BUILDING THE LIFE YOU WANT
© 2015 Raymond James Ltd., member – Canadian Investor Protection Fund
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REALITY CHECK 101
When it comes to our financial health,
there’s an important reality to consider:
MEN AND WOMEN ARE DIFFERENT!
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MEN AND WOMEN ARE DIFFERENT.
Women face unique challenges in the economic and social spectrum:
The earnings gap
The retirement income gap
The lone-parent gap
The caregiving gap
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1. THE EARNINGS GAP
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COMPARING AVERAGE ANNUAL INCOMES
$48,100
$32,100
Average total annual
income of men in 2011
Average total annual
income of women in 2011
Women more than men cite the high cost of living and
not earning enough as the biggest barriers to saving
more.
Sources: StatsCan; Blackrock
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LET’S LOOK AT INCOME FROM 1976 TO 2008
There’s still an
income gap
Source: StatsCan
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THINKING ABOUT THE FUTURE…
Women surveyed by Sun Life:
69%
31%
expect to be working at age 66
because they’ll NEED to
expect to be working at age 66
because they’ll WANT to
A 2014 survey by the Conference Board of Canada
reported that women are more uncertain than men
regarding their planned future retirement.
Sources: Blackrock 2015, Conference Board of Canada 2014, Sun Life Unretirement Index 2012
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2. RETIREMENT INCOME GAP
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MEDIAN INCOME FOR SENIOR MEN & WOMEN
$30,100
$20,200
Median income for senior
men in 2011
Median income for senior
women in 2011
The largest discrepancy lay in the median income
from private pensions and RRSPs: men received
$16,300, whereas women received about half of
that, at $8,500.
Sources: Financial Security – Retirement Canada, Statistics Canada, 2011
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OAS AND GIS RELIANCE
Women are more reliant on Old Age Security (OAS)
and Guaranteed Income Supplement (GIS) than men.
In 2011…
18%
of senior men’s total
income was from OAS and
GIS
30%
of senior women’s total
income was from OAS and
GIS
Source: Canadianlabour.ca
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3. THE LONE-PARENT GAP
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REMEMBER THE NUMBER 4
Lone-parent families in Canada are 4
times more likely to be poor than twoparent families are. The basic reason
is obvious: Single parents have far
less in the way of financial resources,
especially if they have less education
and fewer skills.
There are 4 times as many single
mothers as single fathers.
Sources: “The inequality we don’t talk about,” Globe and Mail, 2013; Portrait of Families and Living Arrangements in Canada, StatsCan, 2011
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BECOMING WIDOWED OR DIVORCED
In Canada…
Average life expectancy is
33% of first marriages end
80 for men and 84 for
in divorce
women.
When becoming widowed or divorced, many women are
shocked by the reduction in their husbands’ pensions, postretirement benefits, and healthcare coverage.
Sources: CBC News, 2014; Globe and Mail, 2014; Family Justice Working Group
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4. THE CAREGIVING GAP
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THE CHALLENGES FOR WOMEN CAREGIVERS
An estimated 54% of caregivers are women. Women
are…
- More likely than men to be a caregiver at some
point in their life
- More likely than men to spend 20+ hours per
week on caregiving tasks
- Three times more likely to experience lost
wages
- More likely to incur higher care-related out-ofpocket expenses
Bottom line: A woman taking on caregiving
has a much greater risk of NOT attaining
income security throughout her life
Source: Portrait of Caregivers, Statistics Canada, 2012; The economic costs of care to family/friend caregivers, Univesity of Alberta, 2013
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REALITY CHECK 201
As a woman you will face many tough challenges,
BUT YOU CAN TAKE CHARGE OF YOUR
FINANCIAL HEALTH.
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START WITH 3 KEY STEPS
Taking charge of your financial health
starts with 3 key steps:
1.
Get organized with an orderly
system for managing your finances.
2.
Envision the kind of future you
want.
3.
Develop a comprehensive, written
plan to help you build that future.
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1. GET ORGANIZED
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YOUR OPPORTUNITIES TO GET ORGANIZED
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

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Compile a record of your accounts.
- Know where your money is.
Create a home inventory.
- Know what you own.
Design a monthly spending plan.
- Know where your money goes.
YOUR OPPORTUNITIES TO GET ORGANIZED



