By iA Private Wealth, May 24, 2022
Women’s rights have made tremendous progress throughout the decades. And now, representing more than half of Canadian bachelor’s degrees, nearly 50% of household incomes and controlling about $3 billion in financial assets, women are forging a path towards independence, equality and wealth.
But challenges remain. Women continue to earn less than men in most professions and they’re still more likely than men to be holding down low-income jobs. Many women also left the workforce during the pandemic, as they disproportionately took on the responsibility of managing their family’s schooling and childcare needs. In fact, women are more likely to take on unpaid caregiving responsibilities for family members in general.
These realities have resulted in women saving less for retirement. Couple this with the fact that women live longer — four years longer on average — and the concerning result is a longer retirement funded by a smaller nest egg.
At the same time, more women are taking control of their financial futures. They are increasingly involved in their family’s wealth and are making more decisions when it comes to wealth planning. And many women are seeking the advice of an experienced advisor to help them form a realistic view of their current finances, map out future goals and measure progress along the way. While women are becoming progressively involved, many tend to have a different perspective when it comes to investing. Women may be more likely to take a conservative approach, which is why it’s important to find an advisor who understands not only your goals when it comes to finances, but also your philosophy.
Wealth planning isn’t only about goal setting, of course. A holistic strategy can include everything from tax planning to investment and legacy planning. In the past, men took the lead on many of these decisions, but as women continue to make strides in their careers and their financial independence, they have been coming to the table with their own views on how to manage their family’s wealth.This article is a general discussion of certain issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice, in the context of your particular circumstances. iA Private Wealth is a trademark and business name under which iA Private Wealth Inc. operates. iA Private Wealth Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada.