Six steps to achieve financial gender parity this #IWD

FrontFundr | March 7,2019

iwd - Six steps to achieve financial gender parity this #IWDOn the 108th anniversary of International Women’s Day, FrontFundr, Canada’s number one investment crowdfunding site has commissioned a survey to understand gender parity in personal finance for women, and the results aren’t good.

Only 12% of Canadian women aged 25 - 65 feel that they, personally have Financial Equality, where wealth is distributed equally. 29% of women in the same survey felt they had Financial Independence. Financial independence is not only a source of confidence but also gives women the credibility to participate in important matters of decision making, for themselves and their families.

45% of women surveyed believed personally they had none of Financial Equality, Financial Independence, a plan for retirement or enough savings for retirement.

Women manage $2.2 trillion of financial assets in Canada

CIBC undertook their Women and Wealth study in November 2018, which highlighted the financial assets that women control. They found41% of women (single, divorced, widows, and women responsible for investment decisions) control no less than $2.2 trillion of financial assets. And that number is expected to rise quickly, as the cohort of women with stronger labour incomes and retirees grows. CIBC estimates that by 2028, women will control just under $3.8 trillion or more than one-third of total financial assets (in 2018$ terms)—and more than double that number if real-estate assets are included. That estimate could be amplified if returns on women’s portfolios rise to be closer to their male counterparts.

See:  Slowly but surely, women are changing fintech

Our research supports the findings of the CIBC survey, but takes it a step further, as to what else needs to be done to bridge that gap, so women feel financial independence and financial equality. The CIBC research recommends gender blind wealth advisors, but with women living longer and earning less, perhaps we need a different strategy.

Canadian women have less savings and greater needs

Canadian women outlive Canadian men by nearly four years[1]. This means they have to support themselves for longer. Women typically earn less than men; this is in part due to the types of jobs they do, a higher percentage of women are in part-time work, and also a disparity in earnings for the same role. Statistics Canada data suggests that women earn 95% of their male counterparts doing the same role with the same experience. This is changing but still exists. On top of that, women typically have a shorter work life, due to caring for children or parents. When they return to work, this can be a barrier for work advancement, and the ability to earn a higher salary. One could argue this means that women don’t need Financial Equality but Financial bias, to create greater wealth in a shorter period of time to sustain them for longer.

Women are very cautious savers

But women are turning to lower return investments. 52% of those surveyed said their savings are in cash, the highest percentage for all the assets in their retirement plan. While it is recommended to keep 2-6 months of cash on hand, this seems significantly higher. Current high-interest bank rates in Canada are around 1%[2]and with inflation hovering around 2% it means putting longer-term savings in the bank leads to a loss of money in real terms.

Women need to look to inflation beating investing, and for those that do, the outlook is rosier. In FrontFundr's survey, 69% of the women in the survey who invest, rarely or never change their investments. It’s been said that Warren Buffet trades like a woman, by taking a longer-term approach to investing, and this longer-term approach is, as he has proved, more successful for growing your savings. Investing is not get rich quick and there is always a degree of risk.

Why women need private companies in their diversified portfolios

For many years, Canadians have had the option of investing in public companies on the stock exchanges. The ability to buy and sell shares, especially online is great, but the greatest gains tend to be in the private markets that most Canadians have been locked out of. US data shows private equity has had an average annual return of 11.8% over the past 10 years vs. 6.9%/annum for S&P 500[3].
FrontFundr brings you curated deals that you wouldn’t even know about or even have access to, for a long-term investment, and to diversify your portfolio.

See:  Gender Bias Contributes to Blocking Female Founders Out of Investment & Venture Capital. We Need to Fix This.

Women need the time to invest

But the challenge is getting the time to invest. 32% acknowledged they should take time to look at investing, but simply don’t have time. In the survey, the women responded they liked online investing because of the convenience and ability to invest any time of day, not just office hours. This is where online investing, such as crowdfunding could help address time. It allows people to review on their own schedule, and to ask the questions they need to.

