Women and Wealth
Are you a young woman, career or business woman, single or stay-at-home mother eager to learn more about how money works, but feel too intimidated to sit down with a financial advisor? Are you a retired woman, or coming close to retirement, and realize you don't have a plan to minimize your final expenses and taxes for your remaining spouse/children for when you pass?
Women influence up to 80-90% of the buying decisions, and yet face gender-specific challenges when it comes to building wealth.
“Economic Impact: Women, Monetary Worth, and the Role of HR in Enabling Financial Equity,” HuffPost, Feb. 15, 2017.
Gender Wage Gap
Did you know that working women in Canada aged 15 years old and up earned $0.87 for every $1.00 earned by men in 2017. This difference in earning power over a lifetime puts women behind in terms of being financially secure and ready for retirement.
"The Gender Wage Gap & Equal Pay Day" 2018. https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1310040901
Did you know that women in both Canada and US are increasingly becoming more educated than men at the college and masters degree level, and yet, fall behind when it comes to their success in the workplace?
Knowledge Center: "Women In The Workforce: United States, Catalyst," 2018. http://www.catalyst.org/knowledge/women-workforce-united-states; The Power of Parity: "Advancing Women’s Equality in Canada", McKinsey Global Institute, McKinsey & Company Canada, June 2017.
Did you know that women can lose up to 3 to 4 times their annual salary for each year out of the workforce? The responsibility of caring for young ones, sick spouse, or aging parents still often fall on women - taking them out of the workforce.
"This Calculator Reveals How Much Money You’ll Really Lose When You Stay Home With Your Kids “ Life Hacker, Offspring, Aug. 15, 2017.
Given the challenges of equal participation in the workforce, women often miss out on the opportunity to make regular contributions to their retirement plans. A longer lifespan for women also means they are likely to outlive their retirement resources than their male counterparts.
“Life Expectancy at Birth, By Sex, By Province,” Table, Stat Canada: http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/health26-eng.htm.