Older women more likely to seek advisors: survey

As women age, they become more confident about their financial knowledge and, thus, are more likely to seek advice, says BlackRock Canada’s annual Global Investor Pulse Survey.

The survey finds 59% of women aged 65 to 74-years-old seek advice. As well, 67% of women in that age group say they’re more assertive when it comes to making financial decisions, compared to only 26% of women aged 25 to 34-years-old.

Read: 4 misconceptions about female clients, and what to do about them

The survey also revealed the following trends.

• Most Canadian women (78%) identify as savers rather than investors (22%), and 49% of respondents agreed that they prefer to have “a certain amount of cash saved before [they’re] willing to invest.” Read: More women than men becoming billionaires: report
• Many female investors (46%) turn to banks for information about long-term savings plans and investments. Meanwhile, younger women (those aged 25 to 34-years-old) are using online sources more frequently.
• A common barrier to confidence continues to be a lack of education or knowledge, with 63% of women saying they aren’t knowledgeable enough about investments. Read: Answers from forty(ish)-year-old female clients
• Only 44% of women, on average, say they’re confident about making financial decisions, with only 18% taking an active role early on in understanding their retirement plans.

Read: Female entrepreneurs, workers lack mentors: survey

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.