Though women are financially savvy, there is a gap with the level of confidence they have in their financial knowledge when compared to men, says a new poll conducted by Environics for EQ Bank, part of Equitable Bank.
The survey results, released Nov. 29, revealed that only 31 per cent of women are confident about their financial knowledge versus 49 per cent of men. However, the study showed no direct correlation between women's lack of confidence and their level of financial knowledge. “In fact, the study shows that although there is some disparity in financial savviness between Canadian women and men, that gap is not wide at all – on a financial literacy quiz, 60 per cent of women got a high score versus 71 per cent of men,” stated EQ Bank.
Not a knowledge issue
“We don’t have a knowledge issue, we have a confidence issue,” says Kim Kukulowicz, vice president of Residential Sales, Equitable Bank. “This is a problem. In any life situation, women should be in charge of their financial destiny. And the reality is, many of us will have to manage on our own at some point. So, we need to make sure women are confident enough to take their financial well-being into their own hands, pass on that knowledge and confidence to the next generation, and be financial role models for their kids.”
The study found less than 20 per cent of respondents believe women and men should have different roles in managing household finances, and women’s confidence in day-to-day finances is equal to that of men’s. However, in other areas, such as planning and budgeting, investments and macro- economic influences, women are less confident than men, says the study.
Bridging the confidence gap
To help address the financial confidence gap, EQ Bank has announced a new platform called Stnce, aimed at increasing women's confidence related to financial issues. It also plans to host a series of public events addressing the issues of confidence and financial knowledge with women across Canada.