women and money posts

Earlier this week, Royal Bank of Canada released a survey about how men and women approach investing. The survey found significant differences in what we invest in, how much we invest, and why we invest, with men being more likely to save for the future and women being more focused on spending today. To me, this highlights the obvious: Men and women are different. We approach many things differently, and money is no exception. So when it comes to financial advice, shouldn't women expect something different? Something tailored to our unique goals and needs? I think so. Investment advisor Natalie Jamison agrees.

In 2007, Natalie created Women and Wealth™, which provides financial planning services for each stage in a woman's life. Her clients include career women, women entrepreneurs, moms, widows, and divorcees. But they're all women. Here, Natalie talks about her company, and why women need different financial advice than men.

What drove you to create Women and Wealth™?
I worked for an advisor for many years, and I observed that female clients were interested in finance. They wanted to take charge of their portfolios, but they were intimidated by our industry. Even when I had couples in my office talking to me, I could see that the female was often shy and reserved and wouldn't ask a lot of questions. I wanted to create something specific for women. And I wanted to remove any level of intimidation there was in managing their personal finances.

Canadian women are more confident about money and investing then they think. In fact, women make most of the decisions about household spending.

This according to a survey published December 2, 2010 of more than 1,000 Canadian women entitled the Financial Lives of Girls and Women, an overwhelming 89 percent say they make the final decisions about household spending.

Fifty-two percent say they're responsible for their household's budgeting and day-to-day banking. What's more, when it comes to making financial decisions, women say they consult their partners only about half the time.

If this comes as a surprise to many, the survey offers an insight into why. Among the women surveyed, most say publicly, they're modest about their ability to manage their finances. The survey was commissioned by Chartered Financial Analyst Barbara Stewart, who says women still use self-deprecating language that devalues their financial management abilities and perpetuates the myth that they're financially inept.