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Two thirds of Women want to be Financially Independent from Spouse
Despite the stock crash of 2008 and the subsequent shaky economy, the percentage of Canadian women that view themselves as financially successful has risen from 58% to 62%, according to a TD Waterhouse poll. The 9th annual Female Investor Poll says modern women define financial success not in terms of "bling" and other baubles but with such practical matters as bill-paying, emergency funds, debt management and retirement savings. Only 20% of the 1,432 surveyed (between ages 45 and 64) thought financial success translated into having money for the "finer things in life."
"Canadian women have a very pragmatic view of financial success, which is very interesting, but not surprising given the recent recession," says TD Waterhouse senior vice president Patricia Lovett-Reid [pictured], "It is unrealistic to define `financial success` as the ability to buy diamonds when your priority is paying down the mortgage."
Wealth = half a million dollars
The women polled says it takes an average of $542,000 in household investible assets to be considered "wealthy" but the figure varies by province. Alberta women think you need $668,000 while those in Quebec believe $393,000 is sufficient.
Perhaps all too typical of human nature, the more women already have accumulated, the more money they think they`ll need to be considered truly wealthy. Thus, those with less than $50,000 think wealth is $345,000 while those who already have $300,000 think $978,000 would do the trick. No doubt the pattern holds from there: those with $1 million will be thinking $2 million, etc.
Read the full article here.
Despite the stock crash of 2008 and the subsequent shaky economy, the percentage of Canadian women that view themselves as financially successful has risen from 58% to 62%, according to a TD Waterhouse poll. The 9th annual Female Investor Poll says modern women define financial success not in terms of "bling" and other baubles but with such practical matters as bill-paying, emergency funds, debt management and retirement savings. Only 20% of the 1,432 surveyed (between ages 45 and 64) thought financial success translated into having money for the "finer things in life."
"Canadian women have a very pragmatic view of financial success, which is very interesting, but not surprising given the recent recession," says TD Waterhouse senior vice president Patricia Lovett-Reid [pictured], "It is unrealistic to define `financial success` as the ability to buy diamonds when your priority is paying down the mortgage."
Wealth = half a million dollars
The women polled says it takes an average of $542,000 in household investible assets to be considered "wealthy" but the figure varies by province. Alberta women think you need $668,000 while those in Quebec believe $393,000 is sufficient.
Perhaps all too typical of human nature, the more women already have accumulated, the more money they think they`ll need to be considered truly wealthy. Thus, those with less than $50,000 think wealth is $345,000 while those who already have $300,000 think $978,000 would do the trick. No doubt the pattern holds from there: those with $1 million will be thinking $2 million, etc.
Read the full article here.