Canadian women know what they’re doing with their finances

Most Canadian women over 45 say they are in control of their finances and know how to plan for a more secure future.

A poll from RBC Insurance reveals that 92% of women agree that they have strong understanding of their finances and it doesn’t matter whether they are married or single.

However, almost a third of women aged 45-54 and 14% of those over 55 said that they would not be able to keep up their household’s financial position if their spouse or partner were to pass away.

“Women are expressing a strong interest in long-term financial strategies, risk mitigation and products that can provide guaranteed income,” said Selene Soo, Director, Wealth Insurance, RBC Insurance.

Most women aged 45+ are confident that they will be able to maintain their lifestyle as they grow older, but 38% of 45-54s are not certain along with 22% of over 55s.

The poll shows that 49% of respondents had received an inheritance and that 84% would like to leave an inheritance for their loved ones – good news for younger Canadians who hope to buy a home one day.