WHY NOT NOW? Advocacy for Women's Investment Participation - Echelon Wealth Partners
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WHY NOT NOW? Advocacy for Women’s Investment Participation
01
Why Not Now - Women’s Wealth Preservation & Generation
INTRODUCTORY LETTER
To Our Readers:
I am excited to present, Echelon Wealth Partners’ Why Not Now? campaign designed to encourage
Canadian women to begin investing and to advocate for knowledge of, and participation in, a more
stable and secure financial future for themselves.
Over the past three years, Echelon has researched, evaluated and conversed with HNW women as
to what the barriers to investment participation are and how we can create a bridge over this gap
in opportunity for them. Lack of trust in financial institutions continues to be at the forefront of
this dialogue and the consistent response is that clear messaging, convenient accessibility, as well as
visible female leadership at the institutions is required to earn their trust. For these needs to be met,
it will take time.
Our intent is altruistic, the Why Not Now? campaign is designed to develop a platform to educate
women about financial investment products and services, to build a connected network and to
provide a safe forum to start a conversation about money. We welcome you to join us to educate
1 and advocate for women’s financial literacy at the Echelon Why Not Now Financial Seminar Series.
If you are interested in participating, please contact: dmcgrath@echelonpartners.com
Debbie McGrath
Chief Marketing Officer
& Chief Client Officer Sincerely,
647-794-1924 x 1924
dmcgrath@echelonpartners.com
www.echelonpartners.com Debbie McGrath
Chief Marketing Officer & Chief Client Officer
Why Not Now - Women’s Wealth Preservation & Generation
Table of Contents
02. EXECUTIVE SUMMARY
03. TALKING ABOUT MONEY, IT’S STILL TABOO
04. HOW MONEY ANXIETY LEADS TO A NEGATIVE HEALTH IMPACT
05. CANADIAN STATISTICS OF WOMEN’S FINANCIAL PREPAREDNESS
3
06. WOMEN AND FINANCIAL ENGAGEMENT
07. RECOGNIZING THE CHALLENGES
08. SELF-ADVOCACY AND ELIMINATING THE TABOO
02
Why Not Now - Women’s Wealth Preservation & Generation
EXECUTIVE SUMMARY
Carving a better path for
5 future generations
The past few years have seen an explosive amount of movements take force and it has been
transforming for women. Despite the leaps and bounds women make in some areas, their
voices are quiet in the wealth management space. Self-advocacy for participation in, and
discussion of, wealth preservation and wealth creation, is imperative to the future financial
health and mental well-being of women.
The urgency for Canadian women to become educated about managing money has reached
a crisis level deadline, as the perfect storm awaits. With 90%1 of all women set to control all
of their household’s assets at one point in their life, coupled with the wave of Baby Boomer
wealth transfers of $750M2 to the next generation, it will be a tsunami of women requiring
assistance with wealth management. And simply put, most Canadian women are unprepared
for these events.
Share Your Story with Us What was obvious in Echelon’s research is that the cause and effect of women’s financial
#WhyNotNow behaviour and the activity that accompanies it has a wide impact circle, much like
earthquake shock waves, in that the ripple effect is interdependent and interreliant. This
Why Not Now? white paper explores the journey of women’s relationship with financial
matters and aims to articulate why they are at the precipice, what they can do about it and
how to move forward comfortably and confidently.
Talking About
03 Influences to
Why Not Now - Women’s Wealth Preservation & Generation
Money, It’s Behaviours
Still Taboo toward Money
John Gray’s book Men are from Mars,
Women are from Venus3 spent more than
two years at the top of the best-seller
behavioural differences in the way
women view money. First of all, and
most importantly, women value security
Family
Relationship
list. It resonated with audiences because over performance. Surveys consistently
there was truth to his theory, and it’s confirm that women are goal-oriented, to money
Personal
directly applicable to this conversation: value money only as a means for caring
Men and women do not think, feel or for their families and themselves, for Behaviour
communicate in the same way. One of improving their lives and ensuring long- & attitudes
the most obvious divisive subject matters term security. Women think and use Availability to money
is money. Culturally, money remains a money differently than men; for women,
6 taboo subject and women don’t openly money carries a huge emotional load. of credible
talk about their money and the lack of information
dialogue about it contributes to their Women indicate that the barrier to
financial disadvantage.
