Women have made significant progress toward financial equality in Canada, but important gaps remain. Women continue to earn less than men on average, and factors such as caregiving responsibilities, career interruptions, longer life expectancy and unequal access to financial resources can affect long-term financial security. According to Statistics Canada, women earned an average of 88 cents for every dollar earned by men in 2025, based on average hourly wages. Among Canadians aged 25 to 54, women earned 89 cents for every dollar earned by men. But financial equality is about more than income. Financial confidence, knowledge and participation in money decisions also play an important role in building long-term financial well-being.
A brief history of women's financial independence in Canada
Women's financial independence in Canada has been shaped by decades of legal and social change. Under historical common-law rules, marriage could significantly limit a woman's independent legal and property rights. During the 19th century, Canadian provinces introduced Married Women's Property Acts that gave married women greater rights to own, control and dispose of property. Ontario passed its Married Women's Property Act in 1872, with other provinces introducing similar legislation over subsequent decades. Progress continued through the 20th century. The federal Canadian Human Rights Act, passed in 1977, prohibited discrimination on the basis of sex within federal jurisdiction and included protections related to equal pay for work of equal value. The Charter of Rights and Freedoms, introduced in 1982, also provided constitutional equality protections.
Canada's approach to pay equity has continued to evolve. The federal Pay Equity Act came into force in 2021 and established a proactive pay-equity regime for federally regulated workplaces with 10 or more employees. Legal equality, however, does not automatically create financial confidence or financial independence. Those can take knowledge, experience and active participation.
Why financial confidence matters
Financial well-being is influenced by more than how much money someone earns. The Financial Consumer Agency of Canada identifies factors including financial knowledge and experience, financial behaviours, confidence and attitudes toward money, income and other social and economic circumstances. Recent research from FCAC and Carleton University also found that brief interventions designed to encourage financial reflection and learning increased financial confidence among young women. That matters because confidence can be a barrier in itself. Someone who does not feel comfortable discussing investing, retirement planning, credit or insurance may be less likely to ask questions or participate fully in financial decisions.
Building financial confidence doesn't mean becoming an expert overnight. It starts with understanding your financial situation and being willing to ask questions.
How can we promote greater financial equality?
Creating a more financially inclusive environment is a shared responsibility.
Financial professionals can:
- Create an environment where clients feel comfortable asking questions.
- Explain financial concepts in clear, accessible language.
- Make sure all clients are included in important financial discussions.
- Encourage clients to understand the reasoning behind recommendations rather than simply accepting them.
- Provide educational resources and opportunities to build financial knowledge.
- Ask clients about their individual goals, concerns and priorities.
Partners, family members and friends can also help by encouraging women to participate actively in conversations about money.
That can include discussing:
- Bank accounts and statements
- Credit and debt
- Investments
- Retirement savings
- Pensions
- Insurance and protection
- Household cash flow
- Estate and long-term planning
Financial decisions are too important to be left entirely to one person in a household.
5 ways women can become more confident with money
1. Ask questions
You don't need to understand every financial term before meeting with a financial professional. Ask questions about anything you don't understand. A good conversation with an advisor should leave you with a clearer understanding of what you're doing, why you're doing it and how it supports your goals. If you need more time, ask for another meeting or additional information.
2. Understand your relationship with money
Our experiences growing up can influence how we think about money as adults. If money was a source of stress in your household, you may have learned to avoid financial conversations. If someone else always handled the family's finances, you may have developed the expectation that they would continue to do so. Recognizing those patterns can be a useful first step toward developing your own financial confidence.
3. Get involved in financial decisions
Whether you're single, partnered, married, divorced or widowed, you should understand the financial decisions that affect your life. Participate in conversations about investments, income, retirement, debt, insurance and major purchases. Share your goals and concerns, and don't be afraid to ask for an explanation when something isn't clear.
4. Know what you own and owe
Make sure you know where your important financial information is and understand the accounts and products you hold.
Depending on your circumstances, this may include:
- Chequing and savings accounts
- TFSAs and other registered accounts
- RRSPs
- Investments
- Mortgages and other loans
- Credit cards
- Insurance policies
- Workplace pensions
- Estate-planning documents
You don't necessarily need to manage every account yourself, but you should understand what exists, how it works and how to access it.
5. Plan for the possibility of managing your finances alone
This is particularly important for couples who divide financial responsibilities between them. Women in Canada have a longer average life expectancy than men. In 2024, life expectancy at birth was 84 years for females compared with 80 years for males. That doesn't mean every woman will outlive her partner, but it does reinforce the importance of being prepared to manage your own finances if circumstances change. A death, divorce, separation, disability or other major life event can require someone to make important financial decisions quickly. Understanding your household finances before a crisis occurs can make that transition easier.
Financial independence doesn't mean doing everything alone
Financial independence isn't necessarily about managing every investment or making every decision without help. It's about having the knowledge and confidence to participate in decisions that affect your financial future. A trusted financial professional can help you understand your options, identify potential gaps and create a plan around your goals. But the most effective financial relationship is a partnership: you should feel comfortable asking questions, expressing your priorities and understanding the recommendations being made. The goal isn't simply to know more about money. It's to feel more capable of making informed decisions about your money.
Building a stronger financial future
Canada has made significant progress toward gender equality, but financial gaps remain. Closing those gaps requires action from individuals, families, employers and financial institutions. For women, one of the most important steps is also one of the simplest: get involved in your financial life. Ask questions. Learn the basics. Review your accounts. Understand your retirement plan. Know what you own and owe. Talk openly about money. You don't have to know everything to take control of your financial future. You just have to start.
About this article
This article was originally published in March 2022 and has been updated to reflect current Canadian data and financial-literacy research.
