TORONTO, ONTARIO -- (Marketwire) -- 05/12/12 -- As Mothers' Day approaches, BMO advises Canadian women to take control of their growing wealth to ensure they are well prepared to deal with significant life events such as marriage, home ownership, children and retirement.
Canadian women are controlling an increasing amount of wealth:
-- According to a BMO study, 82 per cent of Canadian women are either the
primary decision-maker or have equal responsibility for household
financial decisions.
-- Women control approximately one-third of all wealth in North America,
with this number increasing by 8 per cent annually.(i)
However, despite this financial clout, women are still less confident than men about their finances. A recent report from the BMO Retirement Institute found that:
-- Men are more likely than women to have investments and a financial plan
(62 per cent versus 52 per cent).
-- Men also tend to be more engaged and confident with financial planning,
as well as being more open to taking risks.
-- As a result of a variety of factors, including lower earnings,
intermittent work histories and longer life spans, women tend to be less
financially prepared than men for retirement.
"It's great news that women are controlling an increasing amount of wealth in Canada and are key decision makers for household finances," said Tina Di Vito, Head, BMO Retirement Institute. "However, it's also clear that women need to become more confident with managing their finances and preparing for life events such as retirement."
Ms. Di Vito added that, for women to be able to take charge of their retirement, they need to be actively engaged in their personal financial matters. This includes having a financial plan, an investment strategy and a financial professional who can help map everything out.
BMO's Tina Di Vito offers advice on how women can increase their level of financial preparedness:
-- Select an advisor - Women are often looking for clear, honest and
relevant communication. When selecting a financial advisor, look for
transparency and listening skills. Seek advice that is tailored to your
unique situation.
-- Educate yourself - One of the best ways to learn more about investing
and retirement is through education. BMO offers a variety of tips and
strategies for saving for retirement as well as planning the non-
financial aspect of retirement with our interactive Take Charge of Your
Retirement ™ tool. For more information on these tips and tool please
visit: http://www.bmo.com/home/personal/banking/investments/retirement-
savings/retirement-planning/what-stage-are-you-in/my-working-years
-- Make a plan - Establishing a financial plan is key to ensuring you are
well on your way to a secure retirement. In your financial plan, make
sure to include your short-term and long-term goals and the realistic
and strategic steps you can take to reach them.
For more information on saving and planning for retirement, please visit www.bmo.com/retirement.
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(i)Source: Boston Consulting Group
Contacts:
Media contacts:
Amanda Robinson, Toronto
416-867-3996
Amanda.Robinson@bmo.com
Sarah Bensadoun, Montreal
514-877-8224
sarah.bensadoun@bmo.com
Laurie Grant, Vancouver
604-665-7596
laurie.grant@bmo.com
