Think about it―just a few short decades ago, women certainly weren’t the face of wealth. But that’s exactly what The Globe and Mail dubbed them in a recent article. For all of history, women may have been behind the scenes handling the family finances, but society didn’t allow us to own property, control wealth, or receive an inheritance―let alone manage money and possibly even be a breadwinner.
Fast-forward to today and women control 33% of the total wealth in Canada. And by 2024, it’s estimated that they’ll control 46%, or nearly three trillion dollars.
All this growth is great news, but women are feeling the stress. According to a new national study conducted on behalf of the Financial Planning Standards Council, women are significantly more likely than men to lose sleep over financial worries. While the study found that 42% of Canadians (excluding Quebecers) rank money as their greatest stress, 51% of women, versus 40% of men, are more likely to stay awake at night mulling over their financial woes.
Health Canada tells us that long-term stress stemming from issues like financial problems is a major contributor to adverse effects on our health. These can range from heart disease to mental health issues. Stress is also a risk factor in alcohol and substance abuse, as well as weight gain and loss. Stress has even been identified as a possible risk factor in Alzheimer’s disease.
Watch Women and Financial Self-Confidence, Build your money confidence and Women and financial planners to learn some practical tips to get you from feeling stressed to feeling confident about your money.
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