Page 9 - WOMANITION 2021-webflip AB North

Women and

Although they often become solely responsible for their financial wellbeing, many women don’t take an active role in
their family’s finances. This is cause for concern.

In general, women today are living longer than ever and continue to outlive men. In addition to the money they earn,
women may also receive a large inheritance. It’s estimated that women in Canada will inherit $900 billion in assets by
2026.1 Whether they are single, married, divorced, or widowed, women should be encouraged to take more control
of their finances – and it needs to happen now.

Numbers tell the story
Let’s consider a few stats to gain more context:
• 33% of first marriages in Canada end in divorce each year [1]

• 41 is the average age a woman divorces in Canada. The average woman is widowed at 56 [1]
• 59% of widows and divorcees wish they had been more involved in long- term financial decisions [2]
• 74% of widows and divorcees don’t consider themselves very knowledgeable about investing [2]
• 64% of widows blame themselves for not being more financially involved (53% of divorcees) [2]

In the midst of Canada’s largest intergenerational wealth transfer in history, and with longer lifespans and the need
to plan for an extended retirement and greater health care expenses, women face pressure to manage their wealth
effectively.

Many women lack confidence in financial matters
Of course, achieving financial independence is important for anyone, but as the stats above illustrate, it’s especially
crucial for women as they are typically starting from a disadvantaged position. Often under the belief that investing
and financial planning are too complex and being financially prepared requires significant expertise and time
commitment, only 31% of women are confident in their financial knowledge.[1] That’s why the spotlight on women
and their wealth is brighter than ever.

PERSONALIZED WEALTH I MADE SIMPLE

WOMEN IN PROCESS 7