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Of all the signincant life events that get women more involved in managing household finances and investments. divorce is the leading trigger - far ahead of childbirth, job loss, retirement or illness, In fact, events involving a woman's spouse or partner have a more profound impact on her involvement with household Frnancial management than events that impact her directly. These are the findings of the 2007 TD Waterhouse Female Investor Poll, an annual study of Canadian women's ani- tudes towards investments and financial planning. The poll, conducted by TNS Canadian Facts, surveyed 995 Canadian women between the ages of 25 - 69 who have sole or shared responsibility for household financial planning or invest- ment decisions Losing a spouse the main trigger for } FAI R itRl)ANNUAl women to create a financial Plan B g N OVEMB E R lt asked whether a series of major, life-changing events had happened to them and, if so, whether it caused them to become more or less involved in managing their household finances and investments or if it had no impact. Some interesting trends emerged. Events which involve a woman's spouse/partner have the greatest impact on her involvement with household financial management. Among women who experienced specific major events, 65 per cent became more involved in their household finances after a divorce, til per cent after a spouse or partner became ill or disabled and 59 per cent after the death of a spouse or partner. w By contrast. only-47 per cent became more involved after personally becoming ill or disabled, 46 per cent after losing their own job and 43 per Tnt amy the birth of a child. "Clearly, women experience the loss of a spouse or pan ner as more devastating to their financial situation than major changes they might undergo themselves." said Patri- cia Lwett-Reid, the senior vice-president of TD Waterhouse Canada Inc. "This suggests they are overly reliant on their partners with respect to fmancial planning and managing household investments." While almost two-thirds of divorced women say that divorce led them to become more involved in their finances, only one in six women (16 per cent) have a financial Tlan B" in the event of divorce. "Nobody likes to think about divorce, let alone plan for it," continues Lovett-Reid. "But almost four in IO marriages end before the 30th wedding anniversary, and experience tells us that divorce tends to impact women more harshly than men. This raises the question why more women aren't getting more involved in their Fmances and investments while they're still married - or while their spouse or partner is still employed and healthy." For most life events that don't necessarily involve a spouse or partner, respondents who experienced them are -e'e'"'"e-F'i-"" 7.7 ,, V "e-mi-o-rp-r-vs-se-s-r"-'"","'," mammals; Munmmmmmmnmh Nia. W tth W . , V. , , fe', Ptttt? LYS'. "v arm _ ~/-' an}; _ s"e axfat I, . 33.33.: ~ , , J'.' up“? my: El" “a. we BE - w;&wgkm ' , l - t%i' NEW', C mono-mm W memmmwm‘mmwm W bum wan-(w usA WMM m-r-roto-'-".' .mmnmhmnn-dm ”Mum-am fairly evenly divided among those who say it made them more involved in their finances and those who say it had no impact, In two categories - job loss and becoming ill or dis- abled - one in five women who experienced it say it led them to become less involved in managing their household finances. The poll examined contingency planning; that is, what kinds of potential catastrophic events are most likely to induce women to develop a back-up financial plan, or a Plan B. Two threats emerged as most likely to trigger prepar- ing a Plan B: the sudden death of a spouse, and serious ill- ness to themselves, their spouse or dependents, Yet, six in lo women still have no plan to minimize the impact of these two events, and seven in 10 or more have no plan for living longer than expected, sudden job loss, a crash in the hous- ing market, divorce and so on, "When I speak to women about their finances, l often ask them if they have a Plan B if We doesn't turn out exactly as they planned, which usually involves being in a great mar- Jiage or relationship, having a good job and being blessed with financial security. Most do not, and my advice to them is straightforward. I tell them that their Plan A is going to feel a lot more comfortable ifthey have a Plan B to back it up." As women get older, they are more likely to have a Plan B for many of life's unexpected turns. Thirty-four per cent of women aged 25-35 have a plan for catastrophic illness or disability to themselves. a spouse or dependent versus 48 per cent of those between ages 46 and 69. Sixteen per cent of 25-35 year olds have a Plan B for the possibility for living longer than they expected, whereas 42 per cent of those aged 56-69 have such a plan. . While a large majority of women (87 per cent) are satis- fied with their life overall, they are somewhat less satisfied (59 per cent) with their household financial situation when compared with other aspects of their life. such as family. their home and their work. . Just over half of Canadian women (55 per cent) consider themselves "fmancially successful," but less than one-in-lO feels they are "very successful." Women aged 55 to 69 are most likely to consider themselves financially successful (60 per cent). while those aged 36 to 45 are least likely to do so (48 per cent). . From a regional perspective, women in Atlantic Canada are signirtcantly less likely to consider themselves to be financially successful than their counterparts elsewhere in the country (38 per cent). . Women inIQuehec have a more relaxed approach to most aspects of financial management and investing than their counterparts in other parts of the country. Your brother moved - to Italy. Other key ttndings Refer a mend 1nd recewc 2 months I' for FREE} s7 Call worldwide for only $13.95 per month' Call 519-489-4459 or visit www.worldline.ca Includes Canada. USA & 26 countries or call Canada for only $3.95 per month! . Register your home phone & cell phone Instant activation Call quality guaranteed Monthly credit card or direct debit billing Available to Record subscribers & non-subscribers Flat rate with no. extra per minute charges WM Hull 1 CHRONICLE . Wedneaday. Niember N 33RD ANNUAl AIN'T]