When it comes to investment decisions, B.C. women are nothing like their mothers.
According to TD Waterhouse’s annual female investor poll, 80% of women in B.C. say they approach financial planning differently than their mothers, while 75% say they are better investors. The survey also revealed a startling lack of financial advice exchanged between mothers and daughters.
B.C. women were twice as likely to say “no advice” than any other answer when asked what was the best financial advice they received from their mother.
The other two popular pieces of advice mothers provided daughters were, “Save as much as you can for the future” and “Don’t spend what you don’t have.”
TD senior vice-president Patricia Lovett-Reid said women could gain valuable insight about financial know-how from their mothers.
“The reality is while no one wants to think about a future without their spouse, women tend to live longer than men, leaving them likely to find themselves in charge of their personal finances at some point.”
TD stressed that financial independence is crucial for women today, even though only 5% of mothers told their daughters to have their own investments and bank accounts. The poll surveyed 122 women in B.C., aged 45 to 64.
Jillian MacPherson, an investment advisor with TD in Vancouver, said many women between 45 and 64 did not receive financial advice from their mothers because, in previous generations, men were more likely to handle the money.
Women’s roles have changed dramatically over the years and MacPherson believes daughters would be wise to listen to what their mothers have to say.
“Maybe the daughter can relate better to the same sex, and perhaps mothers put a different spin on it than men,” MacPherson said. “Women are generally more conservative in their investment portfolio and often the slow turtle wins the race.”