Women's guide to wealth: Smart money strategies for every stage

Women’s financial journeys are shaped by unique milestones and challenges ranging from navigating career transitions to planning for retirement. In this special edition of Smart Advice, we break down the results of a groundbreaking Women of Influence+ survey conducted in collaboration with CIBC, on Women, Money, and Wealth

This episode offers expert guidance and practical tools to help you navigate your financial journey. 

You won’t want to miss this roundtable discussion featuring CIBC financial advice expert Carissa Lucreziano, Dr. Rumeet Billan, CEO of Women of Influence+ and Margaret Adaniel, Vice President of Wealth Digital, Marketing and Communications at CIBC. 

Here are three reasons why you should listen to this episode:

1. Understand the benefits of working with an advisor to help you manage finances during major life transitions.
2. Discover strategies to build financial wealth with budgeting, goal setting and regular investing.
3. Learn how to protect yourself and your loved ones with an estate plan.

Resources

• Canadian Perspectives: Women, Money and Wealth Survey
• Willing Wisdom by Thomas William Deans 
• Wealth planning for women: Why do I need a prenup?
• CIBC's "Smart Advice" Podcast and Website - Website | Apple Podcast

Episode Highlights

[00:29] Milestones and Challenges on the Financial Journey of Women

• Over the years, women have increasingly grown their influence in Canada's economy.
• Carissa highlights a study by Women of Influence+ and CIBC
• It revealed that 68% of women feel in control of their finances while 42% are concerned about long-term security.
• The study shows that major life events, such as retirement and marriage, often prompt women to seek financial advice.

[02:48] Why Financial Well-Being and Transitions Are Important

• Retirement and other life transitions play a huge role in women’s finances. It’s also important to see retirement as a journey, not a destination.

[3:33] Margaret: “Retirement is not a point of arrival… It's actually a journey within itself”

• Women face increased financial responsibility. In particular, this involves balancing work and family, leading to evolving financial needs.
• Understanding your current financial situation, budgeting, and setting future goals are foundational steps for building financial resilience.
• Building an emergency fund and investing in long-term wealth, despite market complexities, is crucial in the modern era.

[10:56] Starting a Business and Financial Considerations

• All business plans include market research, business model, marketing strategy, and cost analysis.
• It’s vital to keep personal and business accounts separate to simplify balancing your finances.
• It helps to automate bill payments, as missing a payment can harm your credit score and make financing your business more difficult.
• Digital resources like BDC and Zen Business can make it much easier to start a business, even if you are early in your financial journey.
• Carissa emphasizes the value of working with a trusted business advisor to navigate the early stages of entrepreneurship.

[18:35] Build Strong Partnerships On Your Financial Journey

• Communication is key in both new and second marriages, starting with full disclosure of financial obligations and establishing clear money management practices. 

[19:42] Carissa: “In any relationship, first marriage or partnership or second communication is key. That is the foundation.”

• Carissa recommends cohabitation agreements or prenups to outline financial responsibilities and protect individual interests.
• Define what is "yours, mine, and ours" clearly in financial arrangements, particularly in second marriages. Doing so prevents misunderstandings and fosters transparency.
• Financial disagreements are a common source of conflict in relationships and highlight the value of open communication to build a strong financial foundation.

[23:21] Estate Planning Beyond Legal Documents

• Estate planning is more than just legal documents. Women need to organize details like family contacts and personal wishes.

[25:18] Margaret: “We think about it [estate plan