Happy Woman’s Day!

It seems only right that if the whole country gets a day off to honour the incredible role women played in our country’s history, that you too should think about the important ladies in your life. Do you want them to be financially secure and independent? Well, let’s talk about the importance of investing for woman.

Jenny, a mother of two, works half days so she can have the luxury of spending time with her children while her husband, Henry, is a banker and manages all their finances. On Wednesdays, Jen and her friends host a book club where they discuss everything from wine to clothing sales and even some neighbourhood gossip! One morning Jenny’s whole world is flipped upside down when she receives news that Henry’s plane has crashed. As if the tragedy of losing her husband isn’t enough, Jenny is now left as the sole provider for her two children yet she has no clue where to start let alone what their finances look like! She turns to her book club for some guidance but her friends either don’t know themselves or don’t feel comfortable discussing finances. Does this sound familiar to you? Don’t let your mom or sisters suffer a similar fate when you are no longer here to help them!

Statistics show that only 27% of women feel comfortable talking about investing with their friends and family. While little over half of women feel comfortable with the notion of investing, fewer feel knowledgeable about the investment landscape. Are you helping the special ladies in your life learn more about investing? If not, now is the time to start, seeing as of the 90% of women who have sole responsibility over their finances, a whopping 79% are not planning for their futures!

Some woman may be of the mindset that they do not need to worry about investing for their futures as someone else will do that for them, but statistics show that 1 in 4 women will be on their own by age 64, whether through divorce, separation or widowhood. If that statistic isn’t scary enough, woman who live alone are said to have the lowest median income of all types of households!

Compounding on this is the fact that, on average, females earn only 76% of what their male counter parts earn. Woman also have fewer working years due to family commitments – such as maternity leave and looking after their dependents whether that be their elderly parents or children – and tend to live five to seven years longer than men, which means their money really needs to stretch further and sustain them for longer!

Taking all of this into account, why are so few women actively participating in wealth planning or managing their money for the future? While more women are now talking about investing, 70% still feel that uncertainty in stock markets makes them nervous investors. This means that many women are too apprehensive about participating in the market and thus shy away from investing instead of learning more and finding investment vehicles that could work for them, or just reaching out to find a Certified Financial Planner.

Diving a little deeper, a study was done that asked women what they are most conscious of and what their goals are when it comes to investing. The answers were as follows: 77% wanted safety, 58% wanted growth and 33% wanted liquidity. This all points toward woman needing to be more educated and so better able to plan for their futures. The Harbour Wealth investment philosophy could help meet these needs but the onus is on you to take the first step and contact us!

Often, we get caught up in our daily lives, constantly putting the needs of others before our own. Take the time to put yourself first – even if it just over this Woman’s Day – otherwise you may become part of the growing statistic that places a further burden on your family by becoming financially dependent on them if you aren’t able to get your finances in order!

This coming Woman’s Day, engage with the special ladies in your life and start the conversation that will brighten their futures!

For more information, please contact your trusted Harbour Wealth Manager.

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