Even when you’re thriving in your career, finances can end up on the back burner. Maybe you’ve put off investing, relied on someone else to make the big decisions, or just hoped things would somehow work out.

But here’s something to think about: Canadian women often retire with less savings than men—and face bigger financial risks. The good news? No matter your age or income, you can take charge. You don’t need to be a financial expert. You just need to start.

Why Women’s Finances Are Different

We face a few unique challenges:

🔻 The Pay Gap

On average, women in Canada earn $0.87 for every dollar men earn. That gap can be wider for racialized and Indigenous women. Over a lifetime, it adds up.

⏸️ Career Breaks

Time off for caregiving—whether for children or aging parents—can lead to lower lifetime earnings and smaller pensions or CPP benefits.

🧯 Playing It Safe

Many women hold more in savings than investments. That means we sometimes miss out on potential long-term growth.

⏳ We Live Longer

Women outlive men by around four years, meaning our savings need to stretch even further—often with fewer resources.

3 Steps to Build Financial Confidence

1. Start the Conversation

Talking about money shouldn’t be taboo. Discuss finances with your partner, your friends—and especially with a licensed financial professional you trust.

• Know your net worth (assets minus debts)
• Track your income, spending, and liabilities
• Read a finance book or follow trusted financial educators

2. Save With Intention

Retirement isn’t automatic—consistent saving is key.

• Contribute to your RRSP and TFSA when eligible
• If you’re over 50, you might have additional RRSP room to catch up
• If you’ve taken time off work, you may be able to fill CPP contribution gaps (speak with a licensed advisor about your options)

Note: The average monthly CPP benefit as of 2024 is approximately $808. Actual amounts vary based on your contribution history.

3. Put Your Money to Work

Savings accounts are great—but they may not be enough on their own.

• Consider starting with a manageable monthly investment (e.g. $50)
• Speak with your licensed financial professional about diversified portfolios
• Automate contributions to help you stay consistent

Taking Action: Your Money, Your Move

You don’t need to know everything—but every step counts.

• 📆 Schedule a money date (with yourself or a licensed pro)
• 📚 Learn one new money concept this month
• 💬 Share this with a friend—because when women support each other, we grow stronger together

Disclaimers:
World Financial Group (WFG) is a financial services marketing company whose affiliates offer a broad array of financial products and services. World Financial Group Insurance Agency of Canada Inc. (WFGIA) offers life insurance and segregated funds. WFG Securities Inc. offers mutual funds.
WFG, WFGIA and WFGS are affiliated companies.
Headquarters: 5000 Yonge Street, Suite 800, Toronto, ON M2N 7E9. Phone: 416.225.2121

This material is intended for educational purposes only. It should not be considered tax or legal advice. Please consult your own qualified tax or legal professional for guidance tailored to your individual situation.