planets are aligning: it’s time for a web magazine to help
women de-mystify finances and investing.
will talk about ANYTHING to their friends, they won’t ever talk
about money—their own or their friends'. For openers, just look
at the number of talk shows on any network, starting with
Oprah and The View.
Women know more about each other’s sex lives than about debt,
budgets, and investments.
afternoon in 2010, I was browsing through the magazine section
at Chapters-Indigo. The selection of “women’s magazines” was
astonishing: furniture and décor, yoga, pilates, weddings/brides (big!),
fashion (bigger!), knitting, jewellery, and beading. There is
even a magazine to help women shop: Lou Lou.
The magazine I didn’t find
is the one that helps women
finance and investing.
Yes, there are
personal finance, investing, economics, and professional trader
magazines. Here are the problems with those magazines, as I see
them: they assume a certain level of financial knowledge, which
women don’t have; they're full of financial jargon, which women
don’t understand; and frequently, the writing is humourless,
and frankly, boring.
research—done by Canada’s major banks, Statscan and others—all
points to the same trends.
you’ve seen some of the news?
debt-to-income ratio is the WORST among OECD countries.
Canadians owe $1.48 for every $1 that they earn.
Women spend 30% of
their gross income (before tax) on clothes, shoes, and
accessories. —Statscan 2008
asked, “what was the best financial advice you received from
your mother,” the top answer was “no advice” (28%). –TD Female
Investor Poll 2010 [surveyed women ages 45 to 64]
57% of Canadians are
having trouble setting aside enough savings.—RBC
number of Canadians aged 18 to 34 who have RRSPs has dropped to
39% - the lowest level in almost a decade - and fully 45% have
not started saving for retirement yet.—RBC
Life expectancy for
Canadian men is now 83 years and 86 years for women. This,
coupled with the fact that women marry older men (and 40 per
cent of Canadian women will not celebrate their 30th
wedding anniversary because of divorce) leads to this bottom
line: toward the end of their lives, most women will be making
their own financial decisions even though they may not be
prepared to do so.
The good news
is that a number of women (and men) have caught on that we need
help. Some have been at this for quite a while: David Chilton,
author of The Wealthy Barber; Globe and Mail
columnist Rob Carrick; Jon Chevreau, editor of the Wealthy
Boomer blog; and more recently, Gail Vaz-Oxlade, who is
reforming “princesses” who spend, spend, spend daddy’s money.
As good as all
these resources are, not enough people are paying attention. And
it gets worse: women are NOT engaged and the message is NOT
FinanceSpa.ca: we will be the aggregator and clearing-house for
relevant, timely, and actionable financial and investing
information for women, from many sources.
create original stories designed to help de-mystify finance and
We are going to
take a different approach and get more women taking charge of
their financial futures.