Financial literacy isn’t just about understanding numbers; it’s about confidence, control, and choice. And today, more than ever, older Canadian women are facing a unique set of financial challenges that make these skills essential. From longer lifespans to rising costs of living, and from pension changes to major life transitions, women 55+ deserve the tools, language, and support to navigate their financial futures with clarity.
The Financial Literacy Gender Gap for Women 55+ in Canada
Recent research shows a persistent gap in financial literacy: only 49% of women 65+ are considered highly financially literate, compared to 65% of men in the same age group. That gap impacts real lives and real retirement outcomes.
But knowledge is power. And confidence grows when we talk openly about money.
Why Financial Literacy Matters More Than Ever
As I have often said, financial literacy isn’t about mastering every product or investment strategy. It’s about knowing:
• What questions to ask
• Where to find trustworthy answers
• How to evaluate the options in front of you
Women are living longer, more active lives, which means their retirement income needs to stretch further than it did for previous generations. Add inflation and fewer traditional pensions, and financial literacy becomes a powerful tool for navigating retirement with confidence rather than stress.
Thriving in Retirement: What Really Matters for Women 55+
Many women have been told that retirement planning is all about saving early and benefitting from compound growth. But as I try to point out, advice designed for 25-year-olds doesn’t always help women who are 65 or 85.
When you’re later in life, your priorities shift. It becomes less about aggressive growth and more about:
• Control
• Flexibility
• Maximizing income sources
• Planning for longevity
That starts with knowing your numbers, understanding your assets, including your home, and making informed decisions that support your lifestyle.
Why Seeking Financial Advice Is a Strength, Not a Weakness
Money is complicated. And it’s unrealistic to expect anyone, even financial professionals, to know everything.
That’s why seeking professional advice isn’t a sign of uncertainty. It’s a sign of wisdom.
A trusted advisor can:
• Simplify complex topics
• Translate jargon into everyday language
• Help avoid costly mistakes
• Build a retirement plan aligned to your life
The best advisors listen first, are transparent about fees, have proper credentials, and never pressure you. Look for regulated professionals, including FP Canada planners, CIRO advisors, licensed mortgage brokers, and Advocis members.
Why Talking About Money Still Feels Hard and How to Change That
Two-thirds of women over 55 say talking about money still feels “too personal.” Many weren’t raised to discuss finances openly, and some fear being judged or misunderstood.
But silence can create stress and uncertainty.
I would suggest reframing the conversation not around what you “don’t know,” but around what you want to achieve. Start with goals, choices, and opportunities. You can begin small, even by sharing an article or asking a simple question. Confidence grows in safe, supportive conversations.
Using Home Equity to Strengthen Retirement for Canadian Women 55+
For many older Canadian women, the home is their largest asset yet often the least understood financial tool.
Options like downsizing, HELOCs, or a reverse mortgage can provide flexibility and improved cash flow. And depending on your needs, these tools can strengthen your financial retirement plan.
Understanding the role your home can play is part of gaining financial control and strengthening long-term security.
Rebuilding Money Confidence After Life Changes
Whether facing retirement, divorce, illness, or the loss of a partner, many women ask the same question: Where do I even start?
Keep it simple:
- Start with your goals. What do you want your money to do for you?
- Build a budget aligned to those goals.
- Seek help along the way; older women excel at this.
- Remember that confidence comes from clarity.
Empowering Women Through Knowledge and Community
Financial literacy is a journey, and it’s easier when we walk it together. HomeEquity Bank recently brought together a panel of experts to help older Canadian women rebuild confidence, reduce stigma, and gain practical financial knowledge.
Because informed women make empowered decisions and empowered women thrive in retirement.
Free Resource for Building Your Financial Confidence
To support women in taking the next step in their financial journey, HomeEquity Bank is offering a free copy of Home Run: The Reverse Mortgage Advantage.
Call 1-855-460-7260 to get your free copy today.
It’s a powerful way to deepen your financial literacy and explore your retirement options with clarity.
