Many women approaching and entering retirement are seeking clearer financial guidance and more supportive environments for financial decision-making, according to a new survey by HomeEquity Bank.
It found confidence in financial decision-making tends to increase with age, yet many women continue to encounter barriers rooted in literacy, confidence and cultural expectations. While 63 per cent of women younger than age 35 wished they felt more confident managing their finances, just 36 per cent of women aged 65 and older reported the same.
Across age groups, women also described feeling less comfortable interpreting financial information and discussing financial decisions. Two-thirds of women aged 55 and older reported discomfort talking about money with friends or family, often citing privacy concerns or having grown up in households where financial matters were not openly discussed.
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Melanie Valcin, president and chief executive officer of United for Literacy, highlights the role confidence plays in building financial skills. “Once people feel they can read, write, do math and ask questions, their skills tend to grow quickly.” She notes financial knowledge often carries forward across generations. “When adults gain new skills and confidence, they often pass that knowledge on to their children and grandchildren.”
The survey also found 60 per cent of women aged 55 and older believe access to trusted advisors, clearer communication and supportive environments would increase their financial confidence. Nearly half of women aged 55 to 64 reported regularly consulting a financial advisor when making financial decisions.
Valcin notes trust can influence how individuals take in and apply financial information. “When people feel heard and respected, they are more likely to engage and act on what they learn.”
Broader literacy challenges may also play a role. International assessments referenced in the survey show one in five Canadian adults score at the lowest literacy levels, which can affect the ability to interpret written financial material. Valcin emphasizes that financial learning is most effective when reinforced over time rather than offered as a one-time session.
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Employers can play a role in creating the kind of supportive learning environments where financial confidence builds over time, she adds. “When individuals come together in a safe and welcoming environment, they start to share experiences and build trust. Financial literacy is also about lowering stress and supporting people as they make informed choices for themselves and their families.”