Women and wealth

April 8, 2026

International Women’s Day (IWD) takes place every March 8 to highlight the progress made to advance women’s rights and celebrate the achievements of women, with this year marking the 115th anniversary since the first official IWD took place. Since then, in Canada, there have been great strides in the progress of women’s participation in all aspects of society, including the area of wealth.

Market research shows that by 2028 Canadian women are expected to control $4 trillion in assets, a significant increase from $2.2 trillion held in 2023, with much of this resulting from a flow of inheritances in Canada to women of all ages.

Strategic Insight report notes that by 2026, women in Canada will control half of all accumulated financial wealth, an increase from the roughly one third share held a decade ago. Along with this increase of wealth ownership, studies have also forecast that at some point in their lives 90% of Canadian women will be solely responsible for the decisioning of their finances. These are notable developments when we recall that prior to 1964, women could not even open a bank account without the signature or authorization of their husband. Women have and will continue to experience significant changes when it comes to wealth management – strategic planning will be necessary for their continued financial success and well-being.

Contributions within the workforce

Stats Canada reports that in 2021, 83.9% of Canadian women aged 25 to 54 participated in the work force, up from 52.3% in 1976. Women in Canada are among the most educated in the world with more than two-thirds aged 25-64 having college or university qualifications (in 2021) versus an average of 44% of women in countries of the Organization for Economic Co-operation & Development (OECD). These progressions in the workforce and related increases in reportable income are anticipated to help with day-to-day living costs, paying down existing debt and increasing the ability to spend money on non-essential items which could lead to a better standard of living.

Women are still faced with challenges in the workforce, including a disparity in income earned and being underrepresented in leadership roles compared to their male counterparts. Many women also find they do not have access to the same networking opportunities and may struggle to find mentors or sponsors that can provide guidance for career advancement. On the home front, a great deal of women disproportionately carry more domestic responsibility and family caregiving for children and aging parents. This can lead to taking on part-time or flexible positions that will accommodate the additional caregiving responsibilities. Despite the many obstacles, women have become important contributors to the Canadian economy and have experienced growth in wealth resulting from:

• Greater participation in the workforce.
• Higher levels of professional responsibilities.
• Increased entrepreneurship.
• Being disproportionate beneficiaries of the approximate $1 trillion of the wealth transfer currently underway in Canada.

Although great strides have been made within the workforce, for women to harness their full potential they should seek employers that:

• Foster inclusive environments where all employees have equal opportunity for positions they are qualified for.
• Provide mentorship for growth.
• Promote work/life balance.

Including these areas within a company’s culture will not only aid women to be successful within the workforce but will also drive innovation and lead to growth for businesses.

Investing for success

Participation in the workforce and assets held by women will continue to increase and it is anticipated this will lead to an increase in the flow of assets into investment and retirement accounts. Research has indicated the attitude of women when it comes to investing differs from men as they seek financial security and stable income over prosperity. Women are concerned with the ability to meet their financial obligations, maintain a secure lifestyle and importantly prioritize the welfare of their children. They want their financial plan to reflect their personal values and concentrate on gaining financial security by focusing on eliminating debt.

To meet these objectives women have been seeking advice from trusted and knowledgeable financial advisors and will reaffirm the advice received with family members. Many avoid investing in businesses that are less socially responsible and do not align with their core beliefs. Discussions with financial advisors have become more meaningful and comprehensive, leading to increased knowledge and financial literacy, and a willingness to plan, resulting in greater personalized financial success.

Planning for longevity

Stats Canada data indicates women, on average, have a longer life expectancy of four years compared to men. In addition, research shows that many women choose older partners, which often leads to women outliving their spouses by 10 to 15 years.2 Becoming a widow will have a direct and often negative impact on a woman’s standard of living. Survivors often lose a significant portion of household income. While survivor benefits may exist, the total income will decrease with fixed household expenses not decreasing proportionally, creating a concern for financial security. Wealth accumulated during the marriage will eventually come down to being solely owned by the women in the final decade of life.

To meet these challenges and prepare for the future, women have generally become more interested in exploring financial strategies, expanding their financial knowledge and enlisting financial advisors to help them build a long-term wealth management plan. Many women have indicated they feel more comfortable taking investment advice from a female advisor, yet women only make up 15-20% of financial advisors in Canada.1Financial advisors have strengthened their understanding of the needs, expectations and financial goals to provide crucial assistance and support for women during challenging life events and through various life stages. They have adopted the strategy to involve both spouses in financial conversations, including goals for short-term and long-term plans.

As women’s share of wealth continues to increase along with their participation in the workforce, it is becoming clear that adjusting financial planning to meet the unique values of women, address their specific concerns and fulfil their financial goals is essential. Women gravitate to financial strategies that provide long-term security, transparency and education on investment approaches, and offer solutions that align with their personal and family values. Great strides have been made to promote financial well-being for women with respect to financial literacy, participation in the workforce and parity with education, particularly in North America, Europe and Nordic Countries, with more to be achieved in many developing regions around the world. And so, while International Women’s Day has already come and gone, it’s important we keep the conversation about women’s financial literacy going throughout the year, while we work towards more progress and success in the future.

FirstOntario Credit Union in partnership with Credential Securities and Credential Asset Management Inc. has an experienced team of advisors specializing in various areas of wealth management including retirement planning, investment management, estate and succession planning, individual financial risk management and more. These professionals are here to help you plan for the future and reach your financial goals. Visit FirstOntario.com/Investments or call 1-800-616-8878 ext. 1700 to connect with a FirstOntario advisor and start growing your wealth today – your way.

Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc. The information contained in this report was obtained from sources believed to be reliable; however, we cannot guarantee that it is accurate or complete. This should be considered as a general source of information and should not be considered personal investment advice or a solicitation to buy or sell any mutual funds. The views expressed are those of the writer and not necessarily those of Aviso Wealth.