TORONTO, ON, October 23, 2024 — Women of Influence+, in collaboration with CIBC, has unveiled the results of its latest survey, Canadian Perspectives: Women, Money, and Wealth. The survey, conducted between August 19 and September 22, 2024, reflects the voices of 362 women from across the country, and reveals a nuanced picture of the opportunities and obstacles they face and explores how they perceive, manage, and build wealth.
“Respondents told us they want to feel more personally fulfilled while moving towards a greater sense of security and independence,” said Dr. Rumeet Billan, CEO of Women of Influence+. “They also shared a critical need for accessible and tailored financial education.”
Women’s Financial Power and the Confidence Gap
By 2028, women in Canada are expected to control nearly $4 trillion in assets, a significant increase from the $2.2 trillion they control today, according to The Changing Landscape of Women’s Wealth, a report by CIBC Capital Markets. Despite this growing influence, many women still face hurdles in turning that influence into financial confidence.
While 68.7 per cent of women report feeling in control of their finances, 42.4 per cent are concerned about their long-term security, and 38.2 per cent feel stress over their current situation. Despite their proactive approach to seeking financial advice (60.1 per cent), over a third (35.7 per cent) are still unsure where to start.
Respondents’ personal stories highlight how early life experiences shape attitudes towards money. One participant shared, “My mother experienced bankruptcy in my teen years…I helped pay the mortgage for six months when I was only about 16-years-old, and we lost all we had anyway. This has made me debt averse through most of my adult life and encouraged me to save for emergencies or unexpected situations.” Formative experiences often leave lasting impacts and can continue to shape one’s approach to money.
“Having a thorough understanding of the wealth journey of women, including the personal complexities of balancing a career, a family, and caregiving responsibilities, is critical to supporting their financial ambitions,” said Margaret Adaniel, Vice-President Wealth Digital, Marketing and Communications, CIBC. “Our bank’s ongoing work with Women of Influence+ is helping to equip women with the resources they need to navigate their financial journey; while ensuring they have the security and independence to achieve their ambitions.”
How Women Define Wealth
When asked what “wealth” means to them, respondents offered a holistic view that goes beyond traditional metrics like income and net worth. Survey findings show that 82.7 per cent of women define wealth as financial security, while 73.5 per cent see it as the opportunity to pursue personal passions. Independence (71.1 per cent) and the ability to support loved ones (63.1 per cent) were also how the term was defined, while only 6.4 per cent associated it with social status or recognition.
Barriers to Building Wealth
The survey revealed that gender pay inequities (71 per cent) are perceived as a factor in hindering wealth-building efforts. Other obstacles, such as limited access to high-paying jobs (39.4 per cent), caregiving responsibilities (56.4 per cent), and biases in recruitment (35.7 per cent), were also cited.
How Organizations Can Help
To better support women, respondents identified several key actions:
- Financial Education: Over half (53.1 per cent) believe that tailored education programs are essential. Early exposure to financial literacy is critical to breaking down knowledge gaps and empowering women to make informed decisions.
- Tailored Financial Advice: Respondents highlighted the need for financial advice that reflects where women are in their lives — addressing their specific goals, and personal and financial realities. By offering advice that’s attuned to these unique circumstances, institutions can give women the clarity and confidence they need to make decisions that align with their full financial picture.
- Support for Women Entrepreneurs: Women entrepreneurs face distinct challenges in accessing financial tools. Respondents highlighted the need for more customized financial solutions that recognize their entrepreneurial experiences, including products that address their unique business models and support their growth. Many respondents also noted the importance of addressing biases and ensuring that women’s financial expertise and accomplishments in business are recognized and valued.
- Normalize Flexibility: Respondents noted that flexible work arrangements are essential in helping women balance caregiving responsibilities and long-term financial planning. Organizations that prioritize flexible options enable women to participate more fully in the workforce and plan for their financial futures.
“Creating financial equity for women means going beyond fixing gaps in pay — it’s about delivering tailored solutions that meet women where they are, recognizing their unique circumstances,” said Dr. Billan. “The path forward is clear: we must offer targeted resources that are both inclusive and accessible.”
The Canadian Perspectives: Women, Money, and Wealth survey highlights the need for tailored support for Canadian women. Organizations must create inclusive environments where women’s needs are not just recognized but addressed.
For more information and to download the full report, visit http://www.womenofinfluence.ca/wealth.
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About Women of Influence+
For more than three decades, Women of Influence+ has been at the forefront of sharing the unfiltered stories of diverse role models to illustrate the unique paths self-identifying women and gender-diverse individuals navigate to reach success. Our goal isn’t to change the narrative – we are rewriting it.
We recognize the challenges that women, with their diverse intersectionalities, face when navigating career advancement. Instead of watching from the sidelines, we take a proactive and inclusive approach to ensure women are supported and celebrated every step of the way.
Through carefully curated success stories, our awards programs, learning and development events, and our research, we are providing a reimagined definition of what it means to be influential. This definition is inclusive, dynamic, and considers how influence impacts the business world.
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About CIBC
CIBC is a leading North American financial institution with 14 million personal banking, business, public sector, and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets, CIBC offers a full range of advice, solutions, and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at https://www.cibc.com/en/about-cibc/media-centre.html.