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Most Canadian women are involved in the day-to-day financial decisions for their household, and more than half are the primary decisions makers, a new study has found.

Women's influence on household finances is even more intense among mothers of young children. In that group, 96 per cent of them have the responsibility for household financial management: 63 per cent on their own, and 33 per cent together with a partner or spouse.

Many women welcome the role, said the report on Canadian Women Consumers, prepared for MasterCard Canada. It found that 47 per cent of women said they enjoyed managing the finances while 48 per cent were neutral. Only seven per cent said they disliked the responsibility.

“Women are very powerful consumers,” said Jennifer Reed, a vice-president at MasterCard, which today is releasing its first “MasterIndex” of the five key life stages of Canadian women, and how spending differs during each one of those stages.

“Canadian women generally embrace their role as important drivers of the consumer economy,” the report says. “Their path through the various life stages influences where they spend, what they prioritize and how they regard their financial circumstance. Marketing to Canadian female consumers requires a solid understanding of the possible life stages and the influences that each stage has on the next.”

The study, prepared by Environics Research Group, also found that most women believe that finding a good price is more important than paying for a recognized brand, when they're shopping for themselves. And young mothers tend even more to opt for a reasonable price over a brand name.

Still, even among mothers, there are variations: more of them (32 per cent) were willing to pay for a better brand if shopping for their household; but only 20 per cent of the mothers said they would pay more for a better brand when shopping for themselves.

There are lessons that businesses can learn from the data: Women are an important target group for marketers and “you ignore them at your peril,” said David MacDonald, group vice-president at Environics. Marketers should focus on the needs and wants of women, and “men will follow.”

Home improvement retailers have woken up to this reality, he said. Home Depot Canada and Rona Inc. have boosted their efforts to draw women. They have added more home decor items, run workshops and brightened their stores to make them more attractive.

Financial services, such as retirement planning, as well as vacation planning services could adapt more to the needs of women, he said.

The MasterIndex research divided women into five life-stage and spending categories:

- emerging consumers: young adult women, 18 to 34, who are not working full-time yet, forming spending habits while having limited financial means;

- new earners: women 18 to 34 who work full time, and don't have children. They become active and engaged consumers who have a disproportionate impact on spending on such items as clothing and home furnishings;

- moms with children under the age of 18: these women, also 18 to 34, evolve from self-focused spenders to the “chief purchasing officers” of their households. Representing almost one third of the total female consumer market, they have less confidence in their financial situation. Their spending is driven by household demands rather than personal enjoyment;

- established consumers: women between 35 and 54 with no children under the age of 18 living at home. They face new financial challenges such as supporting children in university or saving for retirement; half of them are not satisfied with their current financial situation;

- silver spenders: they are 55 years and over and have the highest average income. They report having the highest sense of satisfaction with their personal financial situation, even when at more limited incomes.