Women and Wealth
There is a clear trend towards financial empowerment for women in Canada. An increasing number of women are creating wealth (due to greater workforce participation as they become the leading holders of post-secondary degrees) or inheriting wealth (as they come into money from parents and/or spouses). In fact, by 2024 the privately held wealth of Canadian women is estimated to rise from $1.2 trillion to $2.7 trillion, representing 50 per cent of total private wealth in this country.
And while every women has unique life circumstances and a different approach to money matters, there are also some common elements. For many women, money is an emotional subject closely tied to safety, security and independence. Add to this the fact that many women are currently swept up in caring for elderly parents while at the prime of their careers, managing the household and raising teens, while trying to maintain some healthy life balance. This can create feelings of anxiety, loss of time and control in the “sandwich” generation of women.