Women residents of British Columbia are more worried than men over their finances – underscoring a “financial health gender gap,” according to a report by credit union Vancity.
Women there earn 35% less than men. Over half (52%) said they were experiencing “extreme emotional stress” and 59% feel unsatisfied with their financial situation. A broad of majority (86%) of women in B.C. say housing affordability is a problem where they live, compared to 61% of women in the rest of Canada who agree it is a problem.
“This is a call to action, and time for everyone—women and men—to acknowledge that gender-based financial disparities remain a deeply-embedded reality in Canada, and especially in B.C.,” says Sophie Salcito, a Vancity wealth advisor.
Additional data revealed that some women (40%) and men (30%) said their financial worries made them physically unwell. More than half of all female millennials in the province said money stress makes them lose sleep at night. Across all female groups, the comparable figure stands at 45%, versus 37% for men.
“[W]omen in B.C. still face more challenges to their financial health and well-being than men. While issues around affordability, employment and income are more acute for B.C. women, they are not unique to our province,” said the credit union. “Women can take steps on their own to overcome some financial health gender gaps, but much more effort is needed from governments, employers and financial institutions.”
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