Canadian women control a growing share of investable assets in Canada, according to a new study by the Canadian Imperial Bank of Commerce (TSX:CM)
CIBC says that women directly control financial assets worth about $2.2 trillion, a figure that does not include the family home. And, according to CIBC, women will manage an increasing concentration of investable assets through 2028, as the baby-boom generation ages and moves into its senior years, and women continue to outlive men by about six years.
The study found that the Baby Boom generation of women have more money because they've been in the workforce most of their lives, and they are taking greater control of financial decisions within their family.
Married women dominate the female wealth pool, controlling $1.4 trillion in assets, CIBC found, based on figures released by Statistics Canada. And 22% of them say they make the investment decisions for their households. Add those married women who make financial decisions to the single, divorced and widowed women who also take care of their own assets, and 41% of women have full control over their money.
The figures about who holds the purse strings come from an online survey of 4,591 randomly selected Canadian adults performed between November 28 and December 6, 2018. By 2028, women in Canada will control $3.8 trillion, one third of financial assets in the entire country, CIBC forecasts.
