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For Love or Money - RBC Poll Finds Women are Motivated by
Life Events, Men are Driven by Measuring Progress
Confidence in online investing is another divergent factor
between the sexes
TORONTO, August 9, 2012 - 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."
Highlights of additional gender investing differences
- Of those who make investment decisions on their own, women
(71 per cent) are more likely than men (65 per cent)
to say that being knowledgeable about their investments
allows them to plan for the future
- Men are more likely to read everything they can about
a topic when learning new things (36 per cent compared to
27 per cent of women)
About the RBC Direct Investing Poll
This survey was conducted via the Ipsos I-Say Online Panel,
Ipsos Reid's national online panel, from June 6 to 11, 2012.
The results are based on a sample where quota sampling and
weighting are employed to balance demographics and ensure
that the sample's composition reflects that of the actual
Canadian population, according to Census data. Quota samples
with weighting from the Ipsos online panel provide results
that are intended to approximate a probability sample. An
unweighted probability sample of 1,020 - with 100 per cent
response rate - would have an estimated margin of error of
±3 per cent, 19 times out of 20. The margin of error
within subgroups of the sample will be higher.
About RBC Direct Investing
One of Canada's leading online brokerages, RBC Direct Investing
is a wholly owned subsidiary of Royal Bank of Canada. RBC
Direct Investing provides innovative
tools and resources for investors who prefer to manage
all or a portion of their investment portfolio. Clients have
online access to their investments 24/7 and can choose from
a broad range of investment products, including stocks, bonds,
exchange-traded funds, GICs, and thousands of mutual funds.
Online "Practice
Accounts" and "Rep-Assisted"
screen sharing, together with comprehensive learning resources,
help give new online investors the confidence they need to
get started. For new as well as seasoned investors who wish
to speak to someone directly, RBC Direct Investing has an
award winning team of investment services representatives
available to respond to clients' customer service, account
and trading inquiries. RBC Direct Investing is a member of
The Canadian Investor Protection Fund. For more information,
please visit rbcdirectinvesting.com.
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For more information, please contact:
Kate Yurincich, RBC, 416-974-1031, kate.yurincich@rbc.com
Jill Quinn, RBC, 416 313-8121, jill.quinn@rbc.com
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