Women have been making remarkable strides in taking charge of their financial destinies.
Many have overcome limitations to challenge the discrimination of unequal pay and other legal barriers that have compromised their financial independence.
As the journey for women continues, we ask ourselves: are we where we all want to be financially speaking? Not yet. However, by building on the momentum gained over the years, the relationship between women and money is continuing to evolve and progress.
According to a new survey, released by HomeEquity Bank, provider of the CHIP Reverse Mortgage, long-standing financial myths have been both reinforced and shattered, about women and their finances, especially for those who are 55+.
Let’s break it down:
Financial Independence for Women
“It’s not polite to talk about money.” For many who are in retirement, there is still a belief that it is in poor taste to talk about money. HomeEquity Bank is working hard to smash this stigma and empower women to ask financial questions and gain a better understanding of financial concepts and options. The ultimate goal is a simple one, to help women feel more in control of their financial futures and more secure in their retirement.
Imagine how liberating it could be to talk freely about your financial goals and life aspirations with someone who cares and who could help provide solutions that result in your financial independence.
It really is okay to talk about money. In fact, I have always encouraged women to talk about money. And the good news? It appears some are!
Money Management for Women
According to the HomeEquity Bank survey, women who were solely responsible for their finances tend to have a higher financial wellness score than those who share the responsibility with other family members (51% versus 41%). This is encouraging because no one will care more about their financial future than they will. And women tend to get even better with age. In addition to single women seeking advice, women 65+ are seeking more professional financial advice (50%) compared to those younger than 65 (45%). They also have better financial wellness scores.
We have come a long way; the statistics are encouraging and it’s clear that Canadian women are making great strides. However, there are still barriers, especially around seeking advice from a professional. Half of those surveyed remain skeptical that it will work for them. This leads me to believe advisors could do a better job building relationships with women, educating them on how they can support their financial wellbeing, and, ultimately, giving women confidence that they are working in their best interest.
Women are climbing the corporate ladder, entrepreneurship is thriving, and women have a seat at the table. Women of all ages are overcoming historical limitations and one of the key forces in this movement is financial literacy. It will help us all to continue to break down barriers and old societal norms.
I encourage you to ask the tough financial questions, talk about money and take charge now. After all, it is your money and your financial future.
Pattie – PLR@heb.ca
