Financial worries are stressful for everyone, but if you’re a woman in this province, money troubles are worse and the stress will hit you harder.
That’s according to a new Vancity report that found B.C. women worry more than B.C. men about their finances — 52 per cent are experiencing extreme emotional stress and 59 per cent are feeling unsatisfied with their financial situation. Women in B.C. also make 35 per cent less at work than male counterparts, according to the report, and they’re more likely to lose sleep at night due to gender disparities in wages, career opportunities and family responsibilities.
The study, called “Money Troubled: Inside B.C.’s Financial Health Gender Gap,” is based on data from the 2017 Canadian Financial Health Index study and a survey of 5,200 people across Canada.
It also found that compared to other women in the rest of Canada, B.C. women are underpaid, more challenged by housing prices, cost of living increases and household budgets.
One-third of women surveyed said they’re too busy to think about their finances beyond the day-to-day, while millennial and generation X women in B.C. are most likely to experience negative outcomes in their financial affairs.
“I’ve been doing this for 20 years… I’m so tired of this, we need to do something,” said Sophie Salcito, a VanCity wealth advisor.
For Salcito, some of the most surprising findings involved the younger demographic:
- female generation Xers and female millennials in B.C. experience greater financial stress and have less confidence about their financial affairs and outlook
- almost half of female generation Xers and female millennials in B.C. say that money worries make them physically unwell, compared to 39 per cent of B.C. women of all ages and 30 per cent of B.C. men of all ages
- more than six in 10 female millennials and 54 per cent of female generation Xers in B.C. say money worries cause them emotional stress, compared to 52 per cent of B.C. women of all ages and 38 per cent of B.C. men.
“When you look at the numbers, we’re seeing enhanced signs of stress from the younger demographic. That to me just doesn’t make any sense, so there’s change needed,” Salcito said, pointing out 53 per cent of university graduates are women.
“We have a more educated workforce starting to come out [for] women. Why are these numbers going backwards still?” she said.
Salcito acknowledges affordability problems in B.C., the gender wage gap and women doing more unpaid work around the home or taking care of seniors are contributing to increased stress, but she said women need to take steps to bolster their confidence when it comes to money issues.
“I have an aptitude for this — I was a good saver in my teens and I bought my first condo at age 25 — but I can tell what I’m doing is not rocket science. It comes down to some basic building blocks and people just need those tools,” she said.
“I encourage people to go out and get help, talk to friends and family that you trust or go to your financial institution. The other thing I’m advocating strongly is people need to start talking openly at their dinner table, in front of their children, how their managing money, about their mistakes, the good things they’ve done and start teaching children better [from] day one.”
The Vancity report also calls on companies and employers to pay attention to remuneration and promotion policies to make sure they’re equitable and for governments to introduce financial knowledge courses in schools and to continue to improve access to childcare.
