Study on financial confidence in Canada found that women dominate finances in Canadians' lives, with 20% of respondents trusting their female partners with the monthly budget, while only 11% rely on male partners.
Loans Canada, released the results of their 2023 International Women's Day study, revealing insights into financial confidence among Canadians. The survey gathered data from 2,373 French and English-speaking participants through email surveys.
The study found that women are the dominant financial decision-makers in Canadian households, with 20% of respondents trusting their female partner with the monthly budget, while only 11% rely on a male partner. Additionally, mothers are the most trusted parent regarding finances. The survey also revealed that 84% of women are self-reliant budgeters, while 77% of men rely on someone else to manage their finances. Furthermore, 70% of women self-report confidence in their financial decision-making ability, while 74% of men do the same.
Despite women reporting owning fewer stocks, mutual funds, and exchange-traded funds than men, the study found that unbanked women are more invested in stocks, mutual funds, and ETFs on average. And when women do own these investments, their financial confidence levels soar to 81% compared to men with the same investment at 79%.
Stefani Balinsky, Head of Content Strategy at Loans Canada, said, "The great news is that women recognize their financial power and maybe just under-report compared to men. The study shows that when women own stocks, mutual funds, and ETFs, their financial decision confidence overtakes that of their male counterparts."
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