Women Invest Less, Feel Less Confident, and Prioritize Respectful, Jargon-Free Advice, Report Finds

The Canadian Investment Regulatory Organization (CIRO) has released its first-ever research report on women and investing, revealing significant gaps in confidence, participation, and risk appetite between women and men. Conducted by CIRO’s Investor Advisory Panel (IAP), the study shows that only 43% of women identify as investors compared with 56% of men, and that women—especially those aged 18 to 34—are more likely to feel unsure about how to begin investing. These findings point to structural barriers that extend beyond income and education.

, 41% of women save at least $5,000 per year compared with 52% of men, with the largest differences occurring among those earning under $60,000 annually. At higher income levels, the investment gap closes entirely, suggesting that access and resources play a central role in shaping women’s financial behavior. Confidence remains a major hurdle: only 47% of women report feeling confident about investing, versus 66% of men.

differs meaningfully. While 61% of women identify with a lower risk tolerance, only 45% of men do. Women are also nahead twice as likely as men to say they “don’t know where to begin,” a sentiment expressed by 22% of women but only 12% of men. For younger non-investors, the barriers expand further: many younger women say they don’t know how to begin or must prioritize paying down debt before investing.

Takeaway

What Women Value Most When Working With Financial Advisors

The report finds that while both men and women prioritize investment performance, women place significantly higher importance on respect, clarity, and communication style. For example, 57% of women say speaking without jargon is essential in an advisor relationship, compared with just 40% of men. Similarly, 56% of women view being treated with respect as a top priority, versus 47% of men, and 52% want advisors to understand their long-term life goals, compared with 40% of men.

Although 79% of investors say they have no preference regarding their advisor’s gender, women are twice as likely as men to work with a female advisor (41% vs. 21%). Notably, women who manage household finances are more likely to report issues such as not being listened to or being treated diversely than their spouse when working with an advisor—highlighting persistent cultural and communication gaps in the advisory experience.

Experiences also vary within subgroups. CIRO’s analysis shows that first-generation Canadian women are more likely than first-generation Canadian men to say advisors treat them diversely than their partner. These disparities suggest that women’s experiences with advisors are shaped by intersecting factors including culture, generational background, and household financial roles.

Takeaway

How CIRO’s Findings Can assist Shape a More Inclusive Investment Environment

CIRO’s Investor Advisory Panel says the findings highlight the need for advisors and financial institutions to better understand the motivations, concerns, and behavioral differences of women investors. According to IAP Chair Dorothy Sanford, the research provides a roadmap to create a more inclusive investment environment—one that supports women with clearer communication, more accessible education, and improved pathways to advice.

The report emphasizes that the is not rooted in disinterest but in structural and psychological barriers. Women who do not invest often cite not having enough money, but younger women are more likely to report a lack of direction or the burden of debt. These insights addressing literacy, confidence building, and onboarding support to assist women begin investing earlier and more consistently.

The IAP will use the findings to inform CIRO’s future regulatory recommendations, including initiatives that promote diversity, equitable access to advice, and better protection for underserved investor groups. As the report makes clear, improving gender is not just about products and platforms—it is about communication, respect, and meeting women where they are in their financial journeys.

Takeaway