Pryde Financial Group - Women and their wealth

Women may face unique financial issues that warrant special consideration in our wealth management process

Some of these issues can arise from:

providing a disproportionate amount of caregiving for children and aging parents
being the primary decision maker for household wealth
having a greater desire for holistic financial advice and financial security
a strong preference for socially responsible investments
generating retirement income and funding healthcare costs for longer lifespans

For some women, assuming control of financial affairs later in life through the death of a spouse or divorce brings with it special challenges and we are here to help. Our wealth management practice is centred around empowering our clients to make informed wealth decisions on what matters most to them.

We offer customized advice in the following areas:

Financial management
Investment planning
Retirement planning
Education planning
Tax and estate planning
Insurance and risk management
Business transition planning
Charitable giving

Stepping Up to the Financial Plate

Kelley Keehn, Personal Finance educator, discusses Ket Financial Topics for women to consider in order to have more control over their finances.

Runtime 02:38

[Upbeat music]

[Kelley Keehn, Personal Finance Educator]

[on key Financial Topics for Women]

[Stepping up to the Financial Plate]

[CIBC Private Wealth logo]

[Kelley Keehn, Personal Finance Educator]

According to a new national survey conducted on behalf of the Financial Planning Standards Council, women are significantly more likely than men to lose sleep over financial worries.

[42% of Canadians rank money as their greatest source of stress]

While the study found that 42 percent of Canadians rank money as their greatest source of stress.

[51% of women vs 40% of men]

Fifty one percent of women versus 40 percent of men are more likely to stay awake at night mulling over their financial woes.

So why are women stressing more? Because they're earning more and living longer and more often than not she's becoming the primary money manager in the household. All of this stress can take its toll. Women today as a market are actually a pretty big deal.

[By 2024, Canadian women will control 3 trillion]

It's estimated that by the end of 2024, Canadian women will control approximately three trillion dollars or 46 percent of total personal wealth. That's up from 33 percent today. But when she's stepping up to the financial plate, she's not always as confident as she could or needs to be.

[Women are very competent but not always very confident]

There are a number of books and studies that reveal that women are very competent when it comes to financial matters, but they're not always very confident. This can cause them to be too cautious, not take enough investment risk and not negotiate their salary. And this latter mistake could cause women to leave hundreds of thousands of dollars on the table during her working lifetime.

[Incremental tasks to build self-efficacy]

What can you do about this? Start with incremental tasks that build what psychologists call self-efficacy. Self efficacy is built by the actions you take, whether big or small, that lead to your success and are within your control. The easiest step is to get up just five minutes earlier each day and Google some simple financial terms such as what is a TFSA? What should or shouldn't be on my credit report? And how do capital gains differ from interest income? Once you've taken some small steps to build your financial vocabulary, you can move on to a personal finance book and perhaps even a course or seminar in your area.

[How can I improve my financial confidence]

Think about your own level of financial confidence. Is strong, weak or somewhere in between? Take a few minutes now to write down 3 tasks that could improve it. What about getting your paperwork in order or making a list of your debts and investment accounts which will give you an accurate snapshot of your current financial situation? Or maybe it's time to speak to a financial adviser or call up your existing one for some help.

[Talk to your CIBC advisor]

[Music fades]

[This video is provided for general information purposes only and does not constitute financial, investment, tax, legal or accounting advice nor does it constitute an offer or solicitation to buy or sell any securities referred to. Individual circumstances and current events are critical to sound investment planning; anyone wishing to act on this document should consult with his or her advisor. The information contained in this video is obtained from sources believed to be reliable and is believed to be accurate at the time of publishing, but we do not represent that it is accurate or complete, and it should not be relied upon as such. All opinions and estimates expressed in this video are as of the date of publication unless otherwise indicated and are subject to change. ® The CIBC logo is a registered trademark of Canadian Imperial Bank of Commerce (CIBC). The material and/or its contents may not be reproduced without the express consent of CIBC Wealth Management.]

Runtime 02:38

[Upbeat music]

[Kelley Keehn, Personal Finance Educator]

[on key Financial Topics for Women]

[Stepping up to the Financial Plate]

[CIBC Private Wealth logo]

[Kelley Keehn, Personal Finance Educator]

According to a new national survey conducted on behalf of the Financial Planning Standards Council, women are significantly more likely than men to lose sleep over financial worries.

[42% of Canadians rank money as their greatest source of stress]

While the study found that 42 percent of Canadians rank money as their greatest source of stress.

[51% of women vs 40% of men]

Fifty one percent of women versus 40 percent of men are more likely to stay awake at night mulling over their financial woes.

So why are women stressing more? Because they're earning more and living longer and more often than not she's becoming the primary money manager in the household. All of this stress can take its toll. Women today as a market are actually a pretty big deal.

[By 2024, Canadian women will control 3 trillion]

It's estimated that by the end of 2024, Canadian women will control approximately three trillion dollars or 46 percent of total personal wealth. That's up from 33 percent today. But when she's stepping up to the financial plate, she's not always as confident as she could or needs to be.

[Women are very competent but not always very confident]

There are a number of books and studies that reveal that women are very competent when it comes to financial matters, but they're not always very confident. This can cause them to be too cautious, not take enough investment risk and not negotiate their salary. And this latter mistake could cause women to leave hundreds of thousands of dollars on the table during her working lifetime.

[Incremental tasks to build self-efficacy]

What can you do about this? Start with incremental tasks that build what psychologists call self-efficacy. Self efficacy is built by the actions you take, whether big or small, that lead to your success and are within your control. The easiest step is to get up just five minutes earlier each day and Google some simple financial terms such as what is a TFSA? What should or shouldn't be on my credit report? And how do capital gains differ from interest income? Once you've taken some small steps to build your financial vocabulary, you can move on to a personal finance book and perhaps even a course or seminar in your area.

[How can I improve my financial confidence]

Think about your own level of financial confidence. Is strong, weak or somewhere in between? Take a few minutes now to write down 3 tasks that could improve it. What about getting your paperwork in order or making a list of your debts and investment accounts which will give you an accurate snapshot of your current financial situation? Or maybe it's time to speak to a financial adviser or call up your existing one for some help.

[Talk to your CIBC advisor]

[Music fades]

[This video is provided for general information purposes only and does not constitute financial, investment, tax, legal or accounting advice nor does it constitute an offer or solicitation to buy or sell any securities referred to. Individual circumstances and current events are critical to sound investment planning; anyone wishing to act on this document should consult with his or her advisor. The information contained in this video is obtained from sources believed to be reliable and is believed to be accurate at the time of publishing, but we do not represent that it is accurate or complete, and it should not be relied upon as such. All opinions and estimates expressed in this video are as of the date of publication unless otherwise indicated and are subject to change. ® The CIBC logo is a registered trademark of Canadian Imperial Bank of Commerce (CIBC). The material and/or its contents may not be reproduced without the express consent of CIBC Wealth Management.]

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