“A Best Friend Is Like A Four Leaf Clover, Hard To Find And Lucky To Have” -Anonymous
Woman As Chief Financial Officer
According to a study by BMO the majority of Canadian women (82%) are the primary decision-maker, or have equal responsibility, for household financial decisions.
However, despite the influence women currently have over household finances, the study also found that only 30% of women feel that the financial services industry is adequately servicing their unique investor needs. In addition, almost 40% of women feel that their particular standpoint on financial matters is not taken as seriously as men’s view and opinions.
“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 we must acknowledge that women tend to make decisions differently than men,” said Charyl Galpin, executive vice-president of BMO Nesbitt Burns’ private client division. “We need to include women more in financial conversations [and offer] relevant communication regarding product and service offerings.” Galpin notes that women, while overlooked by the financial industry, often act as “chief financial officer” of their families and take the lead on household financial decisions such as budgeting and how to manage the education savings for children.
The study also found that 61% of women want their investment advisors to provide more detailed information on how they can better manage their family’s wealth, and that 33% have different wealth management needs than men and should be given more appropriate advice.
Market Update as of March 9 2012
The TSX closed at 12504, down -140 points or -1.11% over the past week. YTD the TSX is up 4.59%.
The DOW closed at 12922, down -56 points or -0.43% over the past week.YTD the DOW is up 5.76%.
The S&P closed at 1371, up 1 points or 0.07% over the past week.YTD the S&P is up 8.98%.
The Nasdaq closed at 2988, up 12 points or 0.40% over the past week.YTD the Nasdaq is up 14.70%.
Gold closed at 1706, down -6.00 points or -0.35% over the past week.YTD gold is up 9.01%.
Oil closed at 107.44, up 0.34 points or 0.32% over the past week.YTD oil is up 8.63%.
The USD/CAD closed at 1.0094, up 0.0203 points or 2.05% over the past week.YTD the CAD/USD is up 3.02%.
Sources: advisor ca, BMO, Statistics Canada