We recently hosted our Investing for Your Future, and while it was an introduction to wealth management, we learned that several of our YWiB members were well on their way to making shrewd investment decisions now. Our wide range of panel speakers shared their perspectives on why investment planning is still largely exercised by people in their 50’s rather than individuals starting in their 20’s.
Our panelist shared a number of thought-provoking stats about gender and finance:
40% of women earn more or the same than their husbands or male partners
62% of all university graduates are women
82% of household buying decisions are made by women
Women only occupy 16.4% of board seats of TSX listed companies
15.8% of all executive officer positions
So whether you are paying off student loans, saving for a down payment, or already thinking about your retirement saving fund, now is the time to speak to a wealth advisor. We learned that not all of them are the same and you should meet with a few to gauge your comfort level with them. Make sure to ask prospective advisors how they earn their commissions so that can determine how much they’ll be working for you versus the financial institution they serve. And don’t worry if you lacking in all the answers...this is the time to learn, explore and test out your investment planning knowledge. Start low and as you gain more knowledge, you can invest more.
Many attendees straightened up with the topic of estate planning came up and what will happen to your assets and wealth when you pass on. Alternatively, if you became seriously injured and incapacitated...do you have an executor for your estate and anyone close to you with power of attorney to honour your wishes?
Lastly, if you’re currently investing in your company’s RRSP program, make sure to learn more about it. Often your benefits team can contact the plan’s broker and schedule a lunch and learn to go through how the funds are allocated.
The Introduction to Investing panel and subsequent workshop got attendees thinking about finances in a new light, provided a new level of curiosity, and confidence, towards wealth management and investing in their future.
Looking to continue learning about wealth management? Check out these great resources: