Financial health and freedom: The heavy toll of financial stress

As part of our micro-series on key data points from the groundbreaking What Women Want survey, presented at The Women’s Summit in October 2024 in partnership with She, Her, Hers and Abacus Data, we’re spotlighting the complex realities shaping women’s lives today. These articles break down the data, tell the stories behind the numbers, and outline where change is most needed.

At The Women’s Summit, financial health emerged as a key issue in our proprietary data, with women across Canada sharing a collective financial burden. Whether it’s anxiety about retirement or the desire for stronger money management skills, one truth is clear: money is a significant source of stress for women today.

Key insights from the data:

• 61 per cent of women under 45 want to learn better financial management skills.
• Financial anxiety is highest among single-parent households and those with lower incomes.
• Many women (54 per cent) feel unequipped to plan for long-term security, including having proper savings for retirement.

Why this matters:

Financial stress doesn’t just affect bank accounts — it impacts mental health, family dynamics, and career decisions. Women who feel financially empowered are more likely to thrive in their personal and professional lives, advocate for better salaries, and make informed choices about their futures.

What’s next:

• For policymakers: Introduce accessible financial literacy programs for women at different life stages.
• For businesses: Provide workplace financial coaching, employer-matched savings plans, and long-term financial planning resources.
• For individuals: Encourage open conversations about money and explore financial planning tools to reduce the stigma around financial literacy and discussions about personal finances.

Canadian financial literacy resources:

• FCAC – Financial Consumer Agency of Canada – Free guides and tips for budgeting, debt management, and financial literacy.
• Prosper Canada – A national charity dedicated to helping Canadians improve their financial health.
• CPA Canada Financial Literacy Program – Workshops and resources designed to boost financial literacy in Canada.

by She/Her/Hers & The Honest Talk

She/Her/Hers is a research practice dedicated to exploring how the lived experiences of Canadians, their behaviours, and attitudes are gendered.

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