Ms. Dabu's sentiments were echoed in the BMO Women & Wealth Study:
-- Three-in-five Canadians (59 per cent) have a financial plan, yet more men than women have one (64 vs. 55 per cent).-- Three-quarters of Canadians (74 per cent) have confidence that they will be able to save for their ideal retirement lifestyle, yet men are more optimistic than women (79 vs. 70 per cent).
Alex Dousmanis-Curtis, Senior Vice President and Head, BMO Harris Private Banking: Affluent Women Still Shut Out
"With more wealth comes more complexity, such as balancing the interest of the family when making decisions regarding philanthropy and transferring wealth to the next generation," said Ms. Dousmanis-Curtis. "It's incumbent upon financial services providers to recognize the challenges of affluent women and involve them in the conversation early on."
The BMO Women & Wealth Study found that views towards women and money have changed over the years:
-- Two-thirds (64 per cent) of Canadians agree that women have been historically left out of household financial and money management decisions (including 69 per cent of woman and 59 per cent of men).-- By contrast, only 29 per cent agree that women are still left out of household financial and money management decisions (including 30 per cent of women and 27 per cent of men).
Viki Lazaris, President and CEO, BMO InvestorLine: Sexes Tackle Investing Differently
"Women typically have different approaches to investing than men," said Ms. Lazaris. "Female investors tend to be more conservative and risk averse. They often seek out advice, prefer a more collaborative relationship, and are more open to assistance."
She added that, over time and with education, women can become more engaged and confident online investors.
According to the BMO Women & Wealth Study, among Canadians with investments:
-- Only sixteen per cent of Canadian women consider themselves aggressive investors, compared to 30 per cent of men.-- Just 13 per cent of women think they are impulsive investors, versus 21 per cent of men.
The survey was conducted online by Pollara with a sample of n=1000 Canadians from February 25 to February 26, 2013. The margin of error on the overall sample is +/- 3.1 per cent, 19 times out of 20.
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About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified North American financial services organization. With total assets of $542 billion as at January 31, 2013, and more than 46,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.
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Valerie Doucet, Montreal
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