Why financial planning is self-care

When you think of self-care, financial planning may not be the first thing that comes to mind. But it can be a vital part of your overall well-being. Like other self-care rituals, it’s easily neglected. This can be especially true for women, who often put their own needs on the back burner while they take care of everyone else.

Checking in on your own financial plan might not seem like a top priority when you can’t find a quiet moment for yourself, but Martha Moen, Head of Operational Excellence and Growth at BMO Private Wealth, believes that having a holistic financial plan can actually help you reduce stress and put you in a stronger position to support your loved ones.

“If you’re not prioritizing your own needs and you’re feeling depleted and exhausted, your level of resiliency is low,” she says. “That’s when these things can become extremely overwhelming.”

Reducing stress

Finding a moment for self-care may seem like a luxury, but it’s vital to your long-term health and it can enhance your ability to care for those around you. A Statistics Canada study found that more than half of those in the sandwich generation – people caring for parents and children – report feeling exhausted, anxious and overwhelmed.

While self-care looks different for everyone, Renee Thibert, Director of Wealth Planning at BMO Private Wealth, says that it’s anything that alleviates stress, including having a financial plan. “I look at my personal finances and having a financial plan as a way to reduce possible future stress, not necessarily just stress in the moment,” she says.

Moen agrees, saying a financial blueprint can foster peace of mind for you and your family. “When people have a financial plan, they have increased awareness,” she says. “If you don’t have that clarity, you lose having that sort of sense of calm that comes with a plan in place.”

The stress that comes with not knowing your full financial picture is particularly acute for female clients, explains Thibert, noting that many women who have been focused on taking care of their kids, the household and their careers defer financial decision-making to their partners. “Gender roles are still a factor,” she says.

The ripple effect  

A robust financial plan isn’t only crucial to your own well-being, it’s also important to the peace of mind of others. Moen likens it to air safety. “When you’re sitting on an airplane and they talk about the emergency procedures, they always require that you put your oxygen mask on first before you help the passengers with you,” she says. “That’s because if you aren’t able to be cared for and to be resilient and grounded and stable, you are in no position to take care of anyone else in your ecosystem.”

As part of a plan, you’ll want to account for different scenarios to help mitigate any risks when something unexpected happens. “If you need to take time off work for an illness or to take care of a loved one, and you don’t have caregiver allowances or disability insurance, then you’re stuck,” Thibert says.

BMO’s own research found that fewer women have financial plans than men, with 73% reporting not having one compared to 64% of men, and many still lack updated wills or long-term strategies. Thibert notes that documents like wills and trusts may not feel urgent, but circumstances can change quickly. When they do, the impact can be immediate for you and the people you care for. That’s the risk.

Working with a professional

Unfortunately, the financial planning kind of self-care isn’t always as enjoyable as going to the gym or getting a massage. The administrative work is not the same as going to a spa for a weekend, says Thibert, but it can help you destress and feel energized.

Fortunately, a professional can help make financial planning feel less daunting. According to FP Canada’s 2025 Financial Stress Index, Canadians who work with a financial professional are less likely to lose sleep over money (42% vs. 53%), yet one-fifth of high-net-worth women don’t have a wealth planner.

Many high-net-worth women also feel that a financial plan is something that can be set aside for a while. But Moen cautions that even if you can easily cover your bills right now, there may come a time when that’s not the case. Your income level could change or you might need to support an ailing parent. “You owe it to yourself to take that hour and set it aside on the weekend – the way you would for a workout or a Pilates class or a brunch with girlfriends – to find a financial advisor,” she says.  

Reframing the conversation

For Thibert, getting women to think about financial planning as an essential form of self-care starts with awareness. “I think it’s just talking about it more and making people realize how important this is,” she says.  

Moen stresses the need to get a plan into action as soon as possible, no matter your age or income. “Start having the conversation today. Don’t put it off. There’s really no time too early to start that financial plan, because it will always be there to be updated if the complexity of your life increases,” she says.

Ultimately, having a financial plan isn’t just about money; it’s also about peace of mind, which can impact your overall well-being. “Finances can certainly add stress to people’s lives if they feel like they’re not in a good spot,” says Moen. “But if you have that plan, you do that self-care, you think about what’s important to you, that can bring tremendous confidence.”

 

 

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