& supportive
participation is their lack of confidence resources
in their financial knowledge, but that
The active investor gap between men
belief is directly at odds with reality. Education,
Social,
and women is startling–women only
invest at a rate of 40%4 of men. Once Studies show that it’s an overall fear of
Economic
you factor in the years of lost gains losing their money in an investment, not
coupled with the wage gap, women risk a lack of knowledge. A conversation & cultural
being at an enormous disadvantage with of how to mitigate risk could assist and influences
Advertising
their retirement savings. The reasons alleviate some anxiety.
why women are less investment engaged
are complicated; like a layered cake, the Bias
influences on prevention and abstention
Historical
are almost hard-wired in our DNA.
Key influences are reinforced through
experiences as we mature. There are
Influence
deeply felt biological, instinctual and
7How money
04
A Financial Planning Standards Council study markets continue to be booming, but the
found that 51%5 of women are more likely to affordable housing crisis in Toronto, Vancouver
lose sleep over financial concerns than men. and possibly next to be affected, Montreal, adds
anxiety leads
From a wellness perspective, woman experience to the heightened anxiety. Despite efforts by the
higher stress levels about money and debt banks and the government to cool these markets,
than men. Various triggers have similar anxiety the short supply and strong demand continue
inducing health impacts, whether the concern is to keep the cost of real estate very high. Wages
to a negative
the reality of their household financial situation, have not kept pace with the increase in value
or fear of the financial needs required for of real estate, debunking the old equation that
retirement, or the concern about lack of savings, a house should cost no more than three times
health impact
instability in the workplace or how to manage your household income. Currently Toronto is
money is causing women to have serious long- estimated to be nine times median household
term health problems. Feeling secure about income and Vancouver rests at 13x6.
financial matters is key to a woman’s overall
health and well-being. Research consistently Financial health is a key component to positive
Wellness check shows that a woman’s sense of financial security mental and physical health, yet we don’t address
affects her as much as her job satisfaction, how to resolve it. While busy relieving ourselves
relationship stability and physical health of stress in other forms, such as massage,
combined. physical exercise or yoga and meditation
practices, the fact remains that feelings of
Typically, the biggest investment in anyone’s financial insecurity are the biggest cause of
lifetime will be their home. Canada’s real estate stress for women.
“Health Canada places long-term stress on issues such as financial problems as a
major contributor to adverse health complications. These can range from heart
disease to mental health issues. Stress is also a risk factor in alcohol and substance
abuse, as well as weight loss and gain. Stress has even been identified as a possible
risk factor in Alzheimer’s disease. ” 7
Signs of Great Progress
With more than 80% of Canadian women between the ages of 25 and 54 now participating in the labour
market, it is hard to imagine that less than 70 years ago, fewer than one-quarter of that same population were
members of the paid workforce. But today, women are graduating university with degrees and entering the
workforce at a rate never experienced in previous generations. Today, 33% of women earn more than their
male partners, and female graduates are outnumbering men at colleges and universities. And in 2015, 40.9% of
Canadian women earned more than half their family’s income, which represents an increase of more than 23
percentage points since 19768.
Canadian labour data reveals that between the years 1977 and 1991, the average job tenure of women
increased by 26% (5.1 to 6.5 years), outpacing men whose job tenure grew by 7% (8.1 to 8.6 years) in the same
period8. During this time, women correspondingly transitioned from low-paying jobs like clerical work into
high-paying professions like health care, government, social sciences and education to a greater extent than
their male counterparts8.
