Women and Investing: CIRO’s Investor Advisory Panel publishes inaugural research report

When working with advisors, women value returns, plain language, respect and understanding of life goals; confidence challenges persist

Toronto (Ontario) November 26, 2025 – The Canadian Investment Regulatory Organization’s (CIRO) Investor Advisory Panel (IAP) has published research confirming that women invest less and feel less confident when it comes to investing, when compared with men.

The report found that women save and invest much less, feel less confident about investing and are more risk averse in their approach to investing, than men. This difference is especially pronounced among younger women, age 18 to 34, who are more likely to report being unsure where to start if they wanted to invest.

The report also found when working with an advisor, both men and women value returns and investment performance. However, women who work with an advisor place greater value on their advisor speaking without jargon and treating them with respect.

“This research underscores the importance of recognizing women investors and their unique needs—and provides insights into how the investment industry can meet those needs,” said Dorothy Sanford, Chair of the IAP. “By better understanding their experiences, motivations and barriers, we can help shape a more inclusive investment environment—one that supports confidence, access and long-term financial well-being for all Canadian investors.”

CIRO’s Investor Advisory Panel (IAP) has a mandate to perform independent research, advise on regulatory issues and to convey issues of concern to investors for consideration by CIRO. Produced with Innovative Research Group, the study investigated women’s experiences and behaviors as investors, and their experience working with advisors.

Highlights

Women invest and save less often than men

• 43% of women identify as investors, compared with 56% of men.
• 41% of women say they save at least $5,000 per year, compared with 52% of men.
• However, differences in saving and investing are largest for people making less than $60,000 annually. The gap between men and women closes entirely beyond $100,000 of personal income.

Women report feeling less confident investing and being more risk averse

• 47% of women report feeling confident about investing, compared with 66% of men.
• 22% of women are more likely to say that they don’t know where to start, compared with 12% of men who reported the same.
• If they do invest, women have a lower risk tolerance when compared to men. 27% of women have a very low risk tolerance and 34% report a low risk tolerance. Whereas 16% of men reported having a very low risk tolerance and 29% had a low risk tolerance. Of women, 61% identify with a lower investing risk tolerance compared with 45% of men.

The report also showed that among non-investors, the most common reason for not-investing is feeling they don't have enough money to invest. However, among younger non-investors, women are more likely to say they don't know where to get started or that they must focus on paying down debt first.

Takeaways for Advisors

Among investors who work with an advisor, good performance and returns are the most important priorities for both men and women (60% vs. 54%). However, women are more likely to place importance on the advisor speaking without jargon (57% vs. 40%), showing respect (56% vs. 47%), and showing an understanding of life goals (52% vs. 40% of men).

Although a large majority of both men and women (79%) say they have no preference on their advisor’s gender, women are twice as likely to work with a female financial advisor as male respondents (41% vs. 21%).

Overall, women do not report negative experiences with advisors any more often than men. However, the report found that women are not a uniform group and experiences differ for certain demographics. First-generation Canadian women report being treated differently by financial advisors than their spouse or partner more often than first-generation Canadian men.

Additional findings show that women who take responsibility for the finances in a couple are more likely to report that they have experienced their advisor not listening to them or treating them differently than their spouse or partner.

About the Investor Advisory Panel.

The Investor Advisor Panel (IAP) is a unique and diverse panel of experts in investor issues from across Canada that advises CIRO in the development of regulatory policy, annual priorities, strategic plans, and other regulatory initiatives. The mandate of the IAP is to assist CIRO in the effective fulfillment of its public interest mandate and to convey issues of concern to investors for consideration by CIRO. This includes providing input and advice on investor protection and access to advice initiatives with a view to addressing gaps relating to underserved investors and promoting diversity, inclusiveness and equity.