Women in British Columbia are stressed about their finances and housing affordability is a big part of that worry.
A survey from credit union Vancity shows that 52% of women in the province say they experience “extreme emotional stress” about their finances and 59% say they are unsatisfied with their financial situation.
Housing affordability is a key issue with 86% of women in BC saying it is a problem where they live, compared to 61% of women in the rest of Canada.
“This is a call to action, and time for everyone—women and men—to acknowledge that gender-based financial disparities remain a deeply-embedded reality in Canada, and especially in B.C.,” says Sophie Salcito, a Vancity wealth advisor.
The report shows that BC millennial (18-34yrs) and Gen-X (45-54) women have the highest levels of financial stress.
Vancity cites StatsCan data showing that women earn 35% less than men and are more likely to be part-time workers, often as the result of caring for children.
More than half of female Millennials in B.C. say money worries make them lose sleep at night. Among B.C women of all ages, the figure is 45% compared to 37% of men.