Only 53% of women have the confidence to invest money, while 82% of their male counterparts are confident investing money, Gwen Paddock, national manager, agriculture and agribusiness, client and business strategy at RBC Royal Bank, told delegates at this year’s Advancing Women Conference in Calgary.
Yet, Paddock explained, women tend to be better investors than men.
A UC Davis study, published in 2000, used account data from February 1991 through January 1997. It found that men traded 45% more than women, reducing their net returns by 2.66 percentage points per year (compared to 1.7 for women). The study was entitled Boys will be Boys: Gender, Overconfidence, and Common Stock Investment.
For anyone intimidated by investing, Paddock gave credit to the 4-H motto, advising people to learn to invest by investing.
Tweets from the Conference:
G. Paddock on investing: 1. Get in the game 2. Make friends with risk 3. Make communication a priority 4. Collaborate on a plan #AWCwest2015 — Debra Murphy (@RealAg_Debra) April 7, 2015
#AWCwest2015 Gwen Paddock “If we fail to budget we spend on nice to have vs need to have. Make conscious decisions.” pic.twitter.com/gNxzR39HpD — Advancing Women (@advancing_women) April 7, 2015
Finding a financial advisor is all about relationships, comfort, communication:Paddock #AWCwest2015 — Ag-West Bio (@agwestbio) April 7, 2015
As a society we’re saving less, but living longer, says Paddock. #AWCwest2015 — Lisa Guenther (@LtoG) April 7, 2015
Book Club, Wine Club… Why not investment club for women? Learn, rsch to invest @RBCGwenPaddock did that with girlfriends #AWCwest2015 — Trish Jordan (@aggiecoolchick) April 7, 2015
According to Gwen Paddock at RBC, the salary gap between men and women is widest in AB than any other province in Canada @ 44% #AWCwest2015 — Erin K Gowriluk (@GowrilukE) April 7, 2015
Adding 2 Paddock’s $ talk -my hubby&I have found $ mentors in a couple we are friends with – we celebrate paying off debt, etc #AWCwest2015
— Ellen Grueter (@ellenSKCanola) April 7, 2015