A new poll from TD Wealth Management indicates that while Canadian women are taking an increased interest in their financial well-being, many continue to do so without the benefit of a formal plan or clearly defined goals.

The 2002 TD Wealth Management Female Investor Poll, conducted by research company NFO CFgroup surveyed women across Canada about their attitudes toward investing and financial management. More than half (51 %) of the women surveyed said they are more interested in financial planning and investing than they were one year ago. In many cases, that change has been subtle, with 33% investing more with financial professionals, while 24% are doing more research on their own. Yet almost the same number of respondents (49%) reported that they do not have a financial plan and more than half (57%) admitted they do not know how much money needed to retire comfortably.

“The poll results confirm what I hear from many women across Canada every day,” said Patricia Lovett-Reid, VP and managing director of TD Wealth Management in a release. “They are becoming more interested in gaining control over their finances. Without implementing a plan with clearly defined goals, however, investors are selling themselves and their financial futures short.”

Lovett-Reid added that these findings come at a time when market volatility has caused more than half of female investors (55%) to lose confidence in the stock market. “Without a plan in place and with unease growing because of current market conditions, investors are more likely to make poor decisions about their investments.”

Only 3% of respondents considered themselves advanced investors, with the rest evenly divided between classifying themselves as intermediate (51%) and beginner (45%). There is also a distinct relationship between age and knowledge, as the proportion of women describing themselves as intermediate or advanced investors increases with age.

On a more positive note, seven-in-ten female investors (72%) report that their risk tolerance has remained unchanged since last year. As well, more than half (56%) have not changed the types of assets they invest in, despite a shift in investment behaviour over the past year. “While the ability of women investors to maintain their level of risk tolerance and asset mix is positive, their actions may not be advancing them toward their long-term financial goals,” says Lovett-Reid. These findings suggest that although women have demonstrated a willingness to hold fast in this period of market uncertainty, they have done so without the benefit of a disciplined financial framework.

Interesting regional differences include:

>The Prairies lead the way when it comes to planning, with 57% of women following a financial plan, compared with only 31% in Atlantic Canada

>78 per cent of Quebec women consider themselves financially successful, compared to only half of women in Atlantic Canada

>Women in B.C. have the highest rate (31%) of self-directed investing, and they are most likely to use the Internet to research investment topics.

No matter where they live, Canadian women view debt reduction their number one priority. When asked what they would do first if given $100,000, half said they would pay down debt. What’s the first goal to be axed come turbulent times? More than half (56%) said vacation plans would be first on the block.