When it comes to financial literacy, Canadian women aren’t as comfortable as men.
According to a new survey from TD Wealth, personal financial objectives are less common along Canadian women than Canadian men; women have a lower likelihood of investing in the stock market; and women are uncomfortable with self-directed investment.
Furthermore, women are more concerned about their financial stability than men.
The survey was conducted by Leger on behalf of TD Wealth in February 2022, and polled 2,341 Canadians aged 18 to 65+. It compared how confident those who identify as women and those who identify as men are in their financial and investment knowledge. And the results aren’t particularly encouraging.
According to the survey, 83% of men said they had personal financial goals, compared to 75% of women. It also revealed that 36% of women tend to share their financial decisions with a partner/spouse compared to 27% of men. Given this, it’s not surprising that 57% of men are more likely to say they’re the only ones to make financial decisions, compared to 43% of women.
The survey also revealed that men are significantly more likely to say they’re comfortable with DIY trading/investing, at 58% versus 32% of women.
When it comes to today’s uncertain climate, women are significantly more likely to be concerned about market fluctuations due to the pandemic (70% versus 64% of men) and the cost of living (87% versus 81% of men). Tellingly, more women (51%) also reported feeling concerned about their salary/earning potential compared to men (47%). Furthermore, women were slightly more likely (36%) than men (34%) to cite caregiving responsibilities when it comes to their personal finances.
What's more, 41% of men and 35% of women said they're likely to feel confident in their financial situation if they were to divorce/separate from their partner.
Despite these not-so-uplifting stats, there is still hope on the horizon.
To start, women are now out-learning, up earning, and outliving men. As TD reports, within five to seven years, financial assets controlled by women in Canada will double and exceed that of men, with 90% of women ultimately being the sole financial decision-maker in a household.
So, at least there's that.