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Start a savings program.
- Be disciplined about saving.
Monitor your credit situation.
- Be cautious in using your credit
cards, and set goals for improving
your credit picture if needed.
Prepare a will and keep it updated.
- Be confident your wishes will be
carried out.
2. ENVISION THE FUTURE
YOU WANT
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HOW DO YOU SEE YOURSELF SPENDING RETIREMENT?
- Enjoying leisure time without the
pressures of work?
- Traveling? Exploring new interests?
- Living part time or year-round in
another part of the country?
- Spending more time with your family
and having the resources to build
memories together?
- Continuing your career on a limited
basis?
- All of the above?
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HOW MEN & WOMEN VIEW RETIREMENT IS DIFFERENT
Studies suggest that while men see retirement
primarily as leisure time, women see it as a chance
to explore new opportunities. How about you?
Whatever your goals and dreams for retirement,
planning now is critical to a financially healthy future
– one with the security and independence to fulfill
your goals.
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3. MAKE A COMPREHENSIVE,
WRITTEN PLAN TO GET THERE
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WHY DO YOU NEED IT?
60% of Canadians with a written
financial plan say they are “very
satisfied” or “somewhat satisfied” with
how much they are saving for
retirement, versus 28% of those
without a plan who say the same.
A plan helps you keep track of your
goals and better understand how
different elements of your finances fit
together.
In short, having a plan gives you
peace of mind.
Source for stat: Sun Life Canadian Retirement Index Report 2013
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A PLAN THAT’S JUST FOR YOU
A dietician takes into account an individual’s personal eating habits,
allergies, medical conditions, tastes, etc. Similarly, your retirement
plan should be built according to your uniqueness.
It’s all about you & your loved ones – your goals, your desires,
your needs, and your circumstances.
It’s your personal roadmap as you travel through life’s stages
towards retirement.
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WHAT’S IN YOUR RETIREMENT PLAN?
Of course, it would depend on your unique situation, but it
may include:
Tax Planning
Estate Planning
Risk Management and Insurance Protection
Small Business Planning
Investment Planning
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INVESTING
Investing can be a key element of your
retirement plan, helping you reduce the
retirement “gender gap” by:
- Offsetting inadequacies in government
benefits
- Preparing your financial resources to
provide the kind of future you desire
- Enabling you to build a legacy to leave to
your family
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REALITY CHECK 301
WOMEN MAKE GOOD INVESTORS.
In fact, studies of investment behaviour have suggested that they
are more successful investors than men!
Sources: FINRA, Boston Consulting Group 2010, FINANCIALPLANNING.COM 2010
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WOMEN MAKE GOOD INVESTORS.
Women are more likely than men to make money as
investors in the financial markets because…




They are more careful, really taking the time to
understand, which can lead to better decision making.
They often have a greater desire for self-control, thus
exhibiting greater financial discipline.
They tend to be more patient and not as distracted by
short-term performance.
They tend to buy and hold stocks because they are not
as confident as men…or as overconfident.
These qualities can create a formula for investment
success.
Source: June 2011 study by Barclays Capital and Ledbury Research; Survey of Affluent Women by The Boston Consulting Group, 2010
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HERE’S THE CATCH
In spite of their potential for success, studies have
shown that women lack confidence in their ability to
invest well.
A study by BMO InvestorLine found that…
83%
68%
of men feel confident when
making investment decisions
of women feel confident when
making investment decisions
Source:s Moneysense 2014, BMO InvestorLine
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LOWER PARTICIPATION RATE
A 2015 BlackRock study also found that when it
comes to contributing to some type of retirement
plan – including RRSPs, TFSAs, and workplace
retirement plans – the participation rate among
women is lower in all categories.
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LET’S CHANGE THAT. TAKE CHARGE OF YOUR FINANCES TODAY.
By acting today, you can build the life you want in the
future. Remember:
1.
2.
3.
4.
5.
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Don’t let gender gaps stop you
Have more confidence in yourself when making
investment decisions
Understand your financial situation – get organized
Envision the lifestyle you want in the future
Make (and follow!) a detailed written plan to get
there
DISCLAIMER
Raymond James Ltd. (RJL) prepared this presentation. Information is from sources believed to be
reliable but accuracy cannot be guaranteed. It is for informational purposes only. It is not meant to
provide legal or tax advice; as each situation is different, individuals should seek advice based on their
circumstances. Nor is it an offer or solicitation for the sale or purchase of securities. It is intended for
distribution only in those jurisdictions where RJL is registered. RJL, its officers, directors, employees
and families may from time to time invest in the securities in this presentation. Securities offered
through Raymond James Ltd., Member-Canadian Investor Protection Fund. Insurance products and
services are offered through Raymond James Financial Planning Ltd., not a Member-Canadian
Investor Protection Fund.
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Sophie Lalonde
Senior Wealth Manager
450-232-7615
Toll-Free: 888-832-7920
Sophie.lalonde@raymondjames.ca
Scott Delgaty
Portfolio Manager
450-232-7616
Toll-Free: 888-832-7920
Scott.delgaty@raymondjames.ca
Francesca La Morgia
Branch Administrator
450-232-7919
Toll-Free: 888-832-7920
Francesca.lamorgia@raymondjames.ca
David J. Thomas
Financial Advisor Assistant
450-232-7914
Toll-Free: 888-832-7920
David.thomas@raymondjames.ca
DLFG 3D Financial Solutions
Independent Financial Services
www.raymondjames.ca/DLFG
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