financial decision-makers in their households, according to CIBC.



"Women are leaning in and making major decisions on wealth and financial planning for themselves and their family," says Sarah Widmeyer from CIBC.

A total of 46% asked said they're the main decision-maker, while 46% said they share the responsibility equally with a spouse, parent or adult-child.

Only 7% pass off the responsibility to someone else, including a spouse.

Despite this, only half of the women admit they feel confident or knowledgeable about investing.

“Our poll findings clearly show there is more work to be done to help women build confidence,” said Widmeyer. “A conversation only about investment returns isn't enough for most women.

“They want to know how an investment strategy will help them achieve their goals."

Most women start to invest at the age of 29, but 73% of them don’t discuss it with people in their life.

The poll findings also found that women tend to be conservative investors, unwilling to take on higher risk to achieve the possibility of greater investment returns.

Speaking of their investment portfolio, they identified "safety" as being the most important to them.

"That can be an issue if you're saving for a long-term goal like retirement,” said Widmeyer. “It's not the investments so much as what it is you're investing for that matters.”

Millennial women, who are 18-34, are nearly twice as likely to manage their investments themselves, online, or with the help of friends and family than Generation X and Boomers.

Despite this go getter mentality, the vast majority of millennials admit they find "investing confusing."



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