by Amanda Basque, Insurance Specialist
I’d like to take a deep dive into a topic that affects so many of us: financial wellness for Canadian women. As women, we wear so many hats — we're professionals, mothers, daughters, and caregivers. It's crucial that we take charge of our financial well-being to support ourselves and those we love.
Let's start with some eye-opening statistics. Did you know that in Canada, women earn about 87 cents for every dollar earned by men? And despite making up nearly half of the workforce, women are still more likely to work part-time and in lower-paying jobs. This wage gap can have a significant impact on our ability to save for the future and retire comfortably.
Speaking of saving, studies show that Canadian women tend to save less than men. In fact, only 32% of Canadian women contribute to their RRSPs, compared to 40% of men. This can be attributed to a variety of factors, including the wage gap, but also differences in financial literacy and confidence.
Another challenge many women face is the stress of balancing work, motherhood, and caregiving for aging parents. This stress can take a toll on our mental and physical health, as well as our finances. In fact, studies show that women are more likely than men to report feeling stressed about their finances, with 41% of women reporting high levels of financial stress compared to 35% of men.
So, what can we do to improve our financial wellness? First and foremost, we need to prioritize financial education. We need to understand our finances, from budgeting to investing, so we can make informed decisions about our money. There are so many resources available to us, from workshops to online courses, that can help us improve our financial literacy.
As of the latest available data, about 31% of Canadian women work with a financial advisor. This number has been steadily increasing over the years as more women recognize the importance of financial planning and seek professional advice to help them achieve their financial goals. Working with a financial advisor can have a significant impact on your financial outcomes. Studies have shown that individuals who work with a financial advisor tend to have higher levels of savings and wealth compared to those who do not seek professional financial advice. According to a study by Vanguard, working with a financial advisor can add about 3% in net returns annually. This is attributed to various factors, including improved investment decisions, asset allocation, and financial planning strategies. Furthermore, a survey by the Financial Planning Standards Council found that Canadians who work with a financial planner report feeling more confident about their finances, more likely to have a written financial plan, and more likely to have specific financial goals compared to those who do not work with a financial planner. Overall, working with a financial advisor can lead to better financial outcomes, increased financial confidence, and a greater sense of financial security and not enough women are taking advantage of this service.
Finally, we need to take care of ourselves. We need to prioritize our mental and physical health, so we can be our best selves in all aspects of our lives. Whether it's through meditation, exercise, or simply taking time for ourselves, self-care is crucial to our overall well-being.
Financial wellness is a journey, and it's one that we must embark on together. By educating ourselves, advocating for ourselves, and taking care of ourselves, we can create a brighter, more secure future for all Canadian women. Let's flourish together!
 AMANDA BASQUE Investment Specialist Park Place Financial Amanda grew up on a small farm just outside Peterborough and accredits this to contributing to her strong sense of community and work ethic.
Amanda attended Sir Sandford Fleming Collage, graduating with a diploma in Hotel Resort Management which allowed her to work in many cities across Ontario throughout her career, before coming back to her roots and setting in Bethany. She was able to enjoy many roles within the hospitality industry, which grew and developed her skills of customer service, business operations, and leadership.
In September 2020, Amanda joined the financial services industry as a Marketing Associate for a firm principal and obtained her Life License and Mutual Fund License the following year. She has applied her passion for customer service to her financial career taking great pride in developing long lasting relationships with clients and focusing on what matters to them in delivering excellence in client experience.
Amanda enjoys an active lifestyle, camping, playing baseball, participating in charity runs, and each week looks forward to Sunday family dinners at the farm she grew up on. CONTACT ME (705) 748-5182 ext.224 |
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 Founded in 2012, by Mike D’Alessandro and Darrell Wade, Park Place Financial grew quickly to become one of Central and Eastern Ontario’s top wealth and estate planning firms. Its mission, to be known for excellence in helping grow and preserve the wealth accumulated by family business owners and entrepreneurs across multiple generations. In 2018, Terry Windrem Insurance Agencies joined Park Place Financial, firmly positioning the business as an industry leader in wealth and risk management. |
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