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Mother knows best...or does she?
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TORONTO, Sept. 28 /CNW/ - Daughters learn many life lessons from their mothers but investing is not necessarily one of the lessons. In fact, three-quarters of Canadian women feel that they are savvier investors than their mothers were at the same age. This is according to the 10th annual TD Waterhouse Female Investor Poll which surveyed women aged 45 to 64 who share in the responsibility of their household's finances.
Financial advice from your mother...or lack thereof
When asked, "what was the best financial advice you received from your mother", the top answer was "no advice"(28%). The second most popular answer was "save as much as you can for the future"(20%), followed by "don't spend what you don't have"(9%) and "pay cash and avoid credit"(9%). Only 7% said that their mother told them to set a budget and only 4% told their daughters to invest.
"Financial know-how is an important life lesson and women can gain many valuable insights from their mothers," says Patricia Lovett-Reid, Senior Vice-President, TD Waterhouse. "The best financial advice that my mother gave me when I was young was to ensure that I had the information and knowledge to step in and take on the household's financial responsibilities at any time. The reality is, while no one wants to think about a future without their spouse, women tend to live longer than men, leaving them likely to find themselves in charge of their personal finances at some point."
Financial independence is essential for women today
Only 5% of mothers told their daughters to be independent and have their own investments and bank accounts. Contrast that to today, 69% of women have savings and investments in their own name. Of women who are married (or common-law), 30% have completely separate bank accounts from their partner and 43% have a joint account as well as separate accounts. The remaining 27% have only joint accounts with their partner.
Only three-in-ten women have a financial plan. Women who feel content with their investments (35%) are more likely to have a financial plan than those who feel worried (16%).
"It should come as no surprise that those with a financial plan feel more content with their investments," says Lovett-Reid. "Working with a trusted financial adviser will help you clearly articulate your personal financial goals. Together you can lay out an action plan of how you can build a financially secure tomorrow, while continuing to enjoy your today."
Mom's role in financial planning and investment decisions
Nearly half (47%) of women say that their mother shared some of the responsibility for investment decisions with their father while another 36% say their mother was not involved and 17% say that their mother was solely responsible. Those more likely to say that their mother was solely responsible include those that are solely responsible themselves more than those who share it jointly (20% versus 13%).
About the TD Waterhouse Female Investor Poll
The TD Waterhouse Female Investor Poll surveyed 1,010 adult women aged 45-64 who share in the responsibility of planning the finances for their households. Results for this study were collected through an online survey of Canadian women investors by Environics Research Group, conducted between August 20-27, 2010.
About TD Bank Financial Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Financial Group. TD Bank Financial Group is the sixth largest bank in North America by branches and serves more than 18 million customers in four key businesses operating in a number of locations in key financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Insurance; Wealth Management, including TD Waterhouse and an investment in TD Ameritrade; U.S. Personal and Commercial Banking, including TD Bank, America's Most Convenient Bank; and Wholesale Banking, including TD Securities. TD Bank Financial Group also ranks among the world's leading online financial services firms, with more than 6 million online customers. TD Bank Financial Group had CDN$603 billion in assets on July 31, 2010. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
TD Waterhouse represents the products and services offered by TD Waterhouse Canada Inc. (Member of the Canadian Investor Protection Fund), TD Waterhouse Private Investment Counsel Inc., TD Waterhouse Insurance Services Inc., TD Waterhouse Private Banking (offered by The Toronto-Dominion Bank) and TD Waterhouse Private Trust (offered by The Canada Trust Company).
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