By Brenda Spiering and Andrée-Anne Guénette
Do women have a more challenging time managing their money than men? We take the pulse of women’s finances.
Béatrice Bernard-Poulin talks to women in finance on her blog, Blogue de Béatrice. His promise? Prove that you can do much more than you think with your budget. However, she is not a planner but a journalist by training. She does this, among other things, to counter the all-too-common thought that ‘Finances suck!’. “It’s not flat, finances, but there are indeed complicated concepts. And some sites can adopt a moralizing tone. That’s why I do otherwise. I speak to the I; I expose my learnings and vulnerabilities in the face of money. We evolve together, my readers and I,” says the young thirty-year-old.
Finances can be a challenge for many Canadian women. Beatrice’s thesis is that taking care of your finances is about making money a source of ease and freedom rather than a source of stress.
And women, who are living longer than ever and more extended than men, need to take care of their finances.
The particular issue of women
According to Statistics Canada and data from the Canadian Financial Capability Survey, women have lower financial literacy scores than men. They also have less confidence in the financial skills they already have.
This confidence and competence are essential for the future: the more you know about finances, the more you make sound financial decisions. Unsurprisingly, Statistics Canada reveals that “people with greater financial knowledge are more likely to plan for their retirement and accumulate (…) more wealth. Conversely, people with less financial knowledge tend to borrow more, often declare an excessive level of indebtedness and borrow from their pension accounts. »
Taking an interest in finances is essential for women because they live longer. On average, a Canadian can expect to live about four years longer than a man. She will therefore be retired longer. And her savings can be reduced by the fact that she would not always be continuously in the labour market. And even when they work, women earn even less than men. The average personal income for women was $35,300 in 2015, compared to $51,400 for men.
Establish a climate of trust
Karine Leduc is a financial security advisor at Sun Life. His clientele in Granby includes a good proportion of women. What about the widespread belief that women aren’t interested in their finances? She doesn’t believe it. “It is even more often women who call to make the first appointment. They are already taking care of their household and the budget. Often, they are not very knowledgeable about finances. But they want to be well advised. »
And when she hears that finances suck, Ms Leduc understands. “I tell them, ‘You’re right! I also thought it was boring before.’ It can indeed be heavy when you start reading about it. At this moment, I reiterate the importance of being well advised, of taking care of your finances and the long-term impacts of not taking care of them. »
Ms Leduc does not adjust her speech for women; she adapts it to each client according to their situation. “My female clients want a more detailed plan of their finances than men. This plan benefits from being updated regularly, once or twice a year. The bond of trust that I establish with women living alone is even more important. »
Taming money, one expense at a time
Ms Bernard-Poulin multiplies the initiatives on her blog to democratize finances. Thus, in 2019, she launched L’Année qui compte, a three-month subscription program to help Quebec women better organize themselves financially. (It will be possible to subscribe in 2020). “I talk to women who want to regain control over their finances or tame them if it’s something that scares them. Everyone wants to live a whole life that looks like them. And living the life you want is less about money and more about choice. What makes you happy? How much is your life costing you? How much can you cut your expenses without cutting your happiness? “illustrates the blogger. Talking about money in terms of the joy it can offer is much more attractive.
