A new survey found that women are shouldering more responsibilities than are men, even if they work full time. Women are balancing childcare, their own careers and playing a leading role in family finances, according to a survey done for one of Canada’s major banks, CIBC.
Specifically, 65 per cent of women supervise children’s schoolwork compared with 38 per cent of men. Sixty per cent of women assume the responsibility for child care while only 28 per cent of men do.
In terms of finances, 61 per cent of women say they take care of paying the household bills and 59 per cent are in charge of budgeting for the family. Almost half plan the long-term savings goals and 48 per cent are in charge of deciding how to invest household money. They also are involved in choosing an advisor and acting as the main point of contact.
However, the survey suggests that women are not taking care of their personal finances. Thirty-eight per cent do not have an investment portfolio, only 17 per cent have a plan for retirement and one quarter don’t know how much money they need to save to feel financially comfortable.
The survey found that many women take care of the family bills and finances, but are not attending to their personal finances as much. (iStock)
‘Women are proving to be the warriors’
“With household duties rising during the pandemic environment, Canadian women are proving to be the warriors that are carrying their families through these difficult times,” said Carissa Lucreziano, Vice-President, CIBC Financial and Investment Advice. “It’s important to acknowledge the workload women are carrying today, but few have clear plans of their own for savings and retirement, and that could create long-term gaps in their financial well-being.”
To help women with their financial well-being and as part of International Women’s Day on March 8, 2021, CIBC is offering women a live webinar in English and French, Canada’s two official languages.
The online survey was conducted by the public opinion polling firm Maru/Blue between January 27 and 29, 2021 and it involved 3,024 Canadian adults.
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