As Mother’s Day approaches in Canada, a new Bank of Montreal report suggests that moms may need to adopt the title of Chief Financial Officer. The survey found that Canadian women are controlling an increasing amount of wealth; 82 percent of Canadian women are either the primary decision-maker or have an equal responsibility for household financial decisions. As well, BMO says that women control about one-third of all wealth in North America, and that number is increasing by about eight percent each year.
Despite their responsibilities and control of the purse strings, many women still aren’t as confident about men when it comes to 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.”