8 905
Canadian Statistics
Why Not Now - Women’s Wealth Preservation & Generation
of Women’s Financial
Preparedness
3.8T 75 53 %
90 % will be controlled by
women in 2028 30 %
of executive women
of women under 40
%
don’t have a financial advisor
43
do not have a will 53% of all women
%
of women will control
all household assets at don’t have a
financial advisor
1x in their lives
10
41 %
73% of women report
of women have an being unhappy
51
emergency fund with financial
industry % 51% of women believe
they don't have
of women have a
enough assets for
high level of
82
an Advisor to want
% concern about 41% said their
their business
73
becoming a finan- chief regret was
0.78cents
Women are paid
%
0.78cents
cial burden to their not investing more
$1.00
loved ones
/ $1 Male is paid
66 %
80
Stats Canada measures 500 categories for pay equality,
%
13 years
461 categories showed men are paid more
The Wage Gap of
accumulated lost income
between men and women, of executive women
of women change advisors
equals 13 years of women do not have a
within one year of death
volunteering their time. power of attorney
Jan Feb Mar Apr May Jun Jul Aug Sep Nov Oct Dec
or divorce from their partner
Source: Statistics collaborated in infographics from various sources referenced at end of white paper.06
Why Not Now - Women’s Wealth Preservation & Generation
What’s Needed
Ensuring women can achieve their full financial potential requires looking beyond their role as everyday
decision makers to their capacity as strategic investors, which is a critical part of the wealth management
picture and where women continue to lag behind. Understanding why this gender investing gap exists in
the first place hinges on a greater consideration for how self-image, circumstance and monetary priorities
play into the financial worldview of women.
• Confidence: Women are confidently in of 55 and 64 twice as likely to answer the
Women and Financial Engagement control of their household finances, but questions correctly compared to their female
don’t feel similarly self-assured when it counterparts16.
As women’s earning ability and longevity in the workforce have comes to investing. A 2018 study found
increased, so has their financial engagement, particularly in cases where women are overwhelmingly confident in • Gender Pay Gap and Time Off Work:
women are the primary breadwinner. A 2014 U.S. survey found that tasks like budgeting (84%) and paying bills The money women are missing out on due
80% of wives who earned more than their husbands reported being (90%), but only about half (52%) express to pay discrepancies and time off work
“very or extremely knowledgeable about financial matters,” compared confidence in managing investments12. is translating to a wealth gap later in life.
with approximately half of women who earned less than their partner10. Women are also twice as likely to label According to the 2017 Labour Force Survey,
12 Canadian women aged 15 and older earned
Furthermore, women’s preference for making financial decisions has themselves as financial “beginners”
increased generationally, with 41% of Millennials saying they favour compared to men13. $0.78 for every dollar earned by men that
being their household’s CFO compared to 25% and 23% of Generation year, as measured by average hourly wages17,
X and Baby Boomers, respectively11. In practice, women are more likely • Tolerance for Risk: When it comes to their which means women have less money to
(52%) to take on the bulk of responsibility for budgeting and day-to-day appetite for taking financial risks, women invest overall due to compounded lost
banking in their households12. Despite this upward trend in financial have a propensity for playing it safe. income.
engagement, 85% of women surveyed in 2010 said they “should be A majority (70%) view themselves as
educating themselves more” about financial matters, with a majority “savers,14” with just over half (56%) opting to • Familial Support: A recent Canadian
indicating they’d prefer to focus on the core issues related to their leave most of their savings in cash or bank bank poll found that an overwhelming
personal finances and outsource the finer points to a professional13. accounts rather than investing it16. Since majority (96%) of Canadian parents are
riskier investments generally yield higher lending financial support to their adult
gains over time, many women are missing children between the ages of 18-35, a move
out on considerable opportunity to build that could be putting their own retirement
long-term wealth. savings at risk18.
• Financial Literacy: A 2014 study revealed • Easy Does It: With a long-term vision
that Canadian women scored lower on of wealth, women are not interested
financial literacy questions than men by in short runs or “quick wins” and they
a margin of 15%to 22%. This gap in want adjustable risk tolerances with no
financial literacy was larger among older assumptions about needing to “play it safe.”
respondents, with men between the ages
1307
Why Not Now - Women’s Wealth Preservation & Generation
GENDER INTELLIGENCE:
KNOWING THE SUBTLITES OF PREFERENCE
With 41% of women who do not use a financial Advisor saying they would consider working
with a professional31, the investment industry has a real opportunity to grow this underserved
clientele. Any strategy for further engaging women in the wealth-management process must
take into consideration two very important points: women have strong values regarding their
investments and specialized demands when it comes to choosing their financial path.
