In today’s society, women are empowered and enjoying freedoms that women of past generations could only have dreamed of. Women are more educated and more financially successful than ever before. Yet, despite this uptick in independence, a solid portion of Canadian women are still reluctant to stand on their own two feet and suffer from financial fears.
According to research from Mintel:
- 32 per cent of women fear making financial decisions, and cite a lack of financial literacy as the reason
- Only 20 per cent of women are confident enough to make financial decisions for their whole household
- And not surprisingly, 36 per cent of women wished that they had the necessary confidence to make those hard decisions. Come on ladies! It’s time to take your finances by the proverbial horns.
“Over the past couple of generations, women have identified formalized education as a necessary tool in being able to achieve success,” says Jeff Schwartz, executive director, Consolidated Credit Counseling Services of Canada.
“By the same token, women have to adopt the same approach to their personal finances. They need to invest in their own financial literacy. Having the knowledge will breed the confidence to make solid, reliable financial decisions.”
Take charge of your financial future
Think of how you feel on the first day of a new job? Nervous? Unsure of how to manage the territory? Worried of making a mistake? As the days go along and you become more familiar with your surroundings, your confidence grows because you’re more aware.
The same approach can be used when dealing with your finances. You may feel foolish because you don’t know much about the subject to start, but once you commit to learning, the momentum gets started. Confidence comes with power and, as they say, knowledge is power. Don’t let a lack of knowledge prevent your own personal progress. Start by doing some research in Consolidated Credit’s Debt Learning Centre.
The stakes are high
If you are concerned about making financial decisions, imagine the implications of not making financial decisions. How will you know if you are managing your credit most effectively? How will you achieve your life goals, many of which may have a financial component, like buying a house or retiring?
Make a new financial BFF
Another finding of the Mintel survey was that women were far more loyal than men to financial providers. Seventy-nine per cent of women said that they would stick with their financial provider as long as they were satisfied with the service.
It’s not a bad plan to make your dealings with finances relationship-based. If you’ve got a bank, lender or other financial professional that you trust, you can utilize that relationship to help further your own financial knowledge. Ask questions, communicate your desire to know more, and request to take a more active role in your finances. In many ways, the best learning is hands-on.
Do you find financial subjects daunting? Are you struggling with debt and not sure where to turn next. Start by learning about your options. Call one of our trained credit counsellors or check out our free online debt analysis.