Women have emerged as a growing financial powerhouse.
They have made tremendous strides over the last few decades - both personally and professionally. Women are earning, controlling, and inheriting more wealth than ever before. Women represent 56% of Canadian bachelor’s degrees and are responsible for two thirds of consumer spending. 31% of Canadian women are the primary earners in their households, a number that is expected to grow exponentially.
Women’s share of global and Canadian wealth is rapidly growing. By 2024, the privately held wealth of Canadian women is estimated to rise from $1.2 trillion to $2.7 trillion, representing 50% of total private wealth in this country. They are the beneficiaries of a disproportionate share of the approximately $1 trillion wealth transfer, underway, and by 2030, women will control close to 60% of accumulated wealth in Canada.
Yet despite these impressive and encouraging trends, women still face unique challenges that impact their wealth and overall well-being.
Women tend to earn less than men, as shown by the equity pay gap.
Women tend to live longer, so may need to plan for longer retirements and greater health care costs.
Interrupted work lives, through caring for children or aging parents, leads to reduced earnings and retirement savings potential.
The fall-out from divorce may lead to a decline in lifestyle through lower savings and investments.
Lack of confidence when making financial decisions may lead to selecting safer, lower performing investments.
Women entrepreneurs and business owners, dealing with work-related complexities, may have limited time to focus on personal finance.
Women recognize the importance of financial planning, yet often fail to prioritize it in their busy lives.
Women tend to defer the financial decision-making to their partners.
The cumulative effects of these gender gaps - to their earnings, savings, investing, financial planning - over time is significant.
The time to act is now, as small steps towards financial empowerment can lead to extraordinary results.
Financial empowerment for all women is imperative. Whether earning more advanced post-secondary degrees, building a career, running a successful business, working inside the home, inheriting wealth, or transitioning into retirement; whether married, partnered, divorced, widowed, or single; building more confidence and taking small steps to becoming financially savvy should be priority for every woman. By choice or circumstance, over 90% of women will have to manage their finances at some point in their life.
At Melissa Rush Wealth Advisory Group, we follow a customized wealth management process focusing on women’s unique concerns, challenges, and financial priorities. These insightful reports off a glimpse of how we can help: Women & Wealth, Women & Wealth Retiring Well, and Women & Wealth Suddenly Single.
The benefits of financial empowerment are priceless – offering financial security, increased confidence, improved quality of life, reduced money-related stress and anxiety, and more time to pursue passions, travel, spend time with family and friends.
Improve your financial literacy. Talk money.
Focus on behaviours by prioritizing savings and investing.
The process is an ongoing practice, not a destination.
Live your life, ask for help. Work with a trusted financial professional.
Your money goals are personal. We are here to connect your money story to your life.
Melissa Rush Wealth Advisory Group are committed to increasing your financial confidence and simplifying your financial affairs, to empower financial decisions made for your families, your business, and your future.
Take the first step towards financial empowerment. Contact us at 416-359-6545 or melissa.rush@nbpcd.com for an informative conversation.