Wealth is About More Than Money

For the women surveyed, wealth was most closely tied to security, freedom, and independence.

82.7% defined wealth as financial security, 73.5% as the opportunity to pursue their passions and interests, and 71.1% as independence. 63.1% connected wealth with the ability to support family and loved ones.

Only 6.4% associated wealth with social status or recognition, underscoring a broader view of financial success centred on stability, choice, and quality of life.

“Financial success means being able to live life on my terms.”
— Survey Respondent

Confidence and Financial Stress Can Coexist

Many women reported feeling capable when it comes to managing their finances, while still carrying significant financial stress.

68.7% said they feel in control of their finances and 66.7% expressed confidence in their ability to manage them effectively. At the same time, 42.4% reported anxiety about their financial future and 38.2% said they feel stressed about their current financial situation.

Some areas of financial management were particularly challenging, including tax planning (40.2%), market knowledge (39.8%), risk assessment (32.5%), and managing investments (31.7%).

Barriers to Building Wealth

The research also highlighted broader factors that can affect women’s financial progress.

71% of respondents identified the gender pay gap as a barrier to building wealth, while 56.4% pointed to caregiving responsibilities. Limited promotion opportunities, access to high-paying jobs, recruitment bias, and discrimination within financial services were also cited as challenges.

These findings show that building wealth is not only about individual financial behaviour. Workplace structures, caregiving expectations, access to opportunity, and the financial services women receive can all play a role.

“Financial advisors who understand the inequities through an intersectional lens.”
— Survey Respondent

What Better Support Looks Like

Respondents identified several ways financial institutions and workplaces can better support women.

Make Financial Education More Accessible: 53.1% of respondents identified financial education programs as an important form of support, with many calling for earlier and more accessible financial literacy.

Meet Women Where They Are: Financial advice should reflect women’s goals, life stages, risk tolerance, income levels, and personal circumstances rather than taking a one-size-fits-all approach.

Better Support Women Entrepreneurs: Women earning income through entrepreneurship can face different challenges related to financing and managing personal and business wealth. The research calls for support that better recognizes those realities.

Recognize the Impact of Caregiving: Flexible work arrangements and better support for caregiving responsibilities can help women participate more fully in the workforce and pursue longer-term financial goals.

About the Research

Canadian Perspectives: Women, Money, and Wealth was conducted by Women of Influence in partnership with CIBC.

The online survey ran from August 19 to September 22, 2024 and included 362 respondents across Canada from a range of income levels and employment sectors.

The study examined how Canadian women define wealth and financial success, how they make financial decisions, the barriers they encounter, and the kinds of support they believe can improve financial outcomes.