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

Giants earn road victory in first playoff game

A Langley-based WHL hockey team pulls out a 2-1 defeat over Victoria Friday, plays again Saturday.

Marathon day of golf earns Langley junior golfer a title

Andy Kim won the Humber College PGM Championship.

COMMUTER ALERT: Fire caused 232nd Street shut down in Langley

An afternoon blaze at Highway 1 and 232nd Street caused traffic detours.

Minor hockey’s Langley Cup featured four days of hockey action

The long-running annual tournament featured four divisions March 16 to 19.

Langley trio in Stratford to compete for national seniors curling titles

A hubsand, wife, and friend are on their way to Ontario to play in the Canadian championships.

VIDEO: Hey, baby… spring on a Langley farm

Aldor Acres is open to the public on the Easter weekend with admission going to charity.

Canucks sing the Blues as they fall to St. Louis 4-1

Berglund nets two, including the game-winner, to lift St. Louis over Vancouver

Calving season brings hope for Cariboo ranchers

Still a lot of work ahead to recover from the wildfires

Canada’s Kaetlyn Osmond wins figure skating world title

The 22-year-old fwon the women’s singles crown with her Black Swan routine

Langley pool renovations completed

W.C. Blair Recreation Centre reopens on Sunday, March 25, 6:30 a.m.

B.C. pooches celebrate National Puppy Day

Check out some of the submissions from around B.C. for National Puppy Day 2018

Alberta tells B.C. to stop opposing pipelines if it doesn’t like gas prices

John Horgan said he would like to see the federal government step in to deal with high gas prices.

B.C. mother hit in truck rampage dies

Family confirms mother of four Kelly Sandoval dies almost two months after being hit.

B.C. officials failed to tell Kiwis Fraser Health CEO had been fired in 2014

New Zealand spending scandal exposes Dr. Nigel Murray 2014 exit from B.C. job

Most Read