Today, research shows the investment wealth gap can translate to hundreds of • Safety Over Opportunity: Women put significant emphasis on security over performance
thousands of dollars over the course of a lifetime, with high-income women when it comes to their investments. A 2018 study found that Canadian women are half as likely
likely leaving between $500,000 and $2.5 million of assets uninvested19. as men to favour risky investment strategies, with 40% of women choosing an approach that
It’s clear some women are already feeling the sting of failing to save more generates additional income32. Women also take a more rounded approach to investing that
strategically, with 41% saying their chief financial regret was not investing includes holding investments longer with the goal of building security for their families and
more of their money20. preparing for major life cycle events, including death, divorce and caring for elderly parents.
A 2011 study revealed that for women “achieving financial peace of mind is over seven times
more important than accumulating wealth.33”
RECOGNIZING THE CHALLENGES • Value-Oriented Investments: For women, investing is about more than making a profit
Despite controlling approximately $2.2 trillion21 in wealth and mounting research to support their and achieving financial sovereignty; it’s about putting their money in organizations that align
standing as savvy investors21, a majority (65%) of Canadian women are not working with financial with their core beliefs. Seventy-nine percent of women surveyed by the Center for Talent
14
Advisors to support their monetary goals22. This reluctance to seek professional financial advice Innovation (CTI) said they “want to invest in organizations that promote social well-being.34”
is particularly alarming given that 90% of Canadian women will have complete control over their
finances at some point in their lives due to life cycle events like divorce or by simply outliving their • Seeking Connection: Women are looking for Advisors they can trust and who make them
spouse23. To put it in starker terms, they are expected to control more than one-third in total wealth feel heard. While historically financial advisors have been preoccupied with delivering gains
(approximately $3.8 trillion) by 202824. for their predominantly male clientele, women overwhelmingly (87%)35 report wanting a
meaningful connection with their advisor, not simply a stronger return on their investment.
BARRIERS TO ENTRY The importance of fostering trusting relationships is particularly important in the case of older
• Cost: A majority (53%) of women cite expense as the chief reason for not using a financial female clients, as roughly 80% of women abandon their Advisor within one year of being
advisor25. They also value transparency surrounding fees, including how the Advisor gets paid and widowed35, which may suggest they didn’t connect with their advisor to begin with.
how much they charge26.
• More Female Representation: A critical part of making women feel more valued and
• Insufficient Assets: Just over half of women (51%) say they consider their lack of sufficient assets understood by the investment sector lies in addressing the dearth of females working as
an obstacle to seeking professional financial guidance27; however, a 2018 study revealed that just over financial advisors. A 2017 study found that of the 1,753 Canadian advisors surveyed, fewer
half (57%) of the 25% of millennial women who say they don’t invest because it’s a “total mystery” than 22% were women and more than 45% of them said they worked at the banks36—this,
actually have the means to invest, but are choosing not to28. despite the fact 55% of women between the ages of 25 and 34 report a preference for working
with female financial Advisors, according to a report37.
• Lack of Respect: Women report feeling disrespected by financial institutions with 73% of survey
respondents identifying as being “unhappy” with the industry29. Furthermore, a 2015 study revealed It’s not just women who stand to miss out when they’re left out of the financial advisory
that men are twice as likely to be approached by an advisor than women, and a report from the equation, the investment industry as a whole will forego tremendous opportunity if it doesn’t
Boston Consulting Group revealed that more than 50% of women surveyed who had at least $250, quickly adapt to the needs of this increasingly powerful demographic.
000 in assets said “men get more attention, better advice and better terms and deals.30”
15Women Continue to be Underserved in Wealth Management
Why Not Now - Women’s Wealth Preservation & Generation
Women feel that the
advisory process is too focused
A primary concern for women on short-term results and that
is running out of money, with it ignores long-term objectives
no one to turn to. Women that really consider major life
are motived to preserve milestones, such as child rearing,
wealth. critical illness, death, divorce, and
caring for elderly parents.
