March 7, 2018, Coast Salish Territory/Vancouver, B.C. – B.C. women worry more than B.C. men about their finances, with 52% experiencing “extreme emotional stress” and 59% feeling unsatisfied with their financial situation, according to a new Vancity report.
Money Troubled: Inside B.C’s financial health gender gap also shows that women in B.C. make 35% less at work than their male counterparts. A national survey reveals they are more likely to lose sleep at night, as gender disparities related to wages, career opportunities and family responsibilities continue to challenge their financial conditions and health.
Informed by the 2017 Canadian Financial Health Index study and custom data set developed for Vancity, the report demonstrates that compared to women in the rest of Canada, women in B.C. are underpaid, and are more challenged by housing prices, cost of living increases and household budgets. One-third of B.C. women surveyed say they are too busy to think about their finances beyond the day-to-day. Millennial and Generation X women in B.C. are most likely to experience negative outcomes in their financial affairs and financial planning.
“This is a call to action, and time for everyone—women and men—to acknowledge that gender-based financial disparities remain a deeply-embedded reality in Canada, and especially in B.C.,” says Sophie Salcito, a Vancity wealth advisor.