A solid majority (86%) of Canadian working women in a married or common law relationship say their income is necessary to maintain the couple’s lifestyle. More than one-quarter (26%) of working women are the sole or primary income earners in their households. New research also reveals that women like the breadwinning role.
According to the latest poll from Investors Group, the majority (61%) of Canadian working women in relationships feel accomplished in their ability to earn good money and more than half (51%) say they are personally fulfilled by their work.
“Household economics may be shifting as the earning influence of women becomes more significant,” says Jane Olshewski, financial life planning expert at Investors Group. “Along with elevated earning power comes an elevated responsibility, presenting new opportunities to be actively engaged in personal finance management.”
Sixty-three per cent of women whose income is required to maintain the household lifestyle say they feel pressured to maintain this salary and 67% feel responsible for the long term financial well-being of their family.
Half of the working women who are in a married or common law relationship (51%) feel they share joint responsibility in making decisions and forty-four per cent feel more involved than their partner in investment and retirement planning decisions. A majority of women (58%) say they are more involved in household budgeting than their partner.
“In an age where dual income households are the status quo, it’s no surprise that breadwinning is a priority for women,” says Olshewski. “They have an equal vested interest in taking their role in money management seriously.”
Women may need a confidence boost
Forty-three per cent of working women believe they are more knowledgeable than their partner about personal finance and investing topics. Men are more likely to take the primary responsibility for personal finance and investing matters (46% compared to 38% of women).
Confidence in dealing with financial decisions may be a contributing factor. Less than half of women (46%) feel confident in their knowledge and ability to make saving and investing decisions compared with 58% of men.
It is interesting to note that women who work with an advisor display more confidence (68%) in their ability to manage their personal and household finances than those who do not seek expert advice (44%).
“The knowledge and confidence to guide decisions in long-term financial planning are necessary for all investors,” says Jane. “Clearly, those who work with a financial advisor feel better about their personal financial management knowledge and ability.”
The Investors group poll was conducted by Harris/Decima, online, between February 29 and March 6 among 1,000 adults (aged 18 and over) who currently have a job.