Among widows, 80% switch
advisors after the death of
They want to be at a firm Women also want security, Women feel they don’t have
their husband. Roughly 87% enough investable funds
and with an Advisor that growth, and flexibility
understands and exercises of women would like to to interest an Advisor.
in their investments for life’s
16 Gender Intelligence. have an advisor, but only 17%
unexpected events.
actually do.
Women: Women:
What She Wants What She Isn’t Getting
Women want to be
treated with equal respect Women choose Advisors
73% of women are Advisors shouldn’t make the
as men, with the same options based on relationships and
unhappy with the service
provided to them. They sense require face-to-face time assumption that all women
they get from the have low-risk tolerances.
that men are being offered to establish trust
financial industry.
better products and and confidence.
services.Self-Advocacy and
On the heels of International Women’s
Day 2019, we’ve had the good fortune of
Eliminating the Taboo
starting the conversation by way of the media’s
distribution of statistical education, trailblazers’
recommendations of a framework to a more inclusive
and diverse road map in industries, leadership and
governance and a promise of corporate transparency
and commitment to closing the gender wage gap.
Women as a demographic have been historically underserved
in the wealth management marketplace, feeling that their
financial needs are too insignificant for private banks and wealth
management companies. This mindset needs to change; our
business is wanted.
Champion your destiny: Advocate for your personal financial
well being. Make financial planning an important part of your overall
health and wellness plan because feeling that you are in control of your
financial health is one of the most empowering things you can do for yourself.
The reduction of stress will be the best gift you can give yourself.
Challenge yourself: Financial literacy is a must. Educate yourself on your full
financial picture so you have a strong understanding of what your total holdings are
and a vision of a financial future. If you’re not happy with the outlook, time to
consider alternative options.
Cultivate curiosity: Break the money-talk taboo and ask a friend about how they manage
their investments or what’s on their mind financially? At your next get-together with your close
girlfriends, broach the topic, see what you can learn from each other. Share your stories with us
on our social channels. #whynotnow
Women are incredible sources of information for each other, we can be each
other’s best assist in changing a stigma that the conversation of money is
inappropriate. We welcome you to join us to educate and advocate for women’s
financial literacy at the Echelon Why Not Now Financial Seminar Series.
19Why Not Now - Women’s Wealth Preservation & Generation
ABOUT ECHELON WEALTH PARTNERS ABOUT DEBBIE McGRATH
Echelon Wealth Partners Inc. is a Canadian independent wealth management and capital
markets firm known for its client-centred approach and innovative, entrepreneurial spirit. Deborah (Debbie) McGrath is a member of the Senior Leadership Team with a dual-role
The company has approximately 58 Advisor and Portfolio Manager Teams with more than of client experience as Echelon’s Chief Client Officer, as well as the lead of the marketing
$5 billion in assets under administration and management. Echelon offers a wide range of department as Chief Marketing Officer. A University of Western Ontario graduate and
financial services for individuals, households, institutions and corporate clients from its a nominee for RBC’s Female Entrepreneur of the Year for three years running, Debbie’s
offices in Toronto, Oakville, Ottawa, London, Montreal, Saskatoon, Calgary, Edmonton, experience in managing strategic partnerships, marketing teams and business development
Vancouver and Victoria. Echelon Wealth Partners is a member firm of the Investment includes her role as Chief Marketing Officer of Peerage Capital Group, Echelon’s
20
Industry Regulatory Organization of Canada (IIROC) and a member of the Canadian principle financial partner. Debbie is a member of the Board at HART Foundation,
Investor Protection Fund (CIPF). www.echelonpartners.com a Canadian not-for-profit that raises awareness and funding to provide housing and
rehabilitation services for sex-trafficked women.
This publication is for informational purposes only. The statements and statistics contained herein are based on material
believed to be reliable, but are not guaranteed to be accurate or complete. It is not an offer or solicitation with respect
to the purchase and sale of any security, investment fund, or other product and does not provide individual financial,
legal, tax or investment advice. Please consult your own legal, tax and investment advisor.
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