Women Poised to Shape Canada’s Financial Future
By 2028, women will not only inherit significant wealth, but they will also help shape the direction of Canada’s future economy.
A powerful financial shift is underway as Canadian women become key beneficiaries of the “great wealth transfer”: the movement of assets from the Baby Boomer generation to younger cohorts. It’s estimated that by 2028, women will control nearly $4 trillion in assets, up from $2.2 trillion in 2019.1
As women increasingly become the primary inheritors of wealth in Canada, they will manage a growing share of family and intergenerational wealth. This shift presents a great opportunity for women to take ownership of their financial futures with clarity, confidence, and long term purpose.
What does “wealth” really mean to women?
For many women across industries, backgrounds, and generations, wealth is about far more than numbers—it’s about security, independence, and the freedom to make financial choices that reflect their values. Women often describe wealth as the ability to support the people they care about, reduce financial stress, and create stability in the present while building confidence for the future. Wealth represents the space to pursue passions, invest in their well being, and make meaningful contributions to their communities.
“As women’s confidence and influence continue to grow, they are not simply participating in wealth management—they are elevating it. Their contributions encourage advisors and families alike to think more holistically, collaborate more effectively, and align financial decisions with the values that matter most.”
Teresa Malowany, Vice-President, Head Wealth Planning & Tax Consulting, Raymond James.
Why will women have more wealth?
The growing financial influence of women is rooted in demographic, economic, and social trends that are reshaping the wealth landscape:
Inheritance patterns
Women in Canada live longer than men (83.9 vs. 79.5 years in 2023)2, which means they are more likely to outlive a spouse: inherit wealth and steward that wealth over a longer period of time.
Caregiving responsibilities
As primary caregivers for children, aging parents, and family members, women often step into financial decision-making roles earlier and more frequently. This involvement increases over time, positioning them as central managers of household and multigenerational wealth.
Workforce progress and earning power
Although the gender pay gap persists, it continues to narrow. More women are advancing in leadership roles, building successful businesses, and contributing meaningfully to the labour market. These gains contribute to personal wealth creation and strengthen their broader economic impact.
Shifting household and relationship dynamics
Lower marriage rates and steady divorce trends mean more women are managing their finances independently. In 2022, Canada had an estimated 8.6 million single women, up from 7.6 million in 2010—reflecting a growing segment of financially autonomous women.
Did You Know?
More than half of all women in Canada provide caregiving.
Statistics Canada reports that 52% of women aged 15 and older took on caregiving responsibilities in 2022—whether supporting children, aging parents, or adults with long term health needs. That’s significantly higher than the 42% of men who provided care during the same period.3
Building Empowerment as Wealth Transitions
While women are gaining financial influence, many still express uncertainty when it comes to investing — and 66%4 look first to a financial advisor or wealth manager for clarity and direction.
The ongoing wealth transfer presents an unmatched opportunity for women to build the skills and relationships that support long term financial success.
Strategies for Growing Wealth with Confidence
1. Seek trusted, values-aligned guidance
A trusted financial partner , peer networks, and mentors can help women make confident, informed decisions to shape the financial future they’re envisioning. Many women express greater comfort working with advisors who take time to build trust and understand their goals, experiences, and priorities.
Whether you’re preparing for an inheritance, building your savings and investments, or planning for your long‑term financial future, a Raymond James advisor can help you create a comprehensive strategy designed to help you achieve your goals — one as distinctive as you are.
2. Build financial literacy
From budgeting essentials to investing fundamentals, financial literacy lays the groundwork for confident decision‑making. And women are actively seeking it — with 41.7%5 turning to online resources to build their financial knowledge, alongside guidance from advisors.
3. Create a comprehensive financial plan
A well structured plan brings clarity to goals such as retirement, legacy planning, philanthropy, and wealth-building. Advisors can model scenarios, tailor investment strategies, and ensure planning aligns with personal values.
4. Embrace long term, purpose-driven investing
Women’s natural strengths—family focused thinking and resilience—are powerful advantages that provide a strong foundation for purpose driven wealth management. These qualities help keep long term strategies, like investing for children’s education, aligned with their personal goals like retirement in evolving markets. And when working with a trusted advisor, these strategies can build clarity and lead to meaningful long term financial outcomes.
5. Prepare for major life transitions
Motherhood, caregiving, divorce, widowhood, and inheritance shape financial journeys in unique ways. Thoughtful tax, legal, and estate planning can help safeguard wealth and support long term security and your advisor is a key partner in helping you put the right strategies in place.
The Future Is More Than Just Numbers
This wealth transfer isn’t simply about asset totals — it’s about empowering women to shape their financial futures, support their families, and contribute meaningfully to their communities. From closing the confidence gap to advocating for equitable access to financial tools and advice, every step forward helps build a more inclusive financial landscape.
Start the conversation that shapes your future.
Lean on your trusted advisor to create a clear path toward the life you’ve envisioned.
Sources:
1,4,5Women of Influence Report (2024)
2 Statistics Canada (2024)
3 Statistics Canada (2022)
Securities-related products and services are offered through Raymond James Ltd. (RJL), regulated by the Canadian Investment Regulatory Organization (CIRO) and a Member of the Canadian Investor Protection Fund. RJL financial/investment advisors are not tax advisors, and we recommend that clients seek independent advice from a professional advisor on tax-related matters. Insurance products and services are offered through Raymond James Financial Planning Ltd., which is not regulated by CIRO and is not a Member of the Canadian Investor Protection Fund. Solus Trust Company (“STC”) is an affiliate of Raymond James Ltd. and offers trust services across Canada. STC is not regulated by CIRO and is not a Member of the Canadian Investor Protection Fund.