Loans Canada, Canada’s first online loan comparison platform, revealed the results of its 2023 International Women’s Day study, focused on financial confidence in 2023. Gathering data from Canada’s French and English residents, a total of 2,373 participants shared their opinion via email survey.
Loans Canada’s study found women dominate finances in Canadians’ lives. With 20% of respondents indicating they trust their female partner with the monthly budget. In comparison, only 11% rely on a male partner. Similarly, the survey found mothers to be the most trusted parent regarding finances. Survey also indicated:
- 84% of women are self-reliant budgeters.
- 77% of the men relied on someone other than themselves.
Loans Canada’s survey also revealed:
- 70% of the women self-report confidence in their financial decision-making ability.
- 74% of men self-reported confidence in their financial decision making ability.
Although confident in their financial decision-making, women reported owning fewer stocks, mutual funds, and exchange-traded funds (ETFs) than the men. But that is changing.
Loans Canada found that on average, unbanked women are more invested in stocks, mutual funds, and ETFs. And when a woman does own stocks, mutual funds and ETFs, their financial confidence levels soar to 81% compared to men with the same investment (79%).
“The great news is that women recognize their financial power and maybe just under-report compared to men,” said Stefani Balinsky, Head of Content Strategy at Loans Canada. “The study shows that when women own stocks, mutual funds, and ETFs, their financial decision confidence overtakes that of their male counterparts.”
About Loans Canada
Launched in 2012, Loans Canada is the first and leading country-wide financial service comparison platform. Connecting over 1.5 million users to personal loan, car loan, debt relief and credit building solutions. Partnered with Equifax Canada, Canadians have access to a free credit report through its CompareHub platform, launched in 2023. With its growing presence, Loans Canada assists hundreds of thousands of Canadians every year with a variety of financial services. Additionally, Loans Canada is a top destination for financial literacy content and offers a Financial Literacy Scholarship to post-secondary students multiple times per year.
SOURCE Loans Canada