From homeschooling to household responsibilities, Canadian women are carrying their families through the COVID-19 crisis
TORONTO, Feb. 24, 2021 /CNW/ - A new CIBC study finds that through a pandemic where working and going to school from home are the new norm, Canadian women are balancing a challenging set of responsibilities including childcare, their own careers, and playing a lead role in family finances.
The survey found that responsibilities for children are significantly higher for women than men in most Canadian households. This includes supervising schoolwork for children (65 vs. 38 per cent) and childcare (60 vs. 28 per cent), a split that remains high even for women who are employed full-time*.
These additional responsibilities extend to household finances. Six out of ten (61 per cent) women polled say they take care of paying the household bills, while a similar number (59 per cent) are in charge of household budgeting. Close to half plan long-term savings goals for their families (49 per cent) and are in charge of deciding how to invest their household's money (48 per cent).
"With household duties rising during the pandemic environment, Canadian women are proving to be the warriors that are carrying their families through these difficult times. It's important to acknowledge the workload women are carrying today, but few have clear plans of their own for savings and retirement, and that could create long-term gaps in their financial well-being," said Carissa Lucreziano, Vice-President, CIBC Financial and Investment Advice.
According to the survey, women are involved in financial advisor decisions, such as choosing an advisor and acting as the main point of contact*. However, there is a discrepancy when it comes to their personal finances – 38 per cent do not have an investment portfolio, only 17 per cent report having a clear plan for retirement and a quarter (25 per cent) don't know how much they need in savings to feel financially comfortable.
"Women are clearly taking on a lot of planning for their households, but it is equally important to perform financial self-care and have a plan for reaching their goals. Whether it's saving for the future or investing for retirement, a financial expert can help establish a plan to attain your ambitions," added Ms. Lucreziano.
As part of International Women's Day, CIBC is hosting a live webinar (in English and French) to help women with their financial well-being and provide insights on navigating uncertain times. To register for Leading with strength and resilience, visit the website here.
*CIBC Poll Key Findings
Household responsibilities of Canadian women and men:
"I am mainly responsible for.."
Supervising learning/schoolwork for children
Paying the bills
Acting as the main point of contact for financial advisor
Choosing a financial advisor
Deciding how to invest
Long-term savings goals
Do you have an investment portfolio managed yourself or by someone else?
No – 38%
No - 29%
Do you have a formal, detailed plan for savings, income and lifestyle in retirement?
Yes – 17%
Yes - 25%
How much money in the bank would you need to feel financially comfortable?
Don't know - 25%
Don't know -17%
From January 27th to January 29th 2021 an online survey of 3,024 randomly selected Canadian adults who are Maru Voice Canada panelists was executed by Maru/Blue. For comparison purposes, a probability sample of this size has an estimated margin of error (which measures sampling variability) of +/- 1.6%, 19 times out of 20. The results have been weighted by education, age, gender and region (and in Quebec, language) to match the population, according to Census data. This is to ensure the sample is representative of the entire adult population of Canada. Discrepancies in or between totals are due to rounding.
CIBC is a leading North American financial institution with 10 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada with offices in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/en/about-cibc/media-centre.html.