Women’s rising influence: Supporting inclusion in financial conversations

Women are poised to control nearly half of Canada’s financial assets over the next few years,¹ driven by rising incomes, a narrowing wage gap, entrepreneurial success, and significant inheritances from parents and spouses in the boomer and silent generations.

Despite this massive shift, women are still often underserved in the financial services industry, one that has traditionally tailored its products and marketing towards men. At Manulife Private Wealth, we seek to ensure all individuals are included, valued, and heard at the table.

Research shows that women tend to have a different experience with money than men, and often take a different approach to setting financial goals.² We are mindful of these differences and actively adapt our approaches to address the needs of women investors.

A different experience with money

To be clear, each investor is unique, and the last thing we want to do is assign a set of assumptions to every female client who walks in the door.  

But it’s true that women often have a different experience with money. For instance, women are more likely to have taken time out of their careers to raise children or care for family members. This can impact earning potential and the chance to build up retirement savings.

Due to their longer life expectancy and societal factors, women are more likely than men to be  widowed, to be the head of a single-parent household, or to remain single after divorce. From a young age, girls and boys may receive different messages about money, which can influence how they approach their finances as adults.  

Studies show that women often take a thoughtful approach to investing, being more cautious about uncertainty in their investment choices than men. They might also focus more on long-term goals, such as early retirement, rather than just investment returns. Women also tend to care more about ESG and community efforts, like charitable giving and legacy planning. Additionally, many women appreciate building strong relationships with their investment professionals and often value gaining confidence through financial literacy.

Because women tend to outlive men, longevity issues may be more of a focus, including ensuring they have enough savings for retirement and managing higher healthcare costs in old age.

Resetting assumptions

It's important to be mindful of gender-based assumptions in our interactions, especially in meetings with heterosexual married clients where the husband might often lead the discussion. While it’s common for one partner to handle more of the financial responsibilities, the onus is on us to involve both spouses in conversations about their finances and ensure they agree on decisions.

We understand that failing to address the needs of female clients can be costly. After all, women who don’t feel heard by their advisors are more likely to find someone better suited to their needs. In the case of widows, 70% switch advisors within a year of their spouse’s death.³

Empowering women

We know the significant role women will play in managing assets, and we’re committed to empowering them with financial education, tools, and guidance to help them make more informed investment decisions. We’re also dedicated to promoting women’s growth in finance through initiatives like Rock the Street, Wall Street (RTSWS) and by highlighting our female leaders.

Our commitment to you

Our clients expect exceptional service, and we strive to exceed those expectations. Our personalized service begins with a dedicated investment counselor and support team who take the time to truly understand your goals. This partnership is enhanced by a comprehensive team of investment professionals, analysts, and specialists working together to deliver unparalleled expertise and insight. 

As a leading global financial institution, we provide discretionary investment management services to high-net-worth clients across Canada, believing innovation, open-architecture solutions, and a global perspective as essential components of every Canadian’s financial future.

Connect with us

To learn more about how Manulife Private Wealth can support your financial journey, connect with one of our advisors today.

1 IF_2019-03xx.indd. 2 https://www.theamericancollege.edu/sites/default/files/2023-07/the-future-client-is-female.pdf 3 https://www.irionline.org/wp-content/uploads/legacy/default-document-library/272669_0121_women-and-investing-white-paper_final_021021-update_digital.pdf