We like to think that we’ve come a long way. After all, it wasn’t that long ago that women were relegated to kitchen duty and raising children. Other opportunities – any other opportunities – were few and far between.
Fast forward a few decades: Women now make up almost half of the workforce in Canada, and if the trend in the United States is any indication, they may be on pace to out-earn men in the not-too-distant future.
But in this wave of positive change, there’s one area where women appear to be a bit stuck. According to the 2012 TD Women Investor Poll, when it comes to household finances, the majority of women are clinging to the traditional role of budgeting and managing household expenses, leaving much of the retirement planning, investing and investment management to their male partners.
According to Sandy Cimoroni, president at TD Mutual Funds and executive sponsor of TD’s Women Investor Strategy, the things that have been holding women back when it comes to managing their own money haven’t budged since TD started gathering statistics on women investors 12 years ago. Fewer women than men are responsible for managing investments (32 percent vs. 49 percent), dealing with financial professionals (33 percent vs. 44 percent) and planning for retirement (30 percent vs. 38 percent respectively). And those behaviors have very tangible results. In households that are run by women, assets tend to grow more slowly, and are more likely to include a higher percentage of uninvested cash (23 percent) compared to households where men hold the money reins.
What gives? Find out in my new article on GoldenGirlFinance.ca: http://bit.ly/R3uTBm