(Pexels/Contributed)

B.C. women are financially stretched, alarmingly stressed: survey

Governments, employers and financial institutions urged to resolve the financial health gender gap

Despite years of gradual improvements and movement towards gender equality, women of all ages in B.C. still face more challenges to their financial health and well-being than their male counterparts, a new survey suggests.

Released ahead of International Women’s Day, a Vancity Financial survey says that women in the province are most concerned about housing affordability, cost of living increases and sticking to household budgets.

In those key areas, more than 50 per cent of respondents say they lose sleep at night worrying about their pocket book – and for some, the stress takes an emotional and even physical toll.

About half of B.C. millennials say that money worries make them physically unwell, the report shows, with six-in-10 citing “extreme emotional stress.”

The report also highlights financial and economic differences between women in B.C. and other parts of Canada – with no single factor contributing to women’s financial woes.

Using data from the 2017 Canadian Financial Health Index and other sources, the report finds that B.C. women are paid less per hour than the national average for women. Meanwhile, their average employment income per year is 35 per cent less than men in B.C., with an average salary of $34,149 verses $52,171 earned by men.

The report also grabs from a variety of other surveys that reveal, at least in corporate Canada, women are less likely than men to be promoted to the next level, “at almost every stage of their careers.”

According to a 2017 scorecard in which Minerva BC rated the “faces of leadership” within the province, women held only 19 per cent of their board positions, on average, and just 20 per cent of their senior executive leadership positions.

Statistics Canada has identified the high cost of child care, low availability of regulated childcare spaces and lack of elder care in urban centres such as Metro Vancouver as factors keeping some women from full participation in the job market.

Vancity says women can take steps on their own to overcome some issues, but it calls for governments, employers and financial institutions to resolve the financial health gender gap.

“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 adviser.

The Vancity study says more financial literacy courses can help women bridge financial health gaps and it urges governments to diversify vocational interests among girls and women, while companies are encouraged to develop and stick with equal pay policies.

International Women’s Day is Thursday.

Money Troubled: Inside B.C.'s financial health gender gap by Ashley Wadhwani on Scribd

Just Posted

Nanaimo can get together to celebrate Earth Day

Farmers, artisans, honeybees, baby goats RSVP for party Saturday, April 21, a day before Earth Day

Tea cups taken, police warn of 26 break-and-enters in a week

Laptop also stolen in break-in on Torberg Road this past weekend

Recycling standards could get stricter at apartments and condos

Regional District of Nanaimo solid waste management plan calls for separation of recycling, organics

Drone operator nowhere to be found

Nanaimo RCMP in possession of drone that landed in a yard not far from Bowen Park on April 11

Nanaimo adds up the value of natural infrastructure

Environmental assets have dollar value, study finds

VIDEO: Work is play for this B.C. avalanche rescue dog

CARDA certified Joss’s Job is to save lives — but to her, it’s all a game

Beefs & Bouquets, April 19

To submit a beef or a bouquet to the Nanaimo News Bulletin, e-mail bulletinboard@nanaimobulletin.com

Nanaimo’s unique kids have a new place to call their own

Nanaimo Unique Kids Organization moves from Longwood Station to Needham Street

Victoria Crescent Association pushing for more resources in area

Neighbourhood group hires its own workers to clean up and pick up needles

A future filled with robots need not be frightening

Technology the topic at ElderCollege talk at Nanoose Bay on Saturday, April 21

Black Press Media acquires two new Alaska newspapers

New Media Investment Group to acquire the Akron (OH) Beacon Journal while Black Press Media takes on daily newspapers in Juneau and Kenai Alaska

Thieves target B.C. firefighters helping flood victims

The service has been helping with sandbagging efforts, as rural Oliver battles flooding

Housing crisis amplified on Denman Island

High rental prices, density caps, and a shortage of housing stock have led to island-wide struggles

B.C. towns rank in top honeymoon destination worldwide

Vernon, Kaslo, Sunshine Coast and the Island hit Expedia.ca’s list of top 18 honeymoon destinations

Most Read