Women and money: Taking control of your personal finances May 11th

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Women and money: Taking control of your personal finances

– moneysense.ca

They’re “Mom” to their kids and “boss” to everyone else. Across Canada, women continue to break the glass ceiling in their careers and in business. We’re occupying more board seats at public companies—more than a quarter in 2022, compared to just over 20% in 2020, according to the most recent diversity report by law firm Osler, Hoskin & Harcourt LLP. Women are also launching more businesses, with Statistics Canada data pointing to a 30% growth in the number of women-owned companies in the past decade.

But when it comes to our finances, women appear to be less in control. A 2021 survey of high-net-worth individuals by UBS Group, a financial services firm, found that just one in five couples make financial decisions together. In addition, more than eight in 10 women defer to their spouses because they believe they lack the knowledge. And more than seven in 10 women say they have neither the interest nor the time to participate in financial discussions.

An unequal partnership: Why women defer financial decisions to their spouses

It may surprise you that high-earning women aren’t in charge of, or at least sharing equally in, household financial decisions, but these findings align with what we see frequently in our wealth and family office practice at Rubach Wealth…

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