Women’s financial inclusion: Introduction
When it comes to financial matters there’s no equality of the sexes. Although completely unfair, women’s financial inclusion faces financial barriers. According to the most recent Statistics Canada income numbers, overall in Canada, the earnings gap between men and women who work is about 31%. Full-time working women, meanwhile, earn 26% less than full-time working men.
Women’s financial inclusion: Five tips to lower the financial barriers facing women
Unfortunately change is slow to come. I want to present five tips on how to try to; (i) level the playing field; (ii) lower the financial barriers facing women; and (iii) promote womens financial inclusion.
Find out if you’re being paid fairly: This many take a little digging. Ask friends or family. If you have a good relationship with someone in human resources, they may be willing to share information with you. Websites like Glassdoor should give you an idea (not necessarily right) of what other people in similar jobs are making.
Ask for a raise: In a recent survey by Maclean’s and Insight West, out of 875 working Canadians polled, only 11% of women said they’ve tried negotiating a higher salary because of a perceived disparity with a male colleague and only 41% of those who tried were successful. According to Sarah Kaplan, director of University of Toronto’s Institute for Gender and the Economy, it’s important to be prepared before sitting down with the higher-ups. “The best thing you can do is take as much documentation you have about the wage differences and approach your boss and say, ‘I just want to understand why there might be this difference,’” says Kaplan. “All you can do is be as evidence-based as possible and go have that matter-of-fact conversation.” If you don’t succeed, try again in six months.
Set financial goals: What are your long-term goals? Do you want to make a large purchase like a house or car? Are you saving for retirement? Do you have an emergency fund? To reach your financial goals, work with a trusted professional who can help you realize your financial goals.
Learn about different types of investments: Knowledge is power. Understanding different types of investments will allow you to take part with your advisor in how and where to invest your money.
Review your finances annually: Meet annually with your advisor and review your finances to decide whether your investments are performing as expected. Make changes as required.
Women’s financial inclusion: It must start with getting out of debt
As we often state, always get yourself out of debt as quickly as possible, especially high interest debt. It’s impossible to move forward financially when debt is keeping your trapped. Unfortunately, women’s financial inclusion may at times include too much debt also.
If debt problems are preventing you from achieving your financial goals, contact the Ira Smith Team today. Our team of professional trustees can help you overcome your financial difficulties. Give us a call today and Starting Over, Starting Now you can be on your way to debt free living and achieving your financial goals.
