According to a report from Vancity, more than half the women in B.C feel emotional stress when it comes to their finances.
It’s the highest rate of stress from money problems in the entire country, including women and men from other provinces.
When it comes to women in B.C, 45% of them lose sleep over their financial woes, compared to 37% of men in the province, according to the report. That number is even higher when it comes to female Millennials.
Education is key, says Vancity advisor
Vancity financial advisor, Sophie Salcito believes the younger generations could be more stressed by money due to not having enough education.
“If someone in the household is laid off from work, those are the conversations we should be having with our children because it’s about education and giving them a comfort about thinking about money… why isn’t that happening at the dinner table?” – Sophie Salcito
Women earn less than men
Despite high numbers of graduates being women, Salcito is still unsure as to what causes the issue.
“Across universities 53% of graduates are women, so here we have our younger people getting more highly educated which is fantastic, but why are the numbers going backwards in terms of financial literacy?”
Salcito looked to wage gap as to what may be the problem. Women are paid less than men for doing the same jobs, according to Salcito, and she believes that could be a giant financial burden.
“B.C women are 35% less than a man when we look at it compared to a man so right off the start they’re already behind the 8-ball.”