Taking Charge: Women Inherit Expanding Financial Role

2 November, 2017

A new infographic from IPC Private Wealth shows that in less than 10 years, women will control almost half of the accumulated financial wealth in Canada. It makes sense. Women are more active in the workforce either as higher level executives

Filed Under: Wealth Management

Women to control nearly half of Canada’s accumulated financial wealth by 2026

A new infographic from IPC Private Wealth shows that in less than 10 years, women will control almost half of the accumulated financial wealth in Canada.

It makes sense. Women are more active in the workforce either as higher level executives or as entrepreneurs. They’re also more likely to inherit wealth, too. In fact, women in Canada are expected to inherit about $900 billion in assets by 2026, and 90% will be their household’s sole financial decision maker at some point in their lives.

So, why am I telling you this? Because women also have different concerns and needs when it comes to wealth management.

Wealth management concerns

For every four widows in Canada, there’s only one widower. This means women investors are concerned about something most men don’t have to worry about – how they’ll adjust to a lower level of income following the death of a spouse. You may lose a spouse’s salary, but the lost income is more likely to come from pension, government and investment sources.

Following the death of a spouse, women may worry about whether they’ll still be able to meet their own, and their household’s, financial obligations. If they’re not so sure, then they worry about outliving their retirement savings and pension entitlements. This, in turn, leads to another serious concern – becoming a financial burden on their children or other loved ones.

Women face many complex wealth management challenges throughout their lives, making it necessary to balance competing demands on their time and financial resources. That’s why an important first step is developing a financial plan – one that can provide financial security while being flexible enough to accommodate your distinct needs and situation.

Your financial well-being begins with a plan

There’s no doubt that retirement will have a significant impact on your life. So will having a longer average lifespan than men, and tending to face more career interruptions than men. But none of these things should have a negative impact on your long-term financial security, not if you have a solid wealth management plan in place.

According to IPC Private Wealth’s research, women tend to prioritize financial security over prosperity, generate a stable income stream and look beyond investment performance to focus on assured outcomes. I can work with you to create a plan that meets all of these objectives, and also takes your personal values into account.

Call our office today to create a wealth management plan that will help ensure your long-term financial security.