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While a gender gap remains when it comes to financial confidence and empowerment, nearly three-quarters of women are managing their personal and familial finances with self-assurance
MISSISSAUGA, May 28, 2019 – A new poll released today by Edward Jones finds that an overwhelming majority of Canadian women are feeling confident and empowered when it comes to their finances. According to the findings, 69 per cent of Canadian women are confident in their level of financial knowledge, and nearly eight in ten (78 per cent) Canadian women feel empowered to make important financial decisions in their household.
The findings are representative of a developing Canadian economy which over time is gaining momentum towards gender parity. According to Statistics Canada most recent data, women’s earnings accounted for 46.7 per cent of their family’s income in 2015, an increase of over 6 per cent since 2002.
“It is important for all Canadians to take control of their finances. The first step is instilling confidence in our clients by ensuring they are informed and educated about their finances,” said David Gunn, Country Leader - Canada, Edward Jones. “Financial confidence is key to making informed investment decisions, asking questions and having deeper conversations with your advisor. This open dialogue will help pinpoint your short- and long-term goals and develop a better understanding of the steps towards their fulfillment.”
The survey also found financial empowerment is defined in a variety of ways based on competing goals and values. When asked what best defines what it means to be financially empowered, all Canadians cited:
When it comes to age, respondents approaching retirement (Aged 55-64) were more likely than any other demographic to define financial empowerment as “becoming debt free” (39 per cent) and “living a desired lifestyle” (43 per cent). While millennials (Aged 18-34) were most likely to choose “ability to financially support friends and loved ones” when defining financial empowerment.
Closing the gender gap
While women are very confident and empowered when it comes to their finances, a gap remains. Canadian men are 13 per cent more confident in their financial knowledge and nearly ten per cent (9 per cent) more likely to feel empowered to make important financial decisions in their household.
Despite this gap in financial confidence and empowerment to make financial decisions, Canadian men and women are balancing management of their households’ finances (66 per cent and 61 per cent, respectively).
When asked what information would help increase their level of financial empowerment, Canadian women responded: • How to increase my income to reach my financial goals (27 per cent)
“Education and access to information is key to diminishing the empowerment divide,” said Gunn. “At Edward Jones, our financial advisors reflect the diverse communities where we work and live. This helps us understand the unique needs of each individual client and equip them with the tools and resources necessary to understand their finances so they can confidently navigate their investments. However, the work is not done. There’s still much more the financial services industry can do to address the matter and instill financial empowerment in all Canadians.”
About Edward Jones
Edward Jones is a full-service investment dealer with one of the largest branch networks in Canada. It is a member of the Investment Industry Regulatory Organization of Canada and the Canadian Investor Protection Fund, and a participating organization of the Toronto Stock Exchange.