Empowering Women : Mastering Your Finances for a Prosperous Future
In today's dynamic economic landscape, understanding and managing personal finances is not just a skill—it's a necessity. For women in Calgary, Alberta, taking control of financial health can pave the way to personal empowerment, business success, and a secure retirement. Yet, statistics reveal that many women face unique financial challenges that underscore the importance of financial literacy and proactive planning.
The Financial Landscape for Women
Business Ownership and Financing
Women entrepreneurs are making significant strides in the Canadian economy. As of 2023, approximately 18.4% of all businesses in Canada were majority-owned by women, up from 15.6% in 2017.
Government of Canada These women-owned businesses contribute about $150 billion to the Canadian economy annually. leadinglenders.ca Despite this progress, women entrepreneurs often encounter barriers in accessing financing. Half of women business owners (51%) report challenges when seeking financing for their businesses, with 22% of applications from women-only owned businesses being rejected outright, compared to 15% for all businesses. CFIB
Retirement Savings and Income
Financial preparedness for retirement is another critical area where women face distinct challenges. In 2020, women in Canada retired with 18% less retirement income than men, a discrepancy known as the Gender Pension Gap.
Canada Life This gap means that for every dollar of retirement income men receive, women receive only 83 cents. Pay Equity Ontario Factors contributing to this gap include career interruptions for caregiving, lower average earnings, and a higher likelihood of part-time employment. Alarmingly, half of Canadian women have less than $5,000 in savings, with 28% having no savings at all. hoopp.com
The Path to Financial Empowerment
Understanding these challenges is the first step toward overcoming them. Here are actionable strategies for women in Calgary to enhance their financial well-being:
Enhance Financial Literacy: Educate yourself on budgeting, investing, and financial planning. Knowledge is a powerful tool in making informed financial decisions.
Seek Professional Guidance: Consult with financial advisors who understand the unique financial challenges women face. They can provide personalized strategies to help you achieve your financial goals.
Leverage Available Resources: Explore programs and workshops designed to support women in business and finance. These resources can offer valuable insights and networking opportunities.
Prioritize Retirement Planning: Start saving early and consistently for retirement. Consider diversifying your investment portfolio to build a robust retirement fund.
Join the "Magnificence in Money" Workshop
To support women on their financial journey, aspiher.ca is hosting the "Magnificence in Money" workshop on March 6th. This event, led by financial expert Taunya Richardson, is tailored to empower women with the knowledge and tools needed to take control of their finances. Attendees will gain insights into effective financial management, investment strategies, and retirement planning.
Don't miss this opportunity to invest in your financial future. Secure your spot at the "Magnificence in Money" workshop and take the first step toward financial empowerment.
Note: The statistics and information presented in this blog are based on data available up to February 2025.
