Lady overwhelmed by debt, tax, tax forms

A considerable percentage of Canadian women concede to knowing “very little” about finances and investments, according to a national survey conducted on behalf of the Financial Planning Standards Council (FPSC).

In February, 1,000 Canadian women were asked to reflect on the struggles they face when it comes to feeling empowered financially. The study revealed that 38% of women reported that they have “very little” knowledge about finances and 28% said they are dependent on a partner or someone else to survive financially.

“These numbers show that women still have a long way to go in terms of their comfort and understanding in regard to financial matters,” says Kelley Keehn, personal finance educator and consumer advocate with the FPSC, in a statement. “It’s a wake-up call and an opportunity to seek education, grow in effectiveness and lay claim to our financial independence.”

Other significant findings in the study reveal that:

> 47% of single women admit they know very little about issues related to finance and investments compared with 35% of married women;

> 38% of women feel uncomfortable negotiating a better interest rate;

> 16% of women let their partners manage household finances and investments;

> 34% of women have more debt (outside of real estate) than savings;

> 19% of women do not keep track of their spending; and

> 56% of women don’t have a written financial plan while 42% don’t know their credit score.