Women’s lack of financial confidence could be putting their financial futures in jeopardy, according to a recent poll.

The TD Wealth Management and Environics Research poll, which surveyed 900 women across Canada, found that most women understand investing is important to their financial health, and report more interest in learning about money management.

But many respondents expressed a lack of confidence in their financial acumen.

It’s estimated the average Canadian woman requires more than $300,000 to meet her retirement needs. Based on the survey, 80 per cent of women between the ages of 36 and 55 have less than one-third this amount.

The problem is compounded by the fact that less than half the women polled own an RRSP, and 45 per cent have no financial investments in their names.

The survey found that the women most likely to be in control of their future finances tend to be married or partnered. The women with the worst record for financial planning were single, separated, divorced or widowed.

“That surprised us,” says Patricia Lovett-Reid, managing director, TD Asset Management. “More and more often, women are raising children alone, as well as looking after their own personal finances. Statistics tell us that most women will be solely responsible for their own financial futures, at some time in their lives.”

“For women without partners, that time is now. But we believe that every woman can benefit from developing her financial confidence.”

According to the poll, even those women who hold investments tend to consider themselves beginner or intermediate investors, and all but six per cent of women steered away from investments they considered high risk.

But Lovett-Reid says some risk is essential to get women where they need to go.

“If you don’t take on some risk, you probably won’t be able to meet your financial goals . . . Your portfolio has to reflect your goals, your tolerance for risk and your time horizon. Every person’s is different, but it can’t all be low-risk investments.”

Since lack of knowledge seems to be women’s main impediment to investing, Lovett-Reid recommends attending seminars and reading financial handbooks. “But you don’t have to do it alone,” she says. “Financial advisers and planners are there to answer even the most basic questions.”

Lovett-Reid’s biggest piece of advice? Do something now. “The thing that can derail your financial future fastest is procrastination.”