Unlike in the United States and other countries, Canada celebrates Women's History Month in October. Why? Because, shockingly, women in Canada weren't officially recognized as "persons" until a court ruling in 1929. Even more surprising, until 1964, many women couldn't open a bank account without a male cosigner.

 

While much has changed, women still face distinct challenges in wealth management, including longer life expectancy, career interruptions, and the need for financial independence.

 

"It’s all about empowerment," says Susan Carson of Morson Carson Wealth Counsel. "And the first step in becoming empowered is to become financially informed: It's essential to understand what you don't know to take control of your financial future.”

 

Growing wealth is a process, Susan explains, and it starts with mastering basic financial principles:

 

Pay yourself first: Regularly set aside savings each month that can grow through investments.

 

Choose debt carefully: For example, buying a home or education are considered good debt.

 

Live modestly early on: After landing that first well-paying job, live like a student for a couple additional years. Build up your savings, reduce debt, and lay a solid financial foundation.

 

For many women, money is tied emotionally to safety, security, and independence. By educating yourself, whether through personal research or a trusted financial advisor, you can confidently make better decisions over time.

 

"I advise all women to talk about money," Susan emphasizes. "Men discuss how much they're paid, but women don't—and that holds us back. We need to understand our value in monetary terms when we ask for a raise.”

 

Susan’s own experiences with marriage, divorce, and widowhood gives her a unique perspective on financial advice, especially for women. One of the more delicate topics she addresses is prenuptial/cohabitation agreements:

"Even if you feel confident about getting married, protecting yourself is important," she says. "If you have any assets, a prenup is a smart step—because not all marriages last." It also encourages honest, clear communication about finances right at the beginning of your relationship which will likely continue into the future.

 

Taking control of your financial future starts with understanding the basics—financial literacy, managing debt wisely, to make informed decisions. To navigate these challenges and seize financial opportunities, it's crucial for women to take charge of their financial destiny. Contact our team through debra.scott@richardsonwealth.com, or 778.541.9925, to start planning your future today.