The greatest reason for not investing, expressed by 44% of respondents, is not feeling comfortable making the decision. The campaigns on FrontFundr include the offering, details on the company, the team behind the company and the deal terms giving investors the information to make an informed decision. If you have a question for the company or on the process there is a Q&A section, the online chat, or you can email or call FrontFundr. When it comes to whether to invest or not, knowledge is power. You can look for a blog that you like, hopefully, this one, talk with friends and family on how they invest and seek professional advice.

Our research showed that women like to understand the business, the market, and the opportunity, and this takes time, time some women only have after work, after housework and putting the children to bed. The ability to review offerings online, at a time that is convenient, and to be able to ask questions of the company via an investment crowdfunding platform is very appealing. And advisors need to be able to provide their input at a time and in a manner that women want.

See:  How To Blow Past Your Crowdfunding Goal Using Female Empowerment

Six steps to achieve financial gender parity this #IWD and make a positive difference for human rights and women’s equality.

  1. Be confident – typically women invest differently, with more research into the companies, and for the longer term – this is good.
  2. Financial advisors need to create a financial bias to achieve women’s greater savings needs
  3. Find ways to invest on your own schedule, when you have the time to review and ask the questions you need to.
  4. Seek your own financial advisor.
  5. Knowledge is power to increase financial independence, take every opportunity to gain it.
  6. Include shares in private companies as part of your long term diversified portfolio

Source release

NCFA Jan 2018 resize - Six steps to achieve financial gender parity this #IWD The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit:

Latest news - Six steps to achieve financial gender parity this #IWDFF Logo 400 v3 - Six steps to achieve financial gender parity this #IWDcommunity social impact - Six steps to achieve financial gender parity this #IWD

Want to get insider access to some of the most innovative advances happening in #fintech. Register for #FFCON23 and hear from global thought leaders what’s next! Click below for Open Access tickets to all virtual programming and on-demand content from FFCON23.

Get on demand access and join live events at FFCON23 March 28 April 4 - Six steps to achieve financial gender parity this #IWD

Support NCFA by Following us on Twitter!

NCFA Sign up for our newsletter - Six steps to achieve financial gender parity this #IWD

Guest Post | March 30, 2023 Unexpected expenses may be hard to predict, but there’s a good chance you’ll have to deal with a surprise bill or repair eventually. With the odds against you, it’s important you budget for these surprises in advance. Otherwise, the unexpected can be a lot harder to handle. Budgeting for the Unexpected in Mind Every budget should cover the basics — rent, food, medical expenses, and bills — but don’t forget about savings. An emergency fund should take a portion of each budget’s cash. By putting a little bit of money aside for the unexpected each month, you can eventually grow a fund large enough to take on life’s biggest surprises. For extra security, some people pair their emergency funds with lines of credit. If approved for a line of credit, you may get extra cash on standby as a backup to your savings. You can dip into your line of credit any time your emergency fund falls short of the unexpected. Armed with an emergency fund and a line of credit, you’ll have a better chance of being prepared for anything — even if you don’t see it coming. 5 Common Unexpected Expenses Here ...
Read More
Pexels Monstera Money bag - Six steps to achieve financial gender parity this #IWD
Betakit | Kelsey Rolfe | Mar 29, 2023 Working groups resume April 14th, but open banking lead departs in September Canadian FinTech CEO Andrew Graham is tired of waiting for open banking to become a reality in Canada. He’s not alone. More than half a year after Borrowell launched an offering that allows Canadians to use their rent payments to build their credit score, Graham said it has seen significant challenges — ones that a formalized open banking system could resolve. Borrowell’s Rent Advantage program, announced in July 2022, allows users to report their monthly rent payments, using data from their bank accounts, to Equifax Canada, the country’s largest consumer credit bureau.  Without a formal open banking system in place to dictate a standard API—a secure way for FinTech startups and other third parties to access users’ financial data—Borrowell has had to rely instead on screen scraping. With one large bank, which Graham declined to name, the company is seeing a 75 percent failure rate. And over time, he said, using screen scraping for bank account connections tends to stop working: more than 40 percent of the company’s Rent Advantage users have to reconnect their account each month. See:  FFCON21 ...
Read More
Andrew Graham and panelists FFCON21 - Six steps to achieve financial gender parity this #IWD
Guest Post | March 30, 2023 Homeowners insurance can feel like a lifesaver when something goes wrong. If your roof springs a leak in a storm, your insurance policy should help you cover the repair costs. If a burglar breaks through your front door and steals your valuables, your policy should help you replace the items that you lost. And if your house goes up in flames, the policy should help you manage the monumental costs to recover from the disaster — including the costs of temporary accommodations. Homeowners insurance can do a lot, but it can’t do everything. Learn these three crucial facts about this type of insurance so that you’re fully prepared when disaster strikes. 1. Not All Damages Are Covered Homeowners insurance doesn’t cover all household damages. One common exclusion from standard policies is overland flooding. If a heavy storm forces floodwater into your basement, you can’t depend on your homeowners insurance to help you with the damages. You’ll have to sign up for a separate flood insurance policy to protect yourself from this circumstance. These are some more popular exclusions from homeowners insurance: Earthquakes Landslides Hurricanes (in certain states) Pest infestation 2. Not All Costs Will ...
Read More
Pexels Binyamin Mellish house - Six steps to achieve financial gender parity this #IWD
March 30, 2023 Canadian homeowners are always looking for ways to save on their insurance premiums. With the recent changes in the economy, many insurers have been forced to re-evaluate their rates and coverage options. As a result, there are a few new trends emerging in the Canadian home insurance market. Here's an overview of what's new and not so new. The latest trends in home insurance in Canada The home insurance market in Canada has seen some interesting changes recently. Many companies are now offering comprehensive packages that can help protect homeowners from a variety of risks, such as flooding and earthquakes. These new plans often also come with additional perks like identity theft protection and discounts for installing certain upgrades like smoke detectors or water shut-off valves. Furthermore, some providers are beginning to offer coverage for losses related to the use of shared economy services like AirBnB or car sharing. Overall, these new developments in the Canadian home insurance market make it easier than ever before to customize a plan that will provide you with the necessary protection at an affordable rate. New regulations and policies affecting home insurance in Canada Homeowners in Canada need to be aware ...
Read More
Unsplash Kostiantyn Li symbolic house made of money - Six steps to achieve financial gender parity this #IWD
Coindesk | Aoyon Ashraf | Mar 28, 2023 Canada's national government said federally regulated pension funds in the country will need to disclose their crypto assets exposure to the Office of the Superintendent of Financial Institutions (OSFI), as Ottawa tightens its regulatory oversight on the volatile industry. "To help protect Canadians’ retirements, Budget 2023 announces that the government will require federally regulated pension funds to disclose their crypto-asset exposures to OSFI," the government said in the new 2023 budget plan. The federal government will also work with provinces and territories to discuss crypto-asset or related activities disclosures by the country's largest pension plans, which would ensure Canadians are aware of their pension plan’s potential exposure to crypto assets, the budget plan added. The move comes after several high-profile bankruptcies such as the FTX exchange and the recent collapse of crypto-friendly U.S. lenders Silvergate Bank and Signature Bank exposed the extreme volatility investors face in the industry. See:  Digital Asset Experts School Senate Banking Committee Members on Silvergate Debacle Some of the pension funds in the country have already felt the burn of investing in crypto. Last year, Quebec-based pension fund Caisse de Depot et Placement du Quebec said that it ...
Read More
Unsplash Jievani Weerasinghe crypto - Six steps to achieve financial gender parity this #IWD
March 29, 2023 Blockchain technology has been around for over a decade now and has the potential to revolutionize a wide variety of industries. However, using blockchain technology in the gaming industry is a relatively new concept for many people. Blockchain games use blockchain technology in their design and development, making them unique and potentially more valuable than traditional games. Top-notch blockchain technology gives gamers a whole new experience with some amazing features. So, if you’re looking for a profitable investment option, take a look at these ten reasons why you should definitely invest in blockchain games. 1. Ownership and Asset Monetization One of the most significant advantages of blockchain games is that they allow players to own and monetize their in-game assets. In traditional games, players invest time and money to acquire in-game assets but have no ownership over them. With blockchain games, players can own their in-game assets, which are recorded on the blockchain and become the player's property. This means players can sell, trade, or even rent out their in-game assets for profit, just like real-life properties. 2. Secured Environment Another reason to invest money in some of the best blockchain games is that they provide the ...
Read More
Gaming and games blockchain - Six steps to achieve financial gender parity this #IWD
March 29, 2023 Forex trading involves changing one currency into another. While some people undertake this action purely for tourism reasons, others make a living out of it. There can be many benefits associated with forex trading, such as low costs, easy short-term sales, and an abundance of currency options. However, forex investment can be risky, and you might like to align yourself with a forex trading broker for some of the following reasons. You’re New to Forex Trading We all have to start somewhere in the investment world, but the complexities surrounding forex methodology and forex markets can make it easy for beginners to make costly mistakes. Many beginner forex traders entrust their money with forex brokers to make sound investment decisions on their behalf. This can be a worthwhile decision when you lack the skills to undertake trading yourself but understand the many benefits of getting involved. You Don’t Have Time Forex trading takes a considerable amount of time and effort. While the investment itself can take just a few seconds, you also have to study and analyze forex market data to ensure you’re making wise investment decisions. Hiring a forex broker can sometimes be in your best ...
Read More
Unsplash Marga Santoso trading - Six steps to achieve financial gender parity this #IWD
Coindesk | Sam Reynolds | Mar 29, 2023 Decentralized autonomous organizations (DAO) are beginning to look like general partnerships in the eyes of U.S. courts. A U.S. court in California has ruled in favor of plaintiffs who alleged that the bZx protocol, and governance token-holding members of its decentralized autonomous organization (DAO), were negligent and liable for losses resulting from a hack that drained its treasury. The putative class action against bZx, its founders, software developers Leveragebox LLC and Hashed Labs LLC was initiated in July 2022. Drained wallets:  The case stems from the $55 million hack of decentralized finance (DeFi) lender bZx in 2021, which resulted because a developer downloaded an email attachment containing malware. Not only did the attacker drain the wallet of the BZRX token, but other digital assets like ether. This is on top of other hacks the protocol suffered in 2020, one of which was for $8 million, while two others that occurred were for $630,000 and $350,000. See:  Sushi DAO Head Chef Served With SEC Subpoena While the court dismissed some of the claims, such as claims that founders Tom Bean and Kyle Kistner are personally liable for breaching fiduciary duty, the fact that ...
Read More
Unsplash Tingey Injury Law Firm - Six steps to achieve financial gender parity this #IWD
Guest Post | March 28, 2023 Introduction Since the 1970s, global finance has seen significant changes that have impacted millions of people. The development of mobile phones and other technologies has enabled new ways to make and manage payments, invest money, and take out loans. But not everyone has been able to benefit from these technological advances. In particular, marginalized communities often lack access to financial services that can help improve their lives. The importance of financial systems The importance of financial systems is often overlooked in the development community. While there have been many innovations in technology and business models, we've failed to keep up with the rapid pace of change in the financial sector. As a result, millions of people still lack access to essential banking products and services, and even more so if you look at those living on less than $2 per day. What's most alarming is that this trend isn't new: it has been going on for decades. In fact, according to data from the World Bank Group's Global Financial Development Database (GDFD), only 1% of all adults worldwide had access to formal savings accounts as recently as 1990 - a number which rose by ...
Read More
Financial inclusion and civil rights - Six steps to achieve financial gender parity this #IWD
March 28, 2023 Companies across the world are using data science in a variety of ways so that they can find effective solutions to their problems. This means that there is a greater demand for data scientists than ever before, so if you are thinking about becoming a data scientist, now could be a great time to explore this opportunity. The good news is that there are plenty of effective ways to learn more about analyzing and interpreting data. Within this article, you will find some of our best tips on developing your data science skills and launching a successful career as a data scientist, even if you don’t have much experience at the moment. Develop The Right Skills The first thing that you will need to think about is developing the right soft and hard skills to succeed in the data science world. For example, you might want to start by working on your technical skills, including your knowledge of statistics and mathematics, machine learning, big data, natural language processing, and cloud computing. As you will be dealing with large amounts of data every day, it’s essential to familiarize yourself with statistical methods and algorithms. When it comes to ...
Read More
Unsplash Joshua Mayo working remotely - Six steps to achieve financial gender parity this #IWD


Leave a Reply

Your email address will not be published. Required fields are marked *

9 + 4 =