Almost seven in ten Canadian women say they are confident in their level of financial knowledge, while nearly eight in ten feel empowered to make important financial decisions in their household, found a new poll released May 28 by Edward Jones.
Edward Jones says the findings show that the Canadian economy is gaining momentum towards gender parity. However, the survey also showed that while women are confident and empowered when it comes to their finances, a gender gap remains. Canadian men are 13 per cent more confident in their financial knowledge and 9 per cent more likely to feel empowered to make important financial decisions in their household.
When asked what information would help increase their level of financial empowerment, Canadian women responded that they would like to know: how to increase my income to reach my financial goals (27 per cent); how to save enough for retirement (20 per cent); how to budget for unexpected emergencies (14 per cent) and how to seek out the right professionals to offer financial advice (11 per cent).
Instilling confidence in our clients
"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."
When asked what best defines what it means to be financially empowered, all Canadians surveyed cited: living a desired lifestyle (37 per cent); becoming debt free (35 per cent); ability to financially support friends and loved ones (11 per cent).
Respondents approaching retirement (aged 55-64) were more likely than any other demographic to define financial empowerment as "becoming debt free". Millennials (aged 18-34) were most likely to choose "ability to financially support friends and loved ones" when defining financial empowerment.