Women and Financial Security
Why are women more financially vulnerable?
When a marriage ends, or a spouse dies they become the sole source of financial support for themselves and their family
Women generally live longer than men and consequently spend more years in retirement; therefore they need a larger retirement nest egg
Time outs such as childbirth and child care can cause a woman to put her career on hold and this time away from the job may have a significant impact on a woman’s ability to re-enter the workforce and maintain a growing income stream.
Women are less likely to be part of a company pension plan, because many of them work in a small office environment where there are no company paid benefits or they’ve chosen to work for themselves.
Women are less likely to contribute to RRSPs than men and of the women that did the average contribution was about $1,400 less than the average for men
According to Statistics Canada, employed women ages 55 to 64 had incomes that were half of what men in the same age category made.
Investing and taxes is becoming more complex everyday, and not just for women.
Many women are made to feel inadequate about financial matters
Women have rarely been encouraged to interest themselves in financial matters
In 2003 there were 70,828 divorces. 81% of all one parent families were headed by women
In many instances, death, divorce, job loss, illness or some other unforeseen event can change a woman's situation overnight and many are not financially prepared. This can cause not only financial disaster, but the stress has an impact on our relationships as well. Your financial security is dependent on your willingness to take your financial future into your own hands.