Rewriting the Narrative
5 Myths About Canadian Women and Wealth
Canadian women are building wealth at record pace, yet myths about how they manage money persist. Let’s explore five misconceptions and share the real story.
1. Myth: Women are driven more by security than wealth accumulation.
Fact: Holding 37% of North America’s wealth — roughly $35 trillion1 — women are shifting beyond basic saving goals. As the key beneficiaries of the great wealth transfer, women are focused on strategic goals like legacy building, retirement planning, and creating long term impact through philanthropy.
2. Myth: Women are less philanthropic than men.
Fact: As women gain greater control of wealth, they’re emerging as leaders in philanthropy. Statistics Canada reported that women have consistently been more likely than men to claim a charitable donation. In 2021, 52% of donation claims were made by women, compared with 48% by men.2 They’re also more likely than men to align investments with their values,3 choosing options that deliver both strong performance and positive impact.
3. Myth: Women are spenders, not savers.
Fact: Women drive over 75% of household purchase decisions and manage budgets effectively.4 As caregivers, many women simultaneously manage their personal investment goals, like retirement, while planning strategically for their family’s long term financial well being.
4. Myth: Women are risk-averse investors.
Fact: Women invest thoughtfully, taking time to assess the right information and data before committing to a chosen approach. Their emphasis on risk reward discipline and long term thinking reduces impulsive decisions — producing investment results that outperform men’s by about 1.8% annually.⁵
5. Myth: Women are not interested in investing.
Fact: With growing economic influence, women are seeking more investing knowledge and expert financial guidance. The increase in financial literacy is also boosting confidence —70% of millennial women now lead in all financial decisions, versus just 40% of women baby boomers.6
A Future Defined by Women’s Goals — Not Myths
As women continue to inherit and manage more wealth, they’re thinking beyond the basics — like short term savings goals or an emergency fund — and focusing more on their long term financial goals and the impact they want to create for their families and communities for generations to come.
Working with a trusted financial partner can help women translate their priorities into a clear roadmap, developing long term strategic investment plans that support their goals, reflect their values, and prepare them for the future they’ve imagined.
Start the conversation that shapes your future.
Lean on your advisor to create a clear path toward the life you’ve envisioned.
Sources:
1,3,6(Boston Consulting Group, 2020);
4(Nielson, 2020);
5(Warwick Business School);
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