Confidence in online investing is another divergent factor between the sexes
TORONTO, Aug. 9, 2012 /CNW/ - Both men and women are hands-on when it comes to investing, but they differ in what keeps them interested. According to a recent RBC Direct Investing survey, the largest motivator driving women to become more involved in managing their investments is a life event (28 per cent). For men, on the other hand, it's knowing how much money they have now compared to what they will need in the future (27 per cent).
"Women tell us their engagement is rooted in the future use of the investment, such as saving for a child's education or retirement, while men are more driven by achieving the target amount they have set for themselves," said Michael MacDonald, vice-president, Strategy, RBC Direct Investing. "The key motivator for each gender differs, but both men and women recognize the importance of being knowledgeable and involved."
Equally, men and women (64 and 65 per cent respectively) say being able to plan for their future is a top benefit of being knowledgeable and involved in managing their investments. Women are more likely (52 per cent) to say that having peace of mind is another top benefit; men are more likely (38 per cent) to say that it allows them to know how close they are to achieving their goals.The RBC poll also found that confidence continues to be a divergent factor between the sexes, with less than half (47 per cent) of women agreeing that they are good investors compared to a majority (61 per cent) of men. "Confidence can be increased through practice and repetition and by establishing a plan to follow," added MacDonald. "That's why we have resources like Practice Accounts, that provide a no-risk way for investors to develop their skills, as well as tools to help them create goals, build portfolios and visualize and track their progress."