A Quick Introduction and Context
Over the last two years, Credo has surveyed tens of thousands of Canadian investors asking them to report their sentiments about nine important factors that relate to their lives. These factors include their feelings of:
- Financial Well-being
- Intellectual Engagement
- Purposeful Pursuits (read: work, whether paid or not)
- Leisure & Recreation
- Health & Physical Fitness
- Home & Location (read: your physical environment)
- Inner Growth (read: spirituality… be it religious or not)
- Community & Social Relations
- Close Personal Relationships
We also asked the investors questions that constitute a short financial literacy test. As a result, Financial Literacy makes up the 10th “spoke” in Credo’s Wheel of Life (WOL).
Below is a graphical depiction of Credo’s Wheel of Life. Why does Credo use a Wheel of Life? Ask yourself, “how smooth is the ride that my life is taking?” At times, when all of the dimensions of your life seem very well balanced, you might say you’re experiencing a “smooth ride.” However, when one or more of the spokes in your wheel are shorter (or longer) than others, you generally experience a bumpy, less-than-comfortable ride. You’d have to agree, a round wheel rolls best. And a larger wheel rolls further with each turn than a relatively smaller wheel, right?
The analogy of a Wheel of Life makes sense to most. When you’re not having a smooth ride… when you’re experiencing bumps in the road… things could be better in your life. It might be time for a re-balancing of the wheel by adjusting one or more of your spokes.
Comparing Men and Women
A comparison of men and women is depicted in the Wheel of Life below.
This analysis shows two wheels that are similar in size but clearly different in shape. Men and women may travel a similar distance on the mental path of their lives, but the bumps in the road will certainly feel different. Women score lower than men with respect to their feelings of financial well-being and financial literacy. By contrast, they score higher than men with respect to matters of inner growth and relationships.
It is important to note that how the different groups get to the scores they achieve will certainly be different, even if their scores appear to be similar. With respect to matters of Leisure and Recreation, for instance, women and men (as groups) produced essentially the same average scores. It is obvious that the leisure and recreation activities of men and women do not have to be even remotely similar. But the state of mind produced by the leisure and recreation choices of these two groups has produced highly similar scores.
The differences that are apparent have significant implications for the life experiences that men and women enjoy. Similarly, these differences have implications for people who are trying to connect or communicate with with either men or women.
We’ll leave it to our consulting colleague Paulette Filion to fill in the rest of the blanks on this important “comparing men and women” analysis. If you’re interested in seeing some other segments of Canadian society compared, however, feel free to book some time with us for a discussion.