October 27, 2009, 4:45 am

Take it Like a Man or Invest Like A Woman?

by: The Financial Blogger    Category: Financial Planning,Investment, Market and Risk
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Now that I have more time since I am done with my MBA, I can make more researches and find some interesting stuff for my blog ;-). There was a recent survey done by TD Waterhouse (their 9th annual survey) revealing interesting facts about how men and women handle their personal finance. Apparently, we, men, are as dumb as our ancestors (read monkeys!), while women seemed to learn from history and become smarter (I hope my wife won’t read this post!).

Women want more and they are willing to take the risk to get it

Remember I told how women want more? Well they are also willing to take more risk to get it! According to TD Waterhouse survey, 73% of women surveyed didn’t change their investor profile nor their asset allocation. Regardless of the current economic situation, they are willing to take the bet the market will come back up. So here’s my first question; Women didn’t change their investor profile because:

a) They are smart and know that the market will come back up before their retirement.

b) They receive their investment statements and use them for the kids so they can make some drawing without looking at their returns.

c) Their spouse took their investment statements away from them because they have been trading with their RRSP account and they don’t want her to see what they have done.

More seriously, I think women are more responsible and are able to make the difference between a moment of panic and bad investments. Actually, 52% are worried about their investments and only 21% of them have sold a part of their equities to find piece in bonds and other fixed income.

The recession has changed their spending habits.

However, while most of women didn’t touch their investment portfolio, the economic situation has made them change their way of living:

– 48% have postponed a major purchase

– 46% have spent less on their credit cards

– 40% have stopped buying non-essential goods

Then again, they seem more responsible than men (I actually bought a brand new truck and keep spending money on non-essential goods such as a laptop bag and a Black Berry 😉 ).

They aim for their goal:

97% of them say that a comfortable retirement is one of their major goal but only 20% say that they feel confident of achieving this financial goal. I guess that most of them are looking for a good financial advisor these days 😉

Savvy women:

It is impressive to see how women can be savvy when they put their shopaholic super hero suit in their wardrobe ;-). The following stats surprised me:

– 97% easily manage their budget.

– 96% save money in case of an emergency.

– 90% are reimbursing their credit card balance.

3 sound financial advices:

Those savvy and smart investor women have 3 great financial advices for us, stupid and emotional men 😉 :

– Spend according to your means.

– Start investing sooner than later.

– Do not get indebted.

Fortunately, I already follow the first 2 advices while I seem to not be able to quit leveraging. You are making money with other’s people money, isn’t that right?

Note: This survey was done with 1432 women of 45-65 years old that have exclusive or joint financial management habits.

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