Women still struggling for financial independence

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By The IJ Staff | March 5, 2018, 1:30 p.m.

Financial planning

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Eighty-six per cent of Canadian women admit they have at least one struggle when it comes to their finances, according to a survey commissioned by the Financial Planning Standards Council (FPSC) released March 5.

The Leger poll asked 1,000 women last month about the struggles they face when it comes to feeling financially empowered. Among the financial struggles highlighted, 38 per cent of those surveyed say they know "very little" about finance and investment and 28 per cent are dependent on a partner or someone else to make ends meet financially.

The survey found that single women are significantly more likely than their married counterparts to say they know very little about issues related to finance and investment (47 per cent versus 35 per cent of married women).

No written financial plan

The survey also showed that 56 per cent of women do not have a written financial plan, including 60 per cent of those aged 45-54. Forty-two per cent do not know their credit score.

"These numbers show that women still have a long way to go in terms of their comfort and understanding in regard to financial matters," said Kelley Keehn, author, personal finance educator and consumer advocate for FPSC. "It's a wakeup call and an opportunity to seek education, grow in effectiveness and lay claim to our financial independence."