Dossier

Background: Past and present numbers and realities

In 2023, the average hourly wage of working women was about $30.90, compared to $33.80 for men, or 91% of the men’s wage. This gap is seen even in different sectors and at different levels of education. Some groups, such as immigrant women, face even starker differences.

And those income inequalities continue into retirement. In the over-65 bracket, the average annual income for women is estimated at $27,900, whereas for men it is $36,200, a difference of about 23%.

Compounding their lower income, women often retire earlier than men, which both reduces their savings accumulation period and extends the disbursement period.

In the last 50 years, life expectancy at 65 has increased by about six years. Women, on average, live longer than men, although the gap is far lower for life expectancy in good health. In other words, women live for longer, but not necessarily in good health. Longevity also increases the risk of financial vulnerability. For better financial security over the long term, it’s important to support women throughout their lives, taking into account not only income gaps, but also longevity and the changing needs that come with ageing.

Women’s expectations and behaviours with regard to finances

Women’s financial expectations are often expressed in a deep need for security and serenity. Rather than seeking short-term performance, they prefer a balanced approach geared toward stability and financial continuity. Motivated by the desire to understand and take control of their financial choices, they also want to receive educational guidance.

This reality underscores how crucial personalized support is for building women’s financial skills and helping them to fully benefit from the opportunities offered by investing.

Obstacles and levers of financial autonomy

Despite their growing financial participation, women still face many major obstacles. Well-documented wage gaps significantly reduce their savings capacity. Family responsibilities, whether they are related to childcare or supporting ageing parents, are more likely to fall to women, reducing the time and energy they have to manage their personal finances. This dual pressure can lead to serious anxiety about their financial future, particularly retirement, which is a source of worry for more than two-thirds of women, according to a survey carried out in Québec by the Chambre de la sécurité financière in 2024. Couples with no children usually suffer less from these pressures, especially if they have two incomes.

The most important lever for building women’s financial autonomy is literacy, developed through accessible and adapted financial education, clear and personalized information and the creation of spaces where women can ask questions without fear of judgment.

Within couples, financial autonomy is also built through honest discussions about finances and shared decision-making, something that is still lamentably rare.

Finally, simple, basic tools like balance sheets and budget tracking are essential for acquiring a fair and accurate vision of income and expenses. Instalment savings plans, such as automatic withdrawals, are an effective way to gradually build up capital without feeling too much of a pinch. These processes help people develop a realistic financial plan that is flexible enough to adjust to the vagaries of life, from having a child to facing separation or changing occupations.

Recommended practices for financial planners

To support and guide women effectively, F.Pls. have to use a holistic approach that goes beyond just analyzing numbers. It’s important to consider personal situations, priorities and emotions that can influence financial decisions. Pedagogy plays a key role here: provide clear, accessible tools and offer continuous support that fosters autonomy and builds women’s confidence in their own decisions.

The service offering should be adjusted for the major steps of women’s lives, with dynamic monitoring tools and transparent explanations. Tailor-made financial scenarios for important transition points – parenthood, separation, inheritance – provide appropriate responses to specific needs. Flexibility and customization are basic expectations often cited by women facing crucial financial decisions.

Here, too, the role of education is critical. Promoting financial literacy is a powerful lever for helping women exercise better control over their finances. Emphasizing knowledge, holding workshops, offering accessible resources, using jargon-free language and stimulating financial curiosity are all ways to keep this clientele engaged and loyal. This proactive approach positions financial planners as real allies for building a balanced, secure financial future that reflects the aspirations of each woman.

Conclusion

Supporting women with financial planning requires us to take cognitive biases, persistent economic inequalities and women’s specific expectations into account. Recognizing the obstacles they face and promoting mechanisms for developing their autonomy will help you build appropriate practices based on pedagogy, customization and empathy.

By using this approach, financial planners can play a key role in the economic emancipation of women, contributing to their financial security and personal achievements. We can actively participate in creating a stable, balanced financial future that reflects women’s life plans.

This timely topic, which I have had the opportunity to explore through reading and research, will be addressed in much greater depth at the Institute’s 2025 Congress. It will be especially informative to listen to experts Hélène Belleau and Stéphanie Castonguay, who will share their analyses and advice on the best ways to support women and understand the progression of their relationship with investment. Their presentation will offer a unique opportunity to expand your strategies and draw inspiration from their particular expertise. If you’re interested in learning more about these issues, don’t miss it!