Friday, February 28, 2020
A new CIBC study finds that many (59 per cent) Canadian women say financial security contributes to their happiness. But getting to a good place financially is tricky, as many regret not focusing on saving and investing at a younger age. Most (73 per cent) wish they had started saving earlier in life, with many (67 per cent) expressing the same about investing.
CIBC-CIBC poll finds more than half of Canadian women say financ
Furthermore, only a minority of women feel they understand what to do with their money: 10 per cent report feeling very knowledgeable about investing, and 15 per cent feel the same about retirement planning. Women also tend to approach investing from a conservative lens. Of those who have an investment portfolio, many (44 per cent) are more concerned with preserving capital and making predictable returns than trying to achieve higher rates of return.
"Women's financial health and happiness is closely linked, and with International Women's Day around the corner, now is a good time to look at ways to help them bridge the gap between money concerns and life goals," said Kathleen Woodard, Senior Vice President, CIBC Personal and Small Business Banking.
The study also shows a lot of women (62 per cent) continue to worry about their finances, with two-thirds (65 per cent) concerned they will run out of money in retirement. Many also fret they do not have enough savings for an emergency (46 per cent), with one-in-four (26 per cent) equally stressed about managing day-to-day finances and paying off debt.
"With retirement income a concern for many women, it's imperative to increase knowledge about personal finances, different investing strategies and how to maximize returns for the long-term," added Ms. Woodard.
In celebration of International Women's Day 2020, CIBC banking centres across Canada are hosting free client events focused on providing women with advice to increase their confidence and knowledge of financial planning. To register for an event, visit the CIBC website here. For financial planning resources tailored towards women, visit CIBC Women and Wealth.
Key